Šarūnas Kliokys to head Supervisory Board for state-owned energy group

 

Šarūnas Kliokys was unanimously elected as Chairman of the Supervisory Board. Mr Kliokys has a degree in economics and extensive experience in business administration. He has worked in senior administrative positions at communications company Omnitel, oil refinery Mažeikių Nafta, and others. He is currently a board member of UAB Ekonovus, UAB Šiaulių Plento Grupė, UAB Kilimai, and UAB Avestis.

 

The VAE Supervisory Board has seven members, three of whom are independent.

 

In the near future, the Supervisory Board will elect an Executive Board for the parent company for a four year term. The nomination and remuneration committee formed today will offer individuals for the Executive Board. The committee will also conduct board member performance evaluations and present the Supervisory Board with its conclusions and suggestions regarding the retraction and compensation of Executive Board members. The committee will form a general compensation policy for the entire group of companies and will be responsible for other questions as well.

 

The Supervisory Board will soon form two more committees for audit and risk control. Should the need arise, the Supervisory Board may form other committees as well. They must include no less than three members, one of whom must be independent. The Supervisory Board decides upon and approves these committees' functions, powers and chairmen.

 

The Supervisory Board's actions will have to adhere to a plan laid out by the Ministry of Finance, the national government's stakeholder in the VAE. The plan will ensure that the corporate group's management model will be introduced successfully.