Ministry of Finance approved the Supervisory Board of Turto bankas AB
The Ministry of Finance has approved the Supervisory Board of the public limited liability company Turto bankas, consisting of three independent members and two civil servants.
Žanas Neimantas, Aurimas Tomas Staškevičius, and Rytis Valūnas have become independent members of the Supervisory Board of Turto bankas AB.
Vaida Dumčiūtė and Lina Frejutė have become civil servants serving as members of the company’s Supervisory Board.
The Supervisory Board is a collegial body of Turto bankas; its primary remit will include the ongoing monitoring of the activities of the company’s Management Board and its manager, the approval of the strategy and the analysis and oversight of its implementation, as well as the evaluation of company results and the provision of recommendations, all aimed at ensuring transparent, sustainable corporate governance that creates long-term value. The Supervisory Board will elect the company’s Management Board, the chairman of which will also serve as the manager of the company. The term of office for the Supervisory Board will be four years.
The selection of independent members for the Supervisory Board of Turto bankas AB was conducted by a selection commission appointed by the Minister of Finance; the applications of 62 candidates were evaluated during the selection process.
The procedure for selecting civil servants for the company’s Supervisory Board was carried out in accordance with the Guidelines on Procedures for Selection of Individuals for a Company’s Supervisory or Management Body. The applications of 9 candidates were evaluated during the selection process.
The State is the company’s sole shareholder; the Ministry of Finance holds 100% of the new company’s shares.
Additional information:
Last November, the Seimas adopted the Law amending the Law on the Manager of Centrally Managed State Assets, prepared by the Ministry of Finance, where it was established that the manager of centrally managed state assets would be a public limited liability company (AB) operating following the reorganization of the State Enterprise Turto bankas; this company is to have a collegial supervisory body (a supervisory board) and a collegial management body (a management board), with the latter's chairman also appointed as the manager of the company.
Upon the reorganization of Turto bankas into a public limited liability company, it becomes subject to the principles of governance, strategic planning, dividend payment, and the operation of collegial bodies applicable to state-owned enterprises, thereby enabling the achievement of higher standards of operational transparency, efficiency, and good corporate governance.