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Regarding the letter from the majority shareholder

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Regarding the letter from the majority shareholder received by AB Ignitis grupė concerning the selection of candidates for the positions of the members of the Supervisory Board

AB “Ignitis grupė” (hereinafter referred to as the Ignitis Group or the Company) hereby informs that on 17 August 2021 it received a letter (hereinafter - the Letter) from the Ministry of Finance of the Republic of Lithuania (hereinafter - the Majority Shareholder) holding 73.08 percent of the Company's shares, informing that the process of selection of five independent members of the Company's Supervisory Board announced on 15 June 2021 is still ongoing and that it is planned that the Majority Shareholder will make a decision to nominate candidates to the Supervisory Board of Ignitis Group by the end of September 2021 and that a new Supervisory Board of Ignitis Group is expected to be elected by the end of October 2021 at the latest. The term of office of the current Supervisory Board of the Company ends on 29 August 2021. The remaining two members of the Company's Supervisory Board shall also be delegated by the Majority Shareholder by the end of September of this year at the latest. All candidates shall be elected by the Company's General Meeting of Shareholders.

It should be noted that at the end of the current term of office of the Supervisory Board, their members who are holding positions in the committees of the Supervisory Board at the same time, i.e. Risk Management and Business Ethics Supervision Committee, Nomination and Remuneration Committee and, as the case may be, due to the lack of quorum, the aforementioned committees will not be able to continue their activities. Meanwhile, the Company's Audit Committee will continue its activities.

The management structure and model of Ignitis Group is based on the most advanced international and national practices, it is based on the recommendations of the Organisation for Economic Co-operation and Development (OECD) and the provisions of the Corporate Governance Code for Nasdaq Vilnius. In accordance with good corporate governance practices, the Company has a collegial supervisory body – the Supervisory Board, management bodies – the Management Board and the Chief Executive Officer of the Company, exclusive competencies are implemented by the Company's body – the General Meeting of Shareholders. Despite the fact that the Supervisory Board will not function in the Company for the period specified by the Majority Shareholder, the Company will ensure the continuity of activities and other bodies that have not completed their terms of office will perform the functions assigned to them in accordance with the Company's Articles of Association: the Company will have an operational Audit Committee, the function of which is to supervise and control the financial reporting and audit processes, the internal control system, the Board and the Chief Executive Officer of the Company, as well as the General Meeting of Shareholders. The Company plans its activities and decision-making processes in a way to ensure the continuous and efficient operation of the Company. The temporary non-appointment of the Supervisory Board will not affect the Company's operations and strategic objectives.

The selection of candidates for independent members of the Company's Supervisory Board shall be carried out by the agency engaged in the search for managers and executives, namely UAB “J. Friisberg & Partners”, along with partners of the J.Friisberg and Partners International network.

For more information please contact:

Artūras Ketlerius
Head of Public Relations at Ignitis Group
arturas.ketlerius@ignitis.lt
+370 620 76076


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