Two candidates have been selected to fill the additional independent member positions in the Supervisory Board of Ignitis Group

21 October 2020
Two candidates have been selected to fill the additional independent member positions in the Supervisory Board of Ignitis Group
  • The Ministry of Finance selected two independent members to the Supervisory Board –Bent Christensen and Judith Buss
  • The selected candidates have extensive international experience in the renewable energy sector
  • The vote to elect the candidates for the position in the Supervisory Board will be held on 12 November during the General Meeting of Shareholders of Ignitis Group
  • The Supervisory Board of the company comprises seven members: two representatives of the Ministry of Finance and five independent members

The Ministry of Finance of the Republic of Lithuania selected two candidates for independent member positions in the Supervisory Board of international energy company, Ignitis Group. The selected candidates with extensive experience in renewable energy and international development are Bent Christensen and Judith Buss. Their candidacy must first be approved by the shareholders of the company.

B. Christensen has more than 35 years of experience in energy sector and performed managerial roles in companies like Siemens and Orsted. J.Buss has over 20 years of professional experience in energy and financial sector companies, including energy company E.ON.

“After Lithuania was put on the map in the global stock market when Ignitis Group became a listed company, we feel even more responsibility for the state-controlled company. We believe that the experience of the new independent members of Supervisory Board will strengthen the company, provide additional competencies and will create incentive for further successful development of the company”, said Deputy Minister of Finance, Darius Sadeckas.

“I welcome Bent Christensen and Judith Buss and celebrate that they were selected as candidates to the Supervisory Board of Ignitis Group. Today, Ignitis Group is the leading energy company in Lithuania and the Baltic States and is ready to stimulate the energy changes in the region. The company’s corporate governance will be strengthened by the new members of the Supervisory Board, who have substantial international experience, especially in the RES, and who will contribute to the implementation of the changes and the strategic goals of the company. The addition of two experienced managers to the Supervisory Board will also strengthen the governance of the listed company and accountability to the shareholders”, said Chair of Supervisory Board, Darius Daubaras.

Supervisory Board of the company now comprises seven members: two representatives of the Ministry of Finance and five independent members. The decision to increase the number of members in the Supervisory Board of the company was made in accordance with good governance examples and practices related to collegial bodies’ composition in other countries. According to the practices, the collegial bodies of the company should be made up of members with wide variety of competencies, and the body itself should constitute enough members to ensure the accumulation of competencies required for the relevant activities of the company.

The selected candidates will need to be approved by the shareholders during the General Meeting of Shareholders on 12 November. The newly elected members will be appointed to the Supervisory Board before 29 August 2021, the end of the current term of the Supervisory Board.

The selection process of the candidates for Supervisory Board independent member positions was conducted by executive search and leadership consultancy company Friisberg and Partners International. The selection process for the position received a substantial international attention from applicants from Germany, Spain and Scandinavian countries.

Currently, the independent members of the Supervisory Board are: Darius Daubaras, the Chair of the Supervisory Board and a Member of The Committee for Risk Management and Business Ethics Supervision; Daiva Lubinskaitė-Trainauskienė, the Chair of The Nomination and Remuneration Committee; Andrius Pranckevičius, the Chair of The Committee for Risk Management and Business Ethics Supervision. The Ministry of Finance representatives in the Supervisory Board are: Daiva Kamarauskienė, a Member of The Nomination and Remuneration Committee, and Aušra Vičkačkienė, a Member of The Audit Committee and The Nomination and Remuneration Committee.