Ignitis Group remains the leader of good corporate governance

26 November 2020
  • Governance Coordination Centre rated Ignitis Group as a good corporate governance leader in the category of large companies for the second year in a row.
  • Total corporate governance index of the company remained the highest possible – A+.
  • Comparing to last year, transparency rating increased from A to A+.

The corporate governance of Ignitis Group, leading energy company in the Baltic States, was recognised as the leader among state-controlled companies (SCC) for the second year in a row. The parent company leads in the whole SCC sector as well as among large SCCs in the annual Good Governance Index conducted by the Governance Coordination Centre (GCC).

Ignitis Group in 2019 and 2020 was rated highest among all large state-controlled companies in the governance index and received the rating of A+. The rating total was compiled in accordance with the three governance criteria – collegial bodies, strategic planning and implementation and transparency standards. The evaluation of the first two criteria remained the highest possible and the transparency criteria rating increased from A to A+ compared to last year.

Good Governance Index is currently the most widely used tool for evaluating the quality of governance of Lithuania’s SCCs.

“Ignitis Group has transformed itself in the last couple of years and the changes are reflected in the rating. I am very pleased to see that not only the total rating increased, but also that the transparency received the best possible rating. Greater attention to anticorruption and sustainability lead to this increase. This year we successfully completed the Ignitis Group IPO, that is why the standards for the company are even higher and we will be working to maintain them in the future.”, said Ignitis Group CEO and Chair of the Board Darius Maikštėnas.

The company also received the highest evaluation from GCC for the independency of collegial bodies, their function operations, etc. In addition, the highest rating was given for the strategic planning of Ignitis Group, implementation and supervision of the strategy and implementation of goals directed to state-controlled companies.

Energijos Skirstymo Operatorius, a subsidiary company of Ignitis Group, was also rated among the best governed companies. The company received the highest evaluation in the category of subsidiary companies.

Good Governance Index is conducted annually since 2012. Its goal, according to GCC, is to evaluate and measure how the rated companies implement the principle good governance practices, which include the Organisation for Economic Co-operation and Development (OECD) recommendations, Ownership Guidelines, Transparency Guidelines and Nomination Guidelines as well as other documents regulating GCCs.