Maxima Grupė strengthens corporate governance by forming audit committee

In order to further strengthen corporate governance at Maxima Grupė, an audit committee has been established. The supervisory board of the group has appointed three members to the committee for a four-year term: Jurgita Kirvaitienė, who is managing director of the electronic money institution Glocash Payment, Kasparas Žebrauskas, the partner in charge of quality and risk management at the audit and accounting firm BDO Lietuva, and Rytis Jezepčikas, a member of the board of Vilniaus Prekyba.

Independent member Kasparas Žebrauskas was elected chairman of the audit committee. He has worked in auditing for more than two decades and has long experience in international projects. Jurgita Kirvaitienė, also an independent member of the audit committee, worked for more than 17 years at the consulting firm PwC where she was director of the Assurance Department and a member of the management board. She also served for four years as president of the Lithuanian Chamber of Auditors. Rytis Jezepčikas has more than 10 years of experience in the position of the director of finance, he also has worked at the audit department at consulting firm Ernst&Young.

 “The newly formed audit committee will help Maxima Grupė’s supervisory board to ensure an effective and reliable process for auditing the company’s financial statements. The committee will make recommendations not only for financial auditing, but also for internal auditing and quality assurance. I’m certain its members’ long professional experience will enable them to smoothly perform the duties entrusted to the committee,” Maxima Grupė supervisory board chairwoman Jurgita Šlekytė said.

“The establishment of an audit committee is an important step to strengthen Maxima Grupė’s corporate governance, where the key factors are effectiveness and transparency. Good corporate governance practices were followed in forming the committee,” said Dalius Misiūnas, the chairman of the board and CEO of Maxima Grupė.

The main functions of Maxima Grupė’s audit committee include: oversight of the process of preparing and auditing the annual financial statements, review and monitoring of the independence of the external auditor, and monitoring of internal quality control and internal audit at the company.

The company’s audit committee is comprised of three members (two of whom are independent) elected for a four-year term. Members of the committee are required to be of impeccable reputation and to have relevant experience in the areas of accounting or of the auditing of financial statements.



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