The group of energy companies EPSO-G is improving its governance structure. On the 6th of January, AB LITGRID made the decision to transfer 67 per cent of the shares of UAB BALTPOOL that it owns to the company UAB “EPSO-G”. Thus, the parent company UAB “EPSO-G” will directly manage the biofuel exchange operator UAB BALTPOOL.
The decision regarding the transfer of shares was made in order to purify the different activities of the group of companies. AB LITGRID is an electricity transmission system operator. The activity of a biofuel exchange operator carried out by UAB BALTPOOL is not related to the transmission of electricity.
“We take into account the most up-to-date recommendations of international organisations regarding efficient governance of state-owned enterprises. UAB “EPSO-G” seeks to implement a single governance policy with regard to all governed companies: different activities of the group of companies are purified and divided into separate profit and costs centres. This will increase the activity efficiency of individual companies as well as of the entire group”, explained Rolandas Zukas, the general director of the company UAB “EPSO-G”.
The decision of the board of AB LITGRID will have to be approved during the general shareholders’ meeting, which will be convened on the 28th of January. According to the Law on the Market of Energy Sources, one shareholder cannot have more than three quarters (75 per cent) of votes; accordingly, the remaining 33 per cent of UAB BALTPOOL shares will continue to be controlled by AB “Klaipėdos nafta”.
The company UAB “EPSO-G” owns 96.6 per cent of shares of the gas transmission system operator AB “Amber Grid” and 97.5 per cent of shares of the electricity transmission system operator AB LITGRID. 100 per cent of UAB “EPSO-G” shares are owned by the state of Lithuania. The shares are controlled by the Ministry of Energy.
Last year, UAB BALTPOOL definitively gave up the activity of a natural gas exchange operator and now focuses on the biofuel exchange development.
