INVEGA recognised as leader in good corporate governance among small state-owned enterprises

Following a review and evaluation of governance practices and key changes in state-owned enterprises (SOEs) for the period of 2018–2019, the Governance Coordination Centre recognised UAB Investicijų ir verslo garantijos (INVEGA) as this year’s leader in the category of small SOEs.

Director General of INVEGA Kęstutis Motiejūnas shared this, “We are pleased and proud to have been evaluated so highly. This result could only have been possible through the targeted efforts of not just the management, but also the Board of Directors, the Supervisory Board, and last but not least, those of the shareholder. The bar has been raised high for both other SOEs and ourselves too. This forces us to keep on thinking how to maintain the existing practices of good governance, and to improve upon them. The high level of governance ensures the stability of operations, reliability, and sustainable performance. This is what our shareholder, that is, the state expects of us.”

The quality of SOE governance is evaluated against the SOE Good Corporate Governance Index compiled by the Governance Coordination Centre. The Index is compiled based on the OECD’s (Organisation for Economic Co-operation and Development) recommendations for Lithuania, the Corporate Governance Code for the Companies listed on Nasdaq, provisions of the Equity Guidelines, Transparency Guidelines and Recruitment Guidelines, and other documents governing SOE activities as well as the best global corporate governance practices.

The methodology is reviewed on an annual basis and updated to respond to changes in the legislation governing SOE activities or evolving governance practices, and to reinforce the reliability of the Index and its ability to reflect SOE corporate governance in a high quality manner.