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On the amendment of the procedure for forming the Audit Committee of AB “Ignitis grupė”

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AB “Ignitis grupė” (hereinafter – Company) informs that on 2 July 2021 the Ministry of Finance, an authority implementing the majority shareholder’s – Republic of Lithuania, who owns 73.08 % of Company’s shares – rights (hereinafter – Ministry of Finance) has issued an order on the amendment of the description of the Company’s Corporate Governance Guidelines (hereinafter – Corporate Governance Guidelines), approved under the order No 1k-205 of 7 June 2013 of the Minister of Finance of the Republic of Lithuania. The procedure for forming the Company’s Audit Committee has been amended in the Corporate Governance Guidelines by establishing that members of the Audit Committee will no longer be selected by the Company’s Supervisory Board, but rather by the decision of the General Meeting of Shareholders. It must be noted that after the amendments to Corporate Governance Guidelines are adopted, the Company is also planning to initiate in the General Meeting of Shareholders an amendment of its Articles of Association in respect of provisions related to the selection of members of the Audit Committee.

Amendments of Corporate Governance Guidelines will become effective from the day the aforementioned order is issued, i.e. 2 July, the updated version of the document can be found on the Company’s website (link).

The amendment of Corporate Governance Guidelines will create an opportunity to select independent members for the Company’s Audit Committee who are not members of the Supervisory Board of the Company.

The term of the current Audit Committee of the Company ends on 12 October 2021. After adopting the amendments to the Corporate Governance Guidelines, the Company is planning to initiate a selection of three independent members of the Audit Committee in the nearest future, which will be disclosed publicly.

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