OREANDA-NEWS. On June 30, 2008 at the extraordinary general shareholders meeting of Lietuvos Energija AB, the new wording of Lietuvos Energija AB Articles of Association has been approved and it has been decided that starting from the date of registration of the Articles of Association in the Register of Legal Entities, the Supervisory Council of Lietuvos Energija AB will be revoked, reported the press-centre of Lietuvos Energija. 

According to the new wording of the Articles of Association of the company, the supreme and continuously operating management body of Lietuvos Energija AB will be the company’s Board, which will be elected and validated by the general shareholders meeting for a four–year tenure. The members of the Board will elect among themselves the chairman of the Board who will be the key person managing and representing the company. The Board will appoint the General Director of the company – the chief executive officer.

96,5 percent of Lietuvos Energija shares and voting rights at the general shareholders meeting of the company by the right of title are held by LEO LT, AB. Electricity transmission grid as well as all relevant connected equipment are the facilities of state significance which indirectly (via LEO LT, AB) are controlled by the state. 

A patronising company LEO LT, AB, Lietuvos energija AB and other subsidiaries of LEO LT, AB constitute a group of companies. Lietuvos Energija AB will further perform the electricity transmission operations, activity of the market operator, and other activities relevant to the electricity industry. Lietuvos Energija AB will keep on performing its functions aimed at ensuring stable operation of the electric power system. 

The following extraordinary general shareholders meeting will be convened on 8 July 2008. The agenda will consist of the following issues – revocation of the Board of the company, election of the new Board, revocation of the resolution regarding selection of the audit company and terms of payment for the audit services and approval of terms and conditions of the Agreement to be concluded with the Board members.