OREANDA-NEWS. On December 04, 2008 extraordinary meeting, shareholders of Lietuvos Energija AB approved  conditions of legal and functional unbundling of Kaunas hydro power plant and Kruonis pump storage plant from Lietuvos Energija AB.  The approval of these conditions is stipulated in the agreement of shares signing of LEO LT AB of May 27, 2008, reported the press-centre of Lietuvos Energija.

During the meeting the shareholders elected a new Board of Lietuvos Energija AB. Its members became: Mr. Darius Masionis – current General Director of Lietuvos Energija AB, Mrs. Aldona Jakutiene, former Financial Manager of LEO LT AB, Mr. Vidmantas Grusas, former Manager of Technologies of LEO LT and Mr. Mindaugas Jablonskis – Director of Law and Regulation Department of Lietuvos Energija AB. Darius Masionis was elected Chairman of the Board.

“Significant changes began in “Lietuvos Energija AB”, projects of business and work procedure optimization were initiated.” – says Mr.Gintautas Mazeika, Chairman of the Board of LEO LT AB. According to him, its successful implementation requires changes and a team of top level managers, ensuring the success of the projects.  

“One of the stages of changes has been finalized – an implementation strategy of changes has been drafted. We are launching 20 projects of activity optimization. This stage requires a new approach and managers of top level, possessing respective competences”, - says Mr. Darius Masionis, Chairman of the Board and General Director of Lietuvos Energija AB.

Ernst & Young Baltic UAB was elected the auditor of the company‘s financial statements of 2008 and its subsidiaries’ (consolidated) financial statements of 2008.

It was resolved that the issue of agenda regarding revision of the company’s articles of association (approval of revision) shall not be discussed and resolutions thereof shall not be adopted.

Lietuvos Energija AB is a subsidiary of the national investment company LEO LT AB, which performs functions of electricity transmission grid (110-330 kV voltage) owner, system operator and market operator.