INDEPENDENT MEMBERS OF KN AUDIT COMMITTEE APPOINTED

Laura Garbenčiūtė-Bakienė and Andrius Varanavičius, member of KN Supervisory Council, have been appointed independent members of the audit committee of KN (AB “Klaipėdos nafta”), oil and liquefied natural gas (LNG) terminal operator. KN Audit Committee operates as an advisory body of the Supervisory Council of the company in the fields of internal control and operational risks management.
 
Laura Garbenčiūtė-Bakienė and Andrius Varanavičius

The main objective of the Audit Committee is to enhance the efficiency of the operation of the Supervisory Council in the field of financial supervision, and to help ensure that decisions are taken impartially and after proper consideration. The Audit Committee supervises the drafting of the company’s financial reports and auditing procedures, ensures that the company adheres to the principles of independence and objectivity of audit companies, supervises the systems of the company’s internal control, risk management and internal audit, as well as the efficiency of the operational processes.
 
Laura Garbenčiūtė-Bakienė has obtained a Certificate of Internal Audit Leadership of the Institute of Internal Auditors, and she is a member of the California Association of Certified Accountants, and the Association of Chartered Certified Accountants (ACCA, Great Britain). At present Laura Garbenčiūtė-Bakienė is a member of the Supervisory Council of the company “Investicijų ir verslo garantijos”, as well as the Chair of the Audit and Risk Committee of the State Enterprise “Ignalinos atominė elektrinė”. Her professional experience covers strategic planning, assessment of corporate operational efficiency in the fields of risk management and internal control, work with internal and external auditors and recommendations to the management.
 
Andrius Varanavičius has been working in the international group “GlaxoSmithKline” since 2001, and over the last five years, he has been the financial director of the German “GlaxoSmithKline Gmbh & Co”. Andrius Varanavičius professional experience covers activities in the fields of internal control, accounting, budget management, audit and risk management, as well as his competence in relation to companies’ compliance with requirements of the Sarbanes-Oxley Act (SOX) and financial management in line with the International Financial Reporting Standards (IFRS).
 
Members of the Audit Committee are appointed until the end of the office of the Supervisory Council of the operating company. The current Supervisory Council was appointed on 27 April 2018.