A new Board of INVEGA has been formed
INVEGA’s Supervisory Council has selected, on a competition basis, four members of the Board for the term of office of four years. Along with serving on the Board, they will head relevant functions in the company. The new Board will start working on 11 September; after its first meeting, the new chairperson – who will also work as the CEO of the company – will be announced.
‘A united and efficient national promotional institution (NPI) will provide various financial instruments on a one-stop shop basis, therefore attracting and retaining professionals is very important. The NPI will contribute to the attainment of strategic objectives of the State: creating higher added value and enhancing the energy independence. A strong Board that is independent and not politically aligned will ensure synergy of existing financial instruments and creating new ones, attracting new financing sources and efficient use of the EU assistance,’ says Minister of Finance Gintarė Skaistė.
According to the Minister, this reform is part of the plan for New Generation Lithuania, contributing to Lithuania’s breakthrough in the area of finances and development of a more sustainable and resilient economy of the future.
The Board of INVEGA (Investicijų ir verslo garantijos UAB), a national promotional institution, will consist of the following professionals:
Dainius Vilčinskas – Member of the Board in charge of overall corporate governance of the organisation, its transformation, development and digitalisation. He is a strategic business and finance management professional with experience in business digitalisation, sustainable business development and sales management. In 2020, he was entrusted with the task to establish and head up Valstybės investicijų valdymo agentūra – VIVA (State Investment Management Agency) – one of the institutions consolidated with INVEGA, the purpose of which was to invest in medium- and large-size enterprises affected by COVID-19.
Inga Beiliūnienė – Member of the Board, currently working in the positions of Deputy Managing Director and Business Development Director of INVEGA. She will be in charge of development of INVEGA’s activities, strategic product planning, and development and management of the company’s products. She has 12 years’ experience of working with national and international financial institutions, and 20 years’ experience in the development and implementation of various financial instruments designed for businesses of various size.
Lina Stragauskienė – Member of the Board in charge of financial management, IT development and administration of activities. She has over 16 years‘ experience of working with Danske Bank Lithuania Branch where she was responsible for various finance-related areas. During the past 5 years she was part of the organisation‘s management team and took an active part in the implementation of strategic decisions and complex projects on systems and business transformation.
Jonas Kanapeckas – Member of the Board in charge of risk management, compliance and quality assurance. For many years he was a member of the Investment Committee, the Eurosystem Market Operations Committee and the Risk Management Committee of the Bank of Lithuania – as an expert or as a member of management. During more than two decades of work at the Bank of Lithuania, he gained extensive experience in investments, monetary policy and risk management areas.
Daina Kleponė, Chairperson of INVEGA’s Supervisory Council, is confident that a strong and competent team has been formed for the completion of consolidation processes and for the formulation and implementation of the operating strategy of the group of companies. She said:
‘Creating a consistent organisational culture is one of the greatest challenges that the new Board faces. At present, four organisations with different cultures, areas of activities and services have been consolidated under the same roof. The management team will have to transform this into a united organisation with robust operating principles and common values, and contribute to Lithuania‘s economy. This organisation will become the main driver of the national economy: the main objective of the organisation will consist of increasing competitiveness by offering suitable financial solutions to clients, developing capital markets and promoting sustainable financing’.
The newly composed Board will have to elect its chairperson, in accordance with INVEGA’s Articles of Association, who will also work in the position of INVEGA’s CEO. The Institute for Green Finances under formation will also be subordinate to the CEO, along with the current subordinates Kofinansavimas UAB, Tvariųjų išteklių plėtros skatinimas KŪB (TIPS) and Valstybės investicijų valdymo agentūra UAB. The Supervisory Council proposes candidate Dainius Vilčinskas for the position of INVEGA’s CEO.
The Board will elect its chairperson and INVEGA’s CEO at the first meeting of the Board, to be held on 11 September.
Investicijų ir verslo garantijos UAB (INVEGA) is a national promotional institution, with the Ministry of Finance representing the Government of the Republic of Lithuania as a shareholder. As part of implementation of the plan for New Generation Lithuania, and seeking to direct sufficient investments to key areas and to speed up economic development, on 1 August 2023 four national promotional institutions – INVEGA, Viešųjų investicijų plėtros agentūra (VIPA), Valstybės investicijų valdymo agentūra (VIVA) and Žemės ūkio paskolų garantijų fondas (ŽŪPGF) were joined into a single institution. All services to businesses, the public sector and agriculture are provided through INVEGA on a one-stop shop basis.