To boost competition in the Baltic Sea region and Europe, the operator of oil products and liquefied natural gas terminals Klaipėdos Nafta (KN), is making great efforts to implement the guidelines on corporate governance and strengthen the team of the company’s board. Today, the board of KN has got a new independent member – Bjarke Pålsson, an energy expert from Denmark, with many years of experience in leadership and management. Following his appointment, the board of KN is comprised of five members, as provided for in the company’s articles of association.
KN is one of the first state-controlled companies in Lithuania that has a foreign independent member on its board. The company’s supervisory board set up a committee to select independent members to the company’s board. Over 30 candidates took part in the selection procedure, including three foreign citizens having a significant international experience working on the boards of large Nordic companies and as executive managers of global international corporations, which are larger than KN. During the selection procedure, the members of the supervisory board assessed the candidates’ competencies and experience in various areas such as management, finance, law as well as specific sectors (energy, transport, etc.), experience in implementing corporate strategic projects and operational objectives as well as many other different aspects.
“We are glad that so many highly-qualified specialists applied for the position of a member of KN’s board, giving us an opportunity to select the most suitable and experienced candidates. KN, which successfully implements the highest standards of corporate governance, has an ambition to be among top most efficiently managed state-controlled companies. This is another step towards strengthening and improving the management of energy companies – an example for other companies to follow,” said Lithuanian Energy Minister Žygimantas Vaičiūnas, commenting the appointment of Mr Pålsson.
According to the Minister, the appointment of Mr Pålsson to the board of KN will increase the number of independent board members to three and help to embrace the best experience of Scandinavian companies that lead in the area of corporate governance, with the maximum benefit for all shareholders, the biggest of which is the state.
“One of the goals provided for in the strategy of KN is expansion to international markets. So, we highly appreciate a person with good knowledge of North European energy sector, who was in charge of the implementation of international projects. Besides, we hope that Mr Pålsson, as a representative of a country which boasts one of the lowest corruption rates in the world, will contribute to raising transparency standards at the company to a higher level – a move which could serve as an example for other state-controlled companies in Lithuania,” pointed out Mr Vaičiūnas.
According to acting CEO of KN, Marius Pulkauninkas, the company was always keen to successfully implement ambitious operational objectives and accomplish tasks that nobody else in Lithuania have ever dared to undertake. Mr Pålsson’s membership on the board of KN is also viewed as a kind of challenge for KN, as the company will be motivated to strive for improvement and close cooperation. Mr Pulkauninkas is confident that the company’s workers, engaged in the implementation of numerous major infrastructure projects in Lithuania, are ready to cooperate in order to implement the Scandinavian standards at KN.
Bjarke Pålsson has over ten years’ experience in the energy sector and for five years worked as CFO and CEO at NGF Nature Energy, one of the largest gas companies in Denmark. At present Mr Pålsson is Managing Director of Financial Strategy & Origination at Nykredit (Denmark) and a member of the board of the Danish energy regulatory authority.
Apart from Bjarke Pålsson, members of the board of KN include Dainius Bražiūnas, a representative of the Ministry of Energy, and Mantas Bartuška, CEO of the Lithuanian Railways, with Mindaugas Jusius, CEO of Swedbank Life Insurance, and Giedrius Dusevičius, a partner in Digital Audio UAB and Inus UAB, as independent members.
According to the articles of association of KN, the board is comprised of five members; at least three of them must be independent members.
