INVEGA has incorporated the subsidiary UAB Kofinansavimas, which is engaged in the incorporation and management of venture capital funds, investment of venture capital and investment and financial consultancy. UAB Kofinansavimas manages the public venture capital fund Koinvesticinis Fondas, which is aimed to develop the Lithuanian venture capital market, educate new participants of the venture capital market and in this manner ensure a better access to capital to new promising Lithuanian companies that have limited access to business financing instruments offered by banks. The fund operates as a limited partnership business entity, in which INVEGA acts as the limited partner and main investor and UAB Kofinansavimas acts as the actual member and investment manager.

The rights of the general meeting of shareholders of UAB Kofinansavimas are implemented by INVEGA, which is the owner of all the shares of UAB Kofinansavimas.

All the decisions on the issues falling within the competence of the general meeting of shareholders of UAB Kofinansavimas are passed by the director general of INVEGA. It should be noted that, by decision of the Board of INVEGA dated 23 January 2019, the Corporate Governance Policy was approved. The Corporate Governance Policy regulates in detail the functions of the management bodies of INVEGA in the process of examining the issues falling within the competence of the general meeting of shareholders of UAB Kofinansavimas.

The scope of competence of the general meeting of shareholders of UAB Kofinansavimas and the rights and obligations of its shareholders are identical to those stipulated in the Law on Companies. According to the Articles of Association of UAB Kofinansavimas, the general meeting of shareholders also has the following additional rights:

– To pass decisions on issues of operations of the company, which pursuant to the Law on Companies, other laws and the Articles of Association do not fall within the scope of competence of the head of administration of the company;

– To consider and approve the company’s operational strategy and to analyse and evaluate information about the implementation of the company’s operational strategy;

– To pass decisions regarding the company becoming an incorporator or participant of other legal entities;

– To pass decisions, including on issues falling within the scope of competence of the head of administration of the company, which the head of administration of the company may not pass by reason of a potential conflict of interest or personal concern relating to the head of administration of the company;

– To pass a decision to approve the conclusion of a transaction proposed by the head of administration of the company, whereby the value of the transaction exceeds 1/20 of the authorised capital of the company, except in cases where the respective decision of the general meeting of shareholders regarding the relevant transactions provides differently.

The general meeting of shareholders of UAB Kofinansavimas does not consider and does not pass any decisions regarding the evaluation or implementation of the investments of the umbrella venture capital co-investment fund managed by UAB Kofinansavimas, or any decisions connected with investment management and realisation. The respective decisions are considered and passed by the Investment Committee of the venture capital co-investment fund and implemented by the head of administration of UAB Kofinansavimas.

Head of administration of UAB Kofinansavimas and activities of the head of administration

The head of administration (director) of UAB Kofinansavimas is elected and recalled by the Board of UAB Kofinansavimas and, starting from 29 November 2018 – by the general meeting of shareholders of UAB Kofinansavimas.

Prior to 30 November 2018, the position of the director of UAB Kofinansavimas was held by Daiva Gerulytė who had been elected by the decision of the Board of UAB Kofinansavimas dated 16 March 2017.

Starting from 30 November 2018, the position of the director of UAB Kofinansavimas is held by Viktorija Vaitkevičienė who was elected by the decision of the general meeting of shareholders of UAB Kofinansavimas dated 30 November 2018. The director of UAB Kofinansavimas is elected for a 5-year term of office.

The director of UAB Kofinansavimas is responsible for the organisation of the company’s daily operations, conclusion of transactions on behalf of the company and performance of the other functions envisaged by the Law on Companies and other laws. The director of UAB Kofinansavimas also implements decisions of the Investment Committee of the umbrella venture capital co-investment fund managed by the company regarding the investments of the fund and the management and realisation of these investments.

The director of UAB Kofinansavimas also serves as the director of UAB Pirmasis Koinvestavimo Fondas and UAB Antrasis Koinvestavimo Fondas incorporated to finance and account the investments of the umbrella venture capital co-investment fund managed by the company.

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Atnaujinta 2019-05-20