Pursuant to the OECD Guidelines on Corporate Governance of State-Owned Enterprises and in order to implement good practice of corporate governance, in October 2018, the Auditing Committee was formed – the advisory body of the Board the main task of which is to increase the supervision of company’s finances. The activity of the Auditing Committee is aimed at enhancement of protection of the interests of the Board with regard to the financial accountability. Independent members are elected by the Board. The third member – the chairman of the Auditing Committee is appointed among the independent members of the Board, however, other than the Chairman of the Board. The Auditing Committee shall hold the office for a four-year term. According to the decision of ON’s Board, Gediminas Almantas, the Independent Member of the Board, was appointed as the Chairman of the Auditing Committee, whereas Edita Malūkienė and Justas Krasuckis were appointed as Independent Members of the Auditing Committee, on the basis of their competency and experience.
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