OREANDA-NEWS. Earlier today, Lietuvos Energija shareholders approved the Company’s name change and the adoption of new articles of association, and elected members to the supervisory board. These changes are being implemented in accordance with the new management model that is being formed for the group of energy companies. The shareholders also selected a company to carry out the Company’s audit.

Once the new name is registered in the Register of Legal Entities, the Company that unifies the reserve power plant in Elektrenai, the Kruonis Pumped Storage Plant and the Kaunas Hydroelectric Power Plant will be called “Lietuvos Energijos Gamyba” (“Lithuanian Energy Production”).

Based on the articles of association that were approved today, a supervisory board has been formed within the Company which will carry out supervision of the Company’s activities. In accordance with the decision of the shareholders, two representatives of majority shareholder UAB Visagino Atomine Elektrine - CEO Dalius Misiunas and Manufacturing and Service Director Liudas Liutkevicius - became members of the supervisory board, as did independent member Pranas Vilkas. The supervisory board members were elected for a term of four years.

The supervisory board will elect a five-member company board for a term of four years, which will then elect a chairman from among its members. Other competences of the supervisory board as foreseen in the Company’s statutes include supervision of the activities of the board and the CEO, and submission of feedback and suggestions concerning the Company’s strategy, finances, the activities of corporate bodies and the decisions thereof to the general meeting of shareholders, the board, the CEO, and so on.

An extension of the Company’s governing bodies is provided for in the energy company group’s new management model. This model is being formed in accordance with the management guidelines of the UAB Visagino Atomine Elektrine group of companies, which the electricity production, distribution and service companies belong to, and which is trust controlled by the Ministry of Finance; said guidelines have been approved by the Minister of Finance.

The parent company will strengthen the coordination of corporate governance within the group’s companies in the fields of finance, law, strategy and development, human resources, risk management, audit, technology, and communications, among others. Upon implementation of the approved model, a unified management and control system will be created and unified principles of programmes, processes and project management will be applied in the group of companies.

Supervisory boards will not be formed in other companies of the group which carry out service activities; boards made up of board members who work independently and represent the interests of the shareholder will be elected to manage the companies.

During today’s general meeting, Lietuvos Energija shareholders decided to select PricewaterhouseCoopers to carry out the Company’s 2013 financial audit, and to set payment of no more than 80,000 TL excluding VAT for said audit services.