The board of AB Invalda supplemented the agenda of the general meeting of November 14. The issue regarding the confirmation of business rules for an audit committee and the appointment of members to the committee was added to the agenda of the meeting. <\/p>\n
The board of the company suggested including Danut\u0117 Kadanait\u0117, a lawyer at AB Invalda, as a member of the audit committee and appointing Tomas Bubinas, finance director of SICOR Biotech\/TEVA Baltic, as an independent member of the committee. Tomas Bubinas has 14 years of experience working in foreign audit companies (Price Waterhouse Coopers, Coopers & Lybrand) and is also a certified accountant of the Association of Chartered Certified Accountants (ACCA) and a certified auditor in Lithuania. \u201cThe company’s audit committee will thus include two competent members whose knowledge, qualifications, and long-term experience in the areas of law, audit, and accounting should help not only to organise audit operations, but also to ensure the transparency and reliability of the company’s activities\u201d, Darius \u0160ulnis, president of AB Invalda, says.<\/p>\n
The Invalda audit committee will provide recommendations to the management of the company about the selection of an external company auditor and conditions of the contract with the selected company, monitor the process of external audit, and oversee whether the auditor observes the principles of objectivity. Members of the audit committee will also monitor the process of the preparation of the financial statement. The elected members will work for the audit committee until the end of the term of the board Invalda and could then be re-elected for another term of the board. <\/p>\n
The establishment of an audit committee and the activities of the committee are regulated by the resolution of the Securities Commission of Lithuania entitled \u201cOn Requirements for Audit Committees\u201d. These requirements are applied to audit committees established in the joint stock companies that are incorporated in the Republic of Lithuania (except for banks and the Central Credit Union) and have securities that are traded on the market of the Republic of Lithuania and\/or the regulated market of any other country.<\/p>\n","protected":false},"excerpt":{"rendered":"
The board of AB Invalda supplemented the agenda of the general meeting of November 14. The issue regarding the confirmation of business rules for an audit committee and the appointment..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[6],"class_list":["post-13080","post","type-post","status-publish","format-standard","hentry","category-press-releases","tag-imported"],"acf":[],"yoast_head":"\n