en
Supervisory Bodies
Supervisory Board
In accordance with the Corporate Governance Guidelines, the Supervisory Board is a collegial supervisory body envisaged in the Company’s Articles of Association, which is elected by the General Meeting of Shareholders for a term of four years.
The Supervisory Board of Ignitis Group consists of 7 members: 2 members representing the Ministry of Finance and 5 independent members. The chair shall be elected by the Supervisory Board from among its members. This model of formation of the Supervisory Board is in line with the principles of corporate governance.
The main functions and responsibilities of the Supervisory Board include consideration and approval of the operational strategy of the Company and Group companies, analysis and assessment of information regarding the implementation of the operational strategy, submission of that information to the Ordinary General Meeting of Shareholders, election and removal of members of the Management Board, supervision of the activities of the Management Board and the CEO, and submission of comments to the General Meeting of Shareholders regarding a set of financial statements, profit (loss) distribution, and the annual report. The Supervisory Board also addresses other matters within its competence. It functions at the level of the entire Group, i.e., as needed, it addresses issues related not only to the activities of the Company but also to the activities of its subsidiaries or their management or supervisory bodies.
No members of the Supervisory Board have any participation in the capital of the Company or of Group companies.
The term of Ignitis Group’s current Supervisory Board ends on 25 October 2025.
Rules of procedure of the Supervisory Board Profile of AB “Ignitis grupė” Supervisory Board’s competencies
Committees
In order to effectively carry out its functions and duties, the Supervisory Board of Ignitis Group forms committees. Within their competence, the committees provide conclusions, opinions and proposals to the Supervisory Board. A committee must have at least three members, of which at least one must be a member of the Supervisory Board and at least one must be an independent member. Committee members are elected for a term of four years.
The following Supervisory Board committees are formed at Ignitis Group:
- The Risk Management and Sustainability Committee is responsible for submitting conclusions and/or proposals to the Supervisory Board on the functioning of the management and internal control system, key risk factors and the status of implementation of risk management measures within the Group. It also supervises sustainability management, compliance with ethical business practices, monitors the control of corruption risks and makes recommendations to the Supervisory Board as needed.
Regulations of the Risk Management and Business Ethics Supervision Committee
- The Nomination and Remuneration Committee is responsible for assessing candidates for members of the management and supervisory bodies and senior management of Group companies, for submitting conclusions or proposals to the Supervisory Board, for implementing measures to ensure the continuity of the activities of the management and supervisory bodies, and for assessing the structure, size, composition and performance of the management and supervisory bodies of Group companies. The committee’s functions also include monitoring the compliance of the remuneration policy of Group companies with international practices and good governance recommendations, submitting proposals for the improvement of the remuneration policy, etc.
Regulations of the Nomination and Remuneration Committee
Committees’ functions are described in more detail in the Company’s annual reports. When needed, other committees may also be formed on an ad hoc basis (for example, to address special issues or to develop, supervise or coordinate strategic projects).
Alfonso Faubel
Chair of the Supervisory Board, independent member
Alfonso Faubel
Alfonso Faubel has held executive responsibilities in Siemens Gamesa, Alstom/GE (which are leading players in the global wind power and energy market) and Delphi Automotive. As CEO he has led the turn-around and integration of Siemens Gamesa, secured key target projects for over €12 billion in new orders across Alstom/GE’s power businesses, and earlier opened 16 new markets worldwide for their wind power business. Alfonso Faubel is an executive with career that spans 34 years and five continents in automotive, digitization and energy industries and is valued for his skills in business turnaround, improving operational excellence, working with teams in different cultural environments on assignments worldwide.
Education
University of Cologne, Business Administration & Economics; Richmond American University London, Bachelor’s degree in Business Administration; INSEAD, Executive Education.
Other current places of employment, positions
None.
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Bent Christensen
Independent member
Bent Christensen
Bent is a senior executive with more than 35 years of international experience in the energy sector. During his career he held various key positions in Siemens and Orsted and took part in developing these companies into global leading companies within the renewables sector. Bent has worked with almost all kinds of energy resources and has been responsible for or involved in the development and construction of several on- and off- shore wind farms and thermal power plants.
Education
University of Southern Denmark, Bachelor’s degree in Electrical Engineering; Horsens University College, Engineering Business Administration; IMD Business School, Executive Development Program; Siemens, Leadership Excellence.
Other current places of employment, positions
Christensen Management Consulting Holding ApS, Chief Executive Officer and owner; Christensen Management Consulting ApS, Chief Executive Officer and owner; member of the Supervisory Board of Wind Estate A/S, Member of the Supervisory Board of Aker Carbon Capture ASA.
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Judith Buss
Independent member
Judith Buss
Judith Buss has more than 20 years of experience in various senior leadership positions in the global energy industry, M&A and financial markets and has worked internationally in Germany, Norway and the UK. She has significant experience in corporate finance, leading and negotiating large international M&A growth acquisitions, integration processes and organizational and cultural change processes. Judith has held several executive positions at E.ON Group, most recently as Chief Financial Officer of E.ON Climate & Renewables. She also has experience in corporate governance serving as a member of several boards of directors in companies operating in Germany, Norway, the UK, Russia and Algeria.
