100 of shares of the parent company JSC “EPSO-G” are controlled by the Ministry of Energy of the Republic of Lithuania. JSC “EPSO-G” owns 96.6 per cent of the gas transmission system operator “Amber Grid” and 97.5 per cent of the electricity transmission system operator “LITGRID”. As of February 2016, it also controls 67 per cent of the Lithuanian Energy Exchange operator JSC “Baltpool”. The main long-term (strategic) purpose of activities of the parent company JSC “EPSO-G” is transparent and effective performance of the parent company’s functions in the governance of companies belonging to the Corporate Group, implementing the principle of separation of state ownership and regulation functions.
Objectives of JSC „EPSO-G“ corporate governance are the following:
- Implementation of ownership rights – management of shares while implementing state’s pecuniary and non-pecuniary rights (voting, nomination of governing bodies, supervision of activities);
- Strategic management of transmission systems and other companies – coordination of strategic decision-making and long-term strategic projects;
- Increasing effectiveness of group companies’ activities – searching for synergies, optimization of activities, increasing value of the group companies;
- Transparency – EPSO-G is taking over best international practices which is unveiled in OECD guidelines, United Nations and NASDAQ recommendations.
July 4, 2012
„EPSO-G“ established as a fully state-controlled company managed by the Ministry of Energy.
97,5 per cent of electricity transmission system operator LITGRID are bought from „Lietuvos energija“.
78,9 per cent of shares of gas transmission system operator Amber Grid is bought from E.ON Ruhrgas International GmbH, OAO Gazprom and minor shareholders. Currently EPSO-G holds 96.6 per cent of Amber Grid shares.
7 September, 2015
EPSO-G corporate governance guidelines are approved, following ESBO, United Nations and other renown organizations documents.
17 December, 2015
New Articles of Association, in line with corporate governance guidelines, were approved.