During the Extraordinary General Meeting of Shareholders of the international energy company Ignitis Group held on 26 October, a new Supervisory Board has been approved. It will comprise five independent members with international experience and two representatives of the Group’s majority shareholder, the Ministry of Finance.
The new Supervisory Board with extensive international experience will further improve the governance independency of the Group and contribute towards increasing diversity in managing positions.
The majority shareholder submitted the candidacies of the new Ignitis Group Supervisory Board members at the end of September.
Four members of the new composition of the Supervisory Board – Alfonso Faubel, Tim Brooks with Bent Christensen and Judith Buss who worked in the previous term of office – all have extensive experience in the energy sector, and especially in the area of renewable energy. The other independent member, Lorraine Wrafter, is an experienced organisational development and human resources director.
Aušra Vičkačkienė and Ingrida Muckutė are the experts from the Ministry of Finance who were selected to represent the majority shareholder.
Four members out of seven have worked as members of the Ignitis Group Supervisory Board and/or committees before.
Each independent Supervisory Board member will be responsible for a different field of Group’s activities. A. Faubel will curate renewable energy, L. Wrafter – organisational development, T. Brooks – sustainable development and risk management, B. Christensen – strategic management and international development, and J. Buss – financial management.
According to the Corporate Governance Guidelines of Ignitis Group, the Supervisory Board is a supervisory collegial body, which is elected by the General Meeting of Shareholders for a four-year term.
The Supervisory Board will elect the Chair from among its members at the next meeting.