SUPERVISORY BOARD OF AB “KLAIPĖDOS NAFTA“ APPROVED

On April 27, the ordinary general shareholders meeting of KN (AB “Klaipėdos nafta”), the operator of oil and liquefied natural gas (LNG) terminals, approved the members of the Company’s Supervisory Board: Tomas Lukoševičius, Eimantas Kiudulas and Andrius Varanavičius. Candidates to the Supervisory Board were proposed by the major shareholder of KN, the Ministry of Energy. The members of the Supervisory Board were elected for a term of four years.
 
According to the Articles of Association of KN, the Supervisory Board is entitled to approve the Company’s strategy and supervise its implementation and is responsible of the supervision of transactions with third parties, the election and recall of the members of the Management Board and supervises the work of the Management Board.
 
Tomas Lukoševičius, who was elected to the Supervisory Board, currently works as head of the International Cooperation and Planning Division at the Ministry of Energy. He holds a master’s degree in international relations and diplomacy.
 
Eimantas Kiudulas has been heading Klaipeda Free Economic Zone Management Company (Klaipėdos laisvosios ekonominės zonos valdymo bendrovė, UAB) since 2001 and is a member of the management board of Probiosanus and Biorro. Mr Kiudulas was elected as member of the Supervisory Board of KN for a second term of office. His first term was from 2013 to 2017.
 
Andrius Varanavičius has been working at the international group GlaxoSmithKline since 2001. For the last five years he has been financial director of the German company GlaxoSmithKline Gmbh & Co.
 
The general shareholders meeting also approved the audited annual performance statement and the decision to pay 100% of net profit in dividends to the Company’s shareholders. The shareholders approved the guidelines of remuneration for the participation in the collegiate bodies of KN and the set fixed monthly remuneration of the member and chairman of the Supervisory Board.

The elected Supervisory Council adopted the decision to extend the mandate of the Board members of AB Klaipėdos Nafta Dainius Bražiūnas, Mantas Bartuška, Giedrius Dusevičius and Bjarke Pålsson for the one year term or until the new Board is elected.

72% of the Company’s shares are owned by the State.