Energy group restructuring moves forward with election of VAE Supervisory Board
The Ministry of Finance has continued the corporate governance reorganization of the national group of energy companies, which it controls via trust law, on the basis of best international practice. Today, according to a decision made by the Ministry of Finance, the sole shareholder of and government representative at UAB Visagino Atominė Elektrinė (VAE), the company's statutes were changed and a seven member Supervisory Board was elected for a four year term.
By order of Minister of Finance Rimantas Šadžius, the following were approved as members of the VAE Supervisory Committee: public company Lietuvos Junior Achievement board member and former chairman and administration member at AB Swedbank Antanas Danys; UAB Avestis director and chairman and UAB Šiaulių Plento Grupė and UAB Kilimai chairman Šarūnas Kliokys; and UAB Organizacijų Vystymo Centras founder and chairman Dr. Virginijus Lepeška.
The Ministry of Finance will be represented on the Supervisory Board by Vice Minister of Finance Aloyzas Vitkauskas. The Ministry of Energy will be represented by Vice Minister of Energy Žydrūnė Juodkienė. The Minister of Economy will be represented by Vice Minister of Economy Rasa Noreikienė, and the Chancellery of Government will be represented by Adviser to the Prime Minister Tomas Garasimavičius.
„By electing a Supervisory Board, we have taken another important step towards clarifying the responsibilities held by the executives and supervisors of this grooup of energy companies. By incorporating independent members into the management, we have guaranteed more transparency and increased the public's trust in the actions being undertaken by this energy consortium,” said Minister of Finance Rimantas Šadžius.
The Supervisory Board's first task will be to elect a chairman for itself and an Executive Board for the parent company.
Supervisory Boards with independent members and shareholder representatives will also be formed at listed group members companies AB LESTO and Lietuvos Energija, AB. The companies will be led by boards formed from the companies' workers.
The corporate group's corporate governance model will be introduced by October 2013. During that time, UAB Lietuvos Energija will become the parent company responsible for all of the group's corporate governance functions. Lietuvos Energija, AB will be renamed to AB Lietuos Energijos Gamyba.
At some point in the future of the reorganization of the energy company group, the Visaginas Nuclear Power Plant project will be transferred to the subsidiary company UAB VAE SPB.
Additional information
The following companies belong to the VAE company group: the electricity generation, distribution and service companies UAB VAE SPB and AB Lietuvos Energija (which unites the Elektrėnų thermal power plant, the Kruonis pumped-storage power plant and the Kaunas hydroelectric power plant), AB LESTO, and these companies' subsidiary companies (the Technology and Innovation Center, NT Valdos, Energijos Tiekimas, Elektros Tinklo Paslaugos, the National Energy Teaching Center and Kauno energetikos remontas).
Source: Ministry of Finance of the Republic of Lithuania
