OREANDA-NEWS. The state-owned energy business group and its parent company “Visagino Atomine Elektrine” have been renamed to “Lietuvos Energija”, starting from today. Change of the business name is part of the corporate governance reorganisation of the group of companies (the Group).

The new name of the parent company will better characterise the business of the entire Group that includes electricity production, distribution and service companies. These changes are part of the Group's new governance model designed to refine the responsibilities of its management and supervisory bodies and to improve corporate governance.

“Our vision is a better integrated group of Lietuvos energija. We will seek the common goals of the Group's companies and its shareholder, the state, through combining the different business operations and efficiently using the available resources,” said the Chairperson of the Board of Directors and General Manager of “Lietuvos Energija”, UAB, Dalius Misiunas.

The supervisory board and board of directors of “Lietuvos Energija” and the supervisory boards of “Lietuvos Energijos Gamyba” and LESTO have already been elected under the new governance model of the Group. The remaining boards of directors will be formed in September, closing up the first reorganisation phase that covers amending the articles of association of the Group's companies and renewing the management bodies.

Subsequent phases will see introduction of the corporate governance chart to ensure better quality of services as well as integrated and efficient governance within the Group.

The Group's new governance structure and model are based on the most advanced international and national practice, the recommendations of the Organisation for Economic Cooperation and Development (OECD) as well as the corporate governance codes of companies listed on NASDAQ OMX Vilnius Stock Exchange.

“Lietuvos energija” includes “Lietuvos Energijos Gamyba”, AB engaged in electricity and heat production, electricity import, export and trade, AB LESTO, a power distribution networks operator, with their daughter companies, as well as UAB “VAE SPB”.