Selection of Independent Members of the Supervisory Board of private limited liability company INVEGA is announced

The Ministry of Finance of the Republic of Lithuania initiates and announces the selection of candidates to the positions of independent members of the board (4 members) of private limited liability company Investicijų ir verslo garantijos (hereinafter – INVEGA) (company code 110084026, address: Konstitucijos pr. 7, LT- 09308 Vilnius).

• Website
• INVEGA strategy 
• Expectations of the state to the company
• Information on the selection by PI Governance Coordination Centre 

The selection of candidates to the positions of independent members of INVEGA Supervisory Board is carried out in accordance with the provisions of Government of the Republic of Lithuania Resolution No 631 of 17 June 2015 on the Approval of the Description of the Selection of Candidates to the Collegial Supervisory or Management Body of a State or Municipal Enterprise, of a State- or Municipality-owned Enterprise, or its Subsidiary (hereinafter – the Description).

Selection method: interview.
Term of office of the Member: 4 (four) years.
The number of the Supervisory Board members and their delegation: the Supervisory Board of INVEGA consists of 7 members, of which four members must meet the criteria for independence of candidates for the members of the collegial body of state-owned enterprises established in the Description, one representative from the Ministry of Finance of the Republic of Lithuania, one representative from the Ministry of Economy and Innovation of the Republic of Lithuania, and one representative from the Ministry of Environment of the Republic of Lithuania.

The selection of candidates for independent members of INVEGA Supervisory Board will be carried out by a selection commission consisting of one representative proposed by the Prime Minister, one representative proposed by the head of the institution representing the state, one representative proposed by the Minister of Economy and Innovation, one representative proposed by the Minister of Finance, and one representative from the Governance Coordination Centre.

Requirements for a candidate applying to be appointed an independent member of INVEGA Supervisory Board

General requirements
(mandatory for all candidates)

1. Higher university or equivalent education;
2. The candidate is not related to other natural and legal persons, which would lead to a conflict of interest in the position of an independent member of a collegial body;
3. The candidate must not be deprived of the right to hold the relevant position and to perform the functions required for the position or the right to hold such position must not be restricted;
4. Over the past 5 years the candidate must not have been suspended from the single-person or collegial body of a legal entity due to improper fulfilment of his duties.

Special requirements

For the candidate for the competence in the field of finance and investment management:

1. At least 1 year of management experience in an organization whose assets under management in the last two years were no less than EUR 10 million or the total value of the lending financial products provided was at least EUR 10 million;
2. At least 5 years of work experience in an organization with at least 100 employees, working in the field of loans, structuring and evaluation of venture capital investments, management of fund investment processes or structuring of transactions or in this organization’s a top-level management team (position not lower than the second management level of the organizational structure) (experience must be gained within the last 10 years);
3. Professional knowledge in fund and portfolio management, capital raising or investment banking;
4. Strategic thinking and result-orientation;
5. Leadership, teamwork and cooperation with stakeholders skills;
6. Knowledge of the principles of corporate governance;
7. Proficiency in English (B2/Intermediate).

For the candidate for the competence in the field of strategic planning and business development:

1. At least 1 year of management experience in an organization that changed the organization's strategy in the last five years, which resulted in significant growth or included at least two new areas in the operational strategy;
2. 5 years of management work experience in an organisation with at least 100 employees (position not lower than the second management level of the organisational structure) (experience must be gained within the last 10 years);
3. Experience in the fields of organizational development, management and change management;
4. Strategic thinking and result-orientation;
5. Leadership, teamwork and cooperation with stakeholders skills;
6. Knowledge of the principles of corporate governance;
7. Proficiency in English (B2/Intermediate).

For the candidate for the competence in the field of risk management:

1. At least 5 years of work experience in an organization whose total value of assets on the balance sheet in the last 2 years was at least EUR 10 million or the value of assets under management was at least EUR 10 million, experience in the fields of loan, guarantee, venture capital investment or other financial instrument portfolio risk assessment or formation and application of the risk management system;
2. Professional knowledge in the development, adaptation and application of risk systems of financial instruments and in the evaluation of investment projects;
3. 5 years of management work experience in an organisation with at least 100 employees (position not lower than the second management level of the organisational structure) (experience must be gained within the last 10 years);
4. Strategic thinking and result-orientation;
5. Leadership, teamwork and cooperation with stakeholders skills;
6. Knowledge of the principles of corporate governance;
7. Proficiency in English (B2/Intermediate).

