VILNIUS. The sole shareholder of EPSO-G holding, Ministry of Energy, elected Mr. Dainius Bražiūnas, Head of the Department of Oil and Gas of the Ministry and Mr. Gediminas Karalius, Deputy Head of the Department of Electricity, as new Board members of the company controlled by the state. Mr. Karalius was also appointed to the office of the member of audit committee of EPSO-G.
They have replaced the Chief Executive Officer Mr. Rolandas Zukas and the Financial Director, Mr. Algirdas Juozaponis in the five-member Board of EPSO-G who had resigned from the Board that was granted with functions of the supervisory authority.
In accordance with the governence practice of the Organization for European Cooperation and Development (OECD), the majority on EPSO-G Board will consist of independent members: Mr. Rytis Ambrazevičius, President of the association “Baltic Institute of Corporate Governance”, Mr. Valdas Vitkauskas, senior banker of the European Bank for Reconstruction and Development, and Mr. Gediminas Almantas, Board member of PI “Air Navigation” and international airport council “ACI Europe”.
In line with the corporate governance model common in Nordic countries (Finland, Sweden, Norway and Denmark), the organizational and management structure of EPSO-G became simpler, more effective and continues to be in compliance with the high management standards.
According to the good management index announced by the Monitoring and Programme Agency (SIPA) for the year 2017 regarding the State-controlled companies, EPSO-G received the top evaluation A+.
The amendments of the Law on Companies of the Republic of Lithuania induced revision of corporative management model. With regard to them, the Boards of EPSO-G and companies of its group, the shares of which are for sale on the securities exchange (AB “Amber Grid and “Litgrid” AB), were also reinforced by granting them supervisory functions.