Education
University of Augsburg, Master’s degree in Business Administration (Banking, Finance and Controlling); Leadership Programs at IMD Business School, Lausanne, and Massachusetts Institute of Technology, Boston.
Other current places of employment, positions
Member of the Supervisory Board of Uniper SE; Member of Supervisory Board of Hella GmbH & Co. KGaA, Lippstadt, Germany; Member of Shareholder’s Committee of Hella GmbH & Co. KGaA, Lippstadt, Germany; Chair of Audit Committee of Hella GmbH & Co. KGaA, Lippstadt, Germany (all starting as of Oct 1, 2022 for a term of four years).
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Lorraine Wrafter
Independent member
Lorraine Wrafter
Lorraine is a global HR director with a specialisation in Organisation Effectiveness (change, culture, M&A, organisation design, reward and talent management), working boards and executive teams to transform organisations and workforce performance to deliver business value in complex multinational organisations.
Lorraine has more than 30 years of experience in large multinational corporations: CARGILL Inc. and HOLCIM.
Currently she has her own business, ‘The Problem’ and works on varied projects such as organisation transformation, culture, team dynamics, and coaching. She is also a Board Advisor to a German start-up company HACK-CMP.
Education
University of Limerick, Diploma in Business Studies; University of West London, Diploma in Human Resources; Fellow of the Chartered Institute of Personal Development; Leicester University, Master’s degree in Human Resource Management and Development; INSEAD, Diploma in Clinical Organisational Psychology, Executive Masters Consultancy and Coaching for Change.
Other current places of employment, positions
Consultant and owner at “The Problem”.
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Ingrida Muckutė
Member
Ingrida Muckutė
Ingrida is a highly experienced accounting and reporting, financial audit regulation professional who has been working at the Ministry of Finance for 18 years. She started her career at the Ministry of Finance as the Director of the Accounting Methodology Department in 2004, where she initiated and led the public sector accounting reform. In 2013, during Lithuania’s Presidency in the European Council, she was chairing the Task Force on Company Law meetings on Audit Directive and Regulation. From then on, her responsibilities cover chairing the Committee of National Accounting Standards for private and public sectors. She also actively contributes to modernising the national systems of accounting, companies’ insolvency and property and business valuation through proposals for legal initiatives.
Prior to her career in the Ministry of Finance, she worked as a financial controller at Konica Minolta Baltija and as a senior auditor in Arthur Andersen, and later in Ernst & Young Baltic.
Education
Vilnius University, Master’s degree in Economics, Accounting, Finance and Banking; Bachelor’s degree in Management and Business Administration; Uppsala University (Sweden), Financial Management Programme.
Other current places of employment, positions
Director of the Reporting, Audit, Property Valuation and Insolvency Policy Department at the Ministry of Finance of the Republic of Lithuania.
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Aušra Vičkačkienė
Member
Aušra Vičkačkienė
Aušra has more than 20 years of experience in civil service. For the last 14 years she has been the Director of the State Assets Management Department of the Ministry of Finance, previously managed the Financial Services Division of the Ministry's Financial Markets Department and was the Head of the Loan and Guarantee Supervision Division. In addition to this, Aušra has served on management boards of various state-owned companies: Būsto Paskolų Draudimas, Turto Bankas and Viešųjų Investicijų Plėtros Agentūra, where she was elected as the Chair of the Management Board.
Education
Vilnius University, Master’s degree in Management and Business Administration; Vilnius University, Bachelor’s degree in Management and Business Administration.
Other current places of employment, positions
Ministry of Finance of the Republic of Lithuania, Director of the State Assets Management Department; Valstybės Investicijų Valdymo Agentūra, Member of the Supervisory Board (since 21/10/2020).
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Tim Brooks
Independent member
Tim Brooks
Tim is a senior executive with more than 20 years of experience in sustainable development, both as a consultant and in large corporate enterprises. Tim has been working at the LEGO Group for 10 years, most recently as a Vice President for Sustainability and regularly contributes to the company’s risk and compliance boards. Tim has valuable experience in developing sustainability strategies and working with a broad range of stakeholders to implement industry leading sustainability programmes.
Tim has worked with KIRKBI, the LEGO Group parent company, to support and coordinate over 700 million USD of funding for renewable energy projects resulting in construction of two offshore wind parks, and delivery of over 70MW of building and ground mounted solar PV for LEGO buildings. He has also launched the ‘Engage2Reduce’ supply chain engagement programme and the 450 million USD LEGO Group Sustainable Materials programme. Currently, he serves as a Board Trustee of the Global Action Plan and a Board Member of the Honnold Foundation.
Education
University of Sheffield, Bachelor’s degree in Environmental Geoscience; Imperial College, Master’s degree in Environmental Technology (Energy Policy); Cambridge University, Institute of Sustainability Leadership.
Other current places of employment, positions
Vice President, Corporate Responsibility, at LEGO System A/S (Åstvej 1 7190, Billund, Syddanmark); Board Trustee, the Global Action Plan (network of organisations); Member of the Board, the Honnold Foundation (non-profit organisation).