For the candidate for the competence in the field of digitisation, organisation and transformation management:

1. At least 5 years of management work experience in the field of application of information solutions, digitization, management of structural or organizational culture changes, and organizational development, in an organization with at least 100 employees (position not lower than the second management level of the organizational structure) (experience must be gained within the last 10 years);
2. Work experience in developing human resources management and motivation systems, experience in implementing and managing changes;
3. Strategic thinking and result-orientation;
4. Leadership, teamwork and cooperation with stakeholders skills;
5. Knowledge of the principles of corporate governance;
6. Proficiency in English (B2/Intermediate).

The following advantages of the candidates (candidates of all areas of competence) will be additionally evaluated:

1. Work experience in the board of a legal entity;
2. Work experience in an international organisation;
3. Work experience in financial sector organisations;
4. Work experience in the field of business separation, reorganisation, merger and division;
5. Work experience in the field of management, control and supervision of the activities of companies or enterprises;
6. Professional experience in organisational change management.

Independence requirements
(mandatory for all candidates)

1. Must not be a civil servant or employee of the company to the collegial body of which he applies, its subsidiary or parent company and the legal entity related to them, whose participants, shareholders or founders are the companies specified in this paragraph (hereinafter - the related legal entity), the entity initiating the selection or the legal entity subordinate to it and must not have held such duties for the last one year;
2. Must not be a member, manager or employee of the company to the collegial body of which he applies, its subsidiary or parent company or a related legal entity whose participants, shareholders or founders are the companies specified in this paragraph (hereinafter - related legal entities), a collegial body and must not have held such positions for the last one year and not received remuneration from these legal entities, except for remuneration for the position of a member of a collegial body or committee;
3. Must not have been a participant of the company to the collegial body of which he applies, its subsidiary or parent company or a related legal entity, or a representative of the participants of these legal entities for the last one year;
4. Must not be a close person – spouse, cohabitant, partner, when the partnership is registered according to the law, as well as their parents (adoptive parents), children (adopted children), brothers (half-brothers), sisters (half-sisters), grandparents, grandchildren and their spouses, cohabitants or partners – of the participant, manager or members of the collegial bodies of the company to the collegial body of which he applies, its subsidiary or parent company or related legal entity;
5. Must not have significant business relationship with the company to the collegial body of which he applies, its subsidiary or parent company or with a related legal entity, either directly or as a participant or manager of a legal entity with such relations. A natural or legal person whose income from the company, its participant or a related legal person in the last 12 months is more than EUR 1,000, excluding wages or remuneration for the position of a member of a collegial body or committee, is considered to have significant business relationship;
6. In the last 2 years must not be a partner, participant, manager, member of a collegial body or an employee of an audit firm that performs or has performed an audit of the company to the collegial body of which he applies, its subsidiary or parent company or a related legal entity;
7. Must not have been a member of the collegial body of the company to the collegial body of which he applies, its subsidiary or parent company, for more than 10 years. This period is calculated by adding to the future period of office as a member of the collegial body, for which the candidate would be appointed, the previous periods of office as a member of the collegial body of the same company, between which there is a time gap of no more than one year;
8. Must not be a member of collegial bodies of more than four state- or municipal-owned enterprises.

Documents to be submitted by the candidate

1. Application for participation in the selection and declaration of good faith;
2. CV;
3. Copy of the personal identification document;
4. Motivation letter to the selection commission;
5. Copies of documents certifying higher education;
6. Other necessary documents or their copies certifying compliance with the general, independence and special requirements specified in this announcement (job description, decision, other document certifying that the candidate has no less than the required work experience; a copy of a document certifying the level of foreign language proficiency, etc.).

At the request of representatives of the selection commission and/or selection agency (AIMS International Lietuva, UAB), additional documents certifying compliance with the specified general, independence and special requirements may be requested.

Document submission deadline: 31 October 2022 inclusive.

Candidates can submit documents by e-mail. Copies of documents should be enclosed/attached and original documents may be requested if the candidate is selected.

Documents to be sent to: karina.kasalyniene@aims.lt

Persons responsible for receipt of selection documents, serving and providing information

• The person from AIMS International Lietuva, UAB who provides consultations on the issues of document submission and selection – Karina Kašalynienė, phone number: +370 614 15648, e-mail: karina.kasalyniene@aims.lt. 
• The person responsible from the Ministry of Finance of the Republic of Lithuania, who consults on selection issues – Advisor of the Personnel Management Division Arūnė Šerepkaitė, phone number: +370 5 239 0121, e-mail: arune.serepkaite@finmin.lt. 

Consultations are provided during the working hours of institutions.