Published: 2020-03-27 15:05:00 CET
Ignitis grupė
Notification on material event

The number of members of the Supervisory Board will be increased in UAB Ignitis Grupė

UAB Ignitis Grupė, (hereinafter – the Company) identification code 301844044, registered office placed at Žvejų str. 14, Vilnius, Republic of Lithuania. The total nominal value of issued bonds 600 000 000 EUR; ISIN codes XS1646530565; XS1853999313. 

The Company informs that on 27th March 2020 received decision from the Ministry of Finance of the Republic of Lithuania, the authority implementing the rights of the sole shareholder of the Company (hereinafter - Ministry of Finance), amending the Articles of Association of the Company. In the new version of the Articles of Association it is established that Supervisory Board of the Company is composed not from 5, but from 7 members. The number of members of the Supervisory Board will be considered changed from the moment of the registration of the new Articles of Association of the Company in the Register of Legal Entities. 
 
The Ministry of Finance together amended the Guidelines for Corporate Governance of the State Owned Companies of Energy Group. These guidelines specify that the Supervisory Board of the Company shall consists of 7 members - 2 representatives of the shareholder and 5 independent members. Accordingly, Ministry of Finance is planning soon to initiate selection of two independent members of the Supervisory Board. 
 
This change was implemented taking into account 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 (groups 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. 

The Company has a wide range of activities and it is the parent company of a large group of companies. Operating in the whole group level three Advisory Committees, that are formed at the Supervisory Board of the Company, form a necessity for broad competencies in the Supervisory Board. The number of members of the collegial body is being increased in order to meet this need and to attract individuals with the required competencies. In addition, the Monitoring and Forecasting Agency recommended extending the competences of the Company's Supervisory Board to at least 7 members. 

Please find attached to this notice new version of the Guidelines for Corporate Governance of the State Owned Companies of Energy Group.  

Artūras Ketlerius, Head of Public Relations, phone +370 620 76076, e-mail arturas.ketlerius@ignitis.lt   

Attachment


Guidelines for corporate governance 2020.03.26.pdf