Selection of Ignitis Group’s Supervisory Board candidate members is announced

The Ministry of Finance of the Republic of Lithuania announced the start of the process of the selection of two independent members to the Supervisory Board of the international energy company Ignitis Group. Candidates are invited to apply for the position by 18 August of this year.

The Supervisory Board of Ignitis Group consists of 7 members - two shareholders' representatives and five independent members. The decision to increase the composition of the company's Supervisory Board was made following the good governance practices of foreign countries and practices related to the formation of collegial bodies. In respect of it, the collegial bodies of companies should be composed of members with diverse competencies and the collegial body should consist of a sufficient number of persons in order to ensure the complete competencies that are required in the scope of activity of the company.

Amongst the requirements for candidates for the Supervisory Board of Ignitis Group are at least 5 years of experience in an international company with revenues and/or assets of EUR 1 billion. Future independent members of the supervisory board must also have work experience in a publicly listed company or in a company preparing for listing.

All the requirements for candidates for the position of members of the Supervisory Board of Ignitis Group are available in official announcements.

The selection of candidates for the independent members of the Supervisory Board of Ignitis Group will be carried out by Friisberg and Partners International, a recruitment agency specialising in executive search.

Darius Sadeckas, Vice-Minister of Finance, states that the accession of two new independent members will ensure even smoother management and implementation of strategic projects of Ignitis Group.

“The accession of new members to the Supervisory Board will raise already high level of corporate governance of the company. It was proved in 2019 when the management of Ignitis Group was recognized as the best among state-owned companies in Governance Index by Governance Coordination Centre.

As before, the most important task set for the Supervisory Board remains the efficient, transparent and smooth operation of all companies of Ignitis Group and the implementation of the goals set in the updated long-term corporate strategy. We hope that the new members of the Supervisory Board will actively contribute to the continuity of the Group's obligations,” says D.Sadeckas, Vice- Minister of Finance.

The selected members of the Group's Supervisory Board would be appointed by 30 August 2021 – by the end of the current term of office of the Supervisory Board of the Company.

Three committees of the Supervisory Board are formed in Ignitis Group: Committee for Risk Management and Business Ethics Supervision, Audit Committee, Nomination and Remuneration Committee

Currently, independent members of the Supervisory Board of Ignitis Group are Darius Daubaras, who is the Chairman of the Supervisory Board and a member of the Business Supervision Committee, Daiva Lubinskaitė-Trainauskienė, Chairperson of the Nomination and Remuneration Committee, and Andrius Pranckevičius, Chairperson of the Committee for Risk Management and Business Ethics Supervision. The representatives of the Ministry of Finance in the Supervisory Board are Daiva Kamarauskienė, a member of the Nomination and Remuneration Committee, and Aušra Vičkačkienė, a member of Audit, as well as Nomination and Remuneration Committees.