Lithuania's Maxima Grupé has announced the formation of a new audit committee, meant to 'ensure an effective and reliable process for auditing the company’s financial statements.'
The committee consists of three members of 'impeccable reputation', two of whom are independent, who will each serve a four-year term.
Independent member Kasparas Žebrauskas has been elected as chairman of the newly formed committee, and brings more than two decades of auditing experience to the role. Jurgita Kirvaitienė is the other independent member of the committee, with Maxima's director of finance Rytis Jezepčikas filling out the third position.
The main tasks of the committee will be overseeing the preparation and auditing of yearly financial statements, the review and monitoring of the independence of the external auditor, and keeping track of internal quality control and auditing.
In 2017, Maxima Grupé saw its turnover grow by 4.2% to €2.806 billion.
For Dalius Misiūnas, the recently appointed CEO of the company, "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."
Looking To Expand
The company, the largest private capital group in the country, set its sights on a massive expansion in Poland in 2017.
Last November, the Lithuanian group announced it was acquiring Emperia Holding, which controls the Polish retail chain Stokrotka, a major retail player in the country.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Matthieu Chassain. Click subscribe to sign up to ESM: European Supermarket Magazine.