EPSO-G's Shareholder Meeting Delivers Key Audit Decisions
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EPSO-G's Recent Shareholder Meeting Highlights
The Energy Transmission and Exchange Group EPSO-G, a pivotal entity in the energy sector, held a significant extraordinary general meeting to address key operational matters. With an underlying commitment to transparency and efficiency, the meeting was particularly focused on strategic decisions that will influence the company’s financial oversight and audit arrangements.
Key Decisions from the Single Shareholder
The Ministry of Energy of the Republic of Lithuania, recognized as the sole shareholder of EPSO-G, convened on September 6, 2024. A crucial resolution was passed in regard to the agreement made with PricewaterhouseCoopers UAB, solidifying EPSO-G's commitment to stringent financial governance. This decision relates to an existing audit contract for the period of 2023 to 2025, emphasizing the importance of validating EPSO-G's financial frameworks amidst evolving market dynamics.
Changes in Audit Remuneration
A significant aspect of the resolution was the update on audit fees for PricewaterhouseCoopers UAB, establishing a maximum remuneration of EUR 310,000. This adjustment reflects the need to accommodate increased costs attributed to the evolving landscape of auditing standards and additional requirements set forth by regulatory bodies.
EPSO-G Group Overview
Understanding EPSO-G’s operational structure provides insight into its strategic movements. The EPSO-G group encompasses not only its holding company but also six direct subsidiaries: Amber Grid, Baltpool, Energy Cells, EPSO-G Invest, Litgrid, and Tetas. These entities play critical roles in the energy market, contributing to the broader ambitions of the group.
Strategic Holdings and Alliances
Moreover, EPSO-G's influence extends to shareholdings in associated ventures such as GET Baltic, Baltic RCC OÜ, and TSO Holding AS. This extensive network underlines EPSO-G's strategic positioning in the energy transmission and trading sectors, reinforcing its capacity to adapt to market challenges.
The Role of the Ministry of Energy
The Ministry of Energy of the Republic of Lithuania plays a vital role as the sole shareholder, acting in the interest of advancing national energy policies and supporting EPSO-G in achieving its strategic goals. This relationship significantly contributes to a framework of accountability and transparency, fostering a culture of trust between the government and EPSO-G.
Future Implications
As EPSO-G moves forward with its new auditing arrangements under the watchful eye of the Ministry of Energy, the company's operational effectiveness will be crucial in navigating the competitive energy landscape of today. Maintaining rigorous audit standards ensures that stakeholder interests are safeguarded and that EPSO-G continues to operate with integrity and efficiency.
Contact Information for Further Inquiries
For additional inquiries or clarifications regarding this meeting and its implications, interested parties can reach out to:
Gediminas Petrauskas, communication partner at EPSO-G
Tel: +370 610 63306, email: gediminas.petrauskas@epsog.lt
Frequently Asked Questions
What is EPSO-G?
EPSO-G is a crucial energy transmission and exchange group in Lithuania, overseeing significant subsidiaries in the energy sector.
Who decides on EPSO-G’s operational matters?
The Ministry of Energy of the Republic of Lithuania serves as the sole shareholder and makes essential decisions regarding EPSO-G's operations.
What was the focus of the recent shareholder meeting?
The recent meeting centered around the audit agreement with PricewaterhouseCoopers UAB and adjustments to the audit remuneration.
What is the new audit fee for PricewaterhouseCoopers UAB?
The maximum audit fee was set at EUR 310,000, reflecting updated costs based on market conditions.
How does EPSO-G ensure financial transparency?
EPSO-G upholds financial transparency through rigorous audit processes and a commitment to accountability, reinforced by its relationship with the Ministry of Energy.
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