ŽANA KRAUČENKIENĖ APPOINTED AS MEMBER OF KN AUDIT COMMITTEE

Žana Kraučenkienė, a widely experienced risk manager, has joined the Audit Committee of KN (AB “Klaipėdos nafta”), an 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.
 
Žana Kraučenkienė holds a certificate of internal audit, certificate of training of professional board members and is certified risk management professional. Her work experience covers the fields of internal audit, risk management, internal control, improvement of process efficiency and other fields. The new member of KN Audit Committee takes active participation in public activities. She is a member of the Risk Management Committee of the Actuarial Association of Europe, and of the Institute of Internal Auditors, she participates in activities of the boards of the Lithuanian Actuarial Society, the Association of Risk Management Professionals. At present Žana Kraučenkienė is heading the company “Effectum LT”, and also acts as the head of the Internal Audit Department of the Lithuanian Children and Youth Centre.
 
Apart from Žana Kraučenkienė, the Audit Committee of KN also consists from Laura Garbenčiūtė-Bakienė and Andrius Varanavičius, who were appointed as members of the committee on 21 August 2018.

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.

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 of KN was appointed on 27 April 2018 for the period of four years.