The Selection of INVEGA Board Members is Announced
To assure effective management of the institution and to contribute to smooth consolidation process of the state-controlled financial companies, the Supervisory Council of the National Promotional Institution ‘Guarantees for Investments and Business’ (INVEGA) announces the selection of chair and members of the board.
The following companies are being consolidated into INVEGA at present under the government’s resolution: UAB Viešųjų investicijų plėtros agentūra – VIPA (Agency of Expansion of Public Investments), UAB Valstybės investicijų valdymo agentūra – VIVA (Agency of Management of State Investments) and UAB Žemės ūkio paskolų garantijų fondas – ŽŪPGF (Guarantee Fund for Agricultural Loans). The Ministry of Finance of the Republic of Lithuania is representing the state as a shareholder. INVEGA has become the sole financial institution that has the status of the national promotional institution (NPI) enabling it to implement the financial measures incentives.
Vice-Minister of Finance, Vaida Markevičienė: ‘The expectations imposed on the newly formed board are to finish the consolidation and integration processes of the affiliated companies, to preserve current and attract new talents, and to assure governance transformation. The successful performance of the entity depends on successful continuity of present measures, expansion of new financial measures and involvement of the interested parties, i.e. investors, business entities, social partners, the public sector and other representatives. We have high standards for development, governance and investment of public funds; thus, the new board will be a main axis of changes that will determine success of the integration of consolidated institutions and the development of new activities.’
We have high standards for development, governance and investment of public funds; thus, the new board will be a main axis of changes that will determine success of the integration of consolidated institutions and the development of new activities.
According to the chair of the Supervisory Council of INVEGA Daina Kleponė, the INVEGA board will be responsible for the formation of common strategy for the performance of all the companies within the group and its implementation. On the expectations of performance of the INVEGA board, she commented: ‘This institution is not only going to develop sustainable financial incentives for economic operators but will also allow to contribute to financing of the areas of strategical importance to Lithuania that is not sufficient under market conditions. In such a way, we are going to strengthen resistance and maturity of the financial sector.’
She continued: ‘Consolidation of the state-controlled financial companies is definitely a significant step towards effective management and investment of entrusted funds, attraction of private capital and an increase of the country’s attractiveness to investors. We understand that a successful integration of four companies and joint performance strategy will need deep professional knowledge, experience and strong internal motivation, unifying leadership skills and capacities to search for unique solutions. The board will welcome professionals with a strong motivation to join and to create together with a team a unique and modern financial institution that responds to the needs of economic operators and promote sustainable growth of the Lithuanian economy.’
We understand that a successful integration of four companies and joint performance strategy will need deep professional knowledge, experience and strong internal motivation, unifying leadership skills and capacities to search for unique solutions.
The board of the NDI will consist of five members elected for a term of four years. According to the corporate management guidelines of INVEGA, the board’s chair will also act as a manager of INVEGA. Other members of the board will be responsible for mentoring different areas – strategy and business development, customer experience, risk and conformity, and finance and administration.
The candidates to the board are welcome to submit their applications until close of business on 1 June 2023. The advertisements and requirements set out for the candidates are available on the INVEGA website. The selection of the board members will be carried out by company MasterClass.
A wide scope of works is awaiting the consolidated company and the newly elected board that will be responsible for management of all the companies within the group. These include expedient investment of funds into the fields important to the state, improvement of the business environment, and promotion of sustainable financing and the capital market using the innovative financial instruments. As well as this, an ‘institute of green finances’ will be established; activities of development cooperation will be expanded aiming at green transformation of industry, modernisation of objects and facilities of public sector, digitisation, growing energy independence and development of renewable energy resources.
The financing volumes of INVEGA group of companies into various economic sectors amounted to EUR 127 million in the first quarter of 2023, while the invested funds of the state have attracted more than EUR 70 million of private funds.