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Tim Brooks
Chair of the committee, independent member
Tim Brooks
Tim is a senior executive with more than 20 years of experience in sustainable development, both as a consultant and in large corporate enterprises. Tim has been working at the LEGO Group for 10 years, most recently as a Vice President for Sustainability and regularly contributes to the company’s risk and compliance boards. Tim has valuable experience in developing sustainability strategies and working with a broad range of stakeholders to implement industry leading sustainability programmes.
Tim has worked with KIRKBI, the LEGO Group parent company, to support and coordinate over 700 million USD of funding for renewable energy projects resulting in construction of two offshore wind parks, and delivery of over 70MW of building and ground mounted solar PV for LEGO buildings. He has also launched the ‘Engage2Reduce’ supply chain engagement programme and the 450 million USD LEGO Group Sustainable Materials programme. Currently, he serves as a Board Trustee of the Global Action Plan and a Board Member of the Honnold Foundation.
Education
University of Sheffield, Bachelor’s degree in Environmental Geoscience; Imperial College, Master’s degree in Environmental Technology (Energy Policy); Cambridge University, Institute of Sustainability Leadership.
Other current places of employment, positions
Vice President, Corporate Responsibility, at LEGO System A/S (Åstvej 1 7190, Billund, Syddanmark); Board Trustee, the Global Action Plan (network of organisations); Member of the Board, the Honnold Foundation (non-profit organisation).
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Alfonso Faubel
Independent member
Alfonso Faubel
Alfonso Faubel has held executive responsibilities in Siemens Gamesa, Alstom/GE (which are leading players in the global wind power and energy market) and Delphi Automotive. As CEO he has led the turn-around and integration of Siemens Gamesa, secured key target projects for over €12 billion in new orders across Alstom/GE’s power businesses, and earlier opened 16 new markets worldwide for their wind power business. Alfonso Faubel is an executive with career that spans 34 years and five continents in automotive, digitization and energy industries and is valued for his skills in business turnaround, improving operational excellence, working with teams in different cultural environments on assignments worldwide.
Education
University of Cologne, Business Administration & Economics; Richmond American University London, Bachelor’s degree in Business Administration; INSEAD, Executive Education.
Other current places of employment, positions
None.
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Lorraine Wrafter
Chair of the committee, independent member
Lorraine Wrafter
Lorraine is a global HR director with a specialisation in Organisation Effectiveness (change, culture, M&A, organisation design, reward and talent management), working boards and executive teams to transform organisations and workforce performance to deliver business value in complex multinational organisations.
Lorraine has more than 30 years of experience in large multinational corporations: CARGILL Inc. and HOLCIM.
Currently she has her own business, ‘The Problem’ and works on varied projects such as organisation transformation, culture, team dynamics, and coaching. She is also a Board Advisor to a German start-up company HACK-CMP.
Education
University of Limerick, Diploma in Business Studies; University of West London, Diploma in Human Resources; Fellow of the Chartered Institute of Personal Development; Leicester University, Master’s degree in Human Resource Management and Development; INSEAD, Diploma in Clinical Organisational Psychology, Executive Masters Consultancy and Coaching for Change.
Other current places of employment, positions
Consultant and owner at “The Problem”.
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Bent Christensen
Independent member
Bent Christensen
Bent is a senior executive with more than 35 years of international experience in the energy sector. During his career he held various key positions in Siemens and Orsted and took part in developing these companies into global leading companies within the renewables sector. Bent has worked with almost all kinds of energy resources and has been responsible for or involved in the development and construction of several on- and off- shore wind farms and thermal power plants.
Education
University of Southern Denmark, Bachelor’s degree in Electrical Engineering; Horsens University College, Engineering Business Administration; IMD Business School, Executive Development Program; Siemens, Leadership Excellence.
Other current places of employment, positions
Christensen Management Consulting Holding ApS, Chief Executive Officer and owner; Christensen Management Consulting ApS, Chief Executive Officer and owner; member of the Supervisory Board of Wind Estate A/S, Member of the Supervisory Board of Aker Carbon Capture ASA.
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025
Aušra Vičkačkienė
Member
Aušra Vičkačkienė
Aušra has more than 20 years of experience in civil service. For the last 14 years she has been the Director of the State Assets Management Department of the Ministry of Finance, previously managed the Financial Services Division of the Ministry's Financial Markets Department and was the Head of the Loan and Guarantee Supervision Division. In addition to this, Aušra has served on management boards of various state-owned companies: Būsto Paskolų Draudimas, Turto Bankas and Viešųjų Investicijų Plėtros Agentūra, where she was elected as the Chair of the Management Board.
Education
Vilnius University, Master’s degree in Management and Business Administration; Vilnius University, Bachelor’s degree in Management and Business Administration.
Other current places of employment, positions
Ministry of Finance of the Republic of Lithuania, Director of the State Assets Management Department; Valstybės Investicijų Valdymo Agentūra, Member of the Supervisory Board (since 21/10/2020).
Owned shares of the parent company
None.
Term of office
26/10/2021– 25/10/2025