Invalda INVL's Shareholders Meeting Decisions Unveiled
Insights from Invalda INVL's Shareholders Meeting
The public joint stock company Invalda INVL recently held a significant General Shareholders Meeting, where important resolutions were made that will impact the company's auditing processes for the upcoming years. Shareholders convened to make crucial decisions regarding the selection of an audit firm and financial terms for their services.
Appointing the Audit Firm
One of the primary resolutions involved appointing KPMG Baltics, UAB as the audit company for the annual financial statements. This decision sets the stage for years 2025 and 2026, ensuring that the financial reports are handled by a reputable firm. This choice aligns with industry standards and reflects Invalda INVL's commitment to transparency and reliability in its financial disclosures.
Audit Fee Structure
The shareholders approved a fee structure for the audit services. Specifically, the audit fee for the 2025 financial statements has been set at EUR 60,000, excluding VAT. Importantly, the fee for the 2026 audit will be subject to recalibration based on annual inflation rates or salary changes, choosing the higher of the two factors. This flexible fee arrangement ensures that the company can adapt to economic fluctuations while maintaining quality audit services.
Future Audit Extensions
Moreover, the resolution allows for the audit contract to be extended until 2027, provided that both the company and KPMG do not have any objections. If the company wishes to extend the agreement, it highlights the importance of continuity and deeper scrutiny over an extended period, reassuring stakeholders about the consistency of audit quality.
Management Board's Authority
Additionally, the Management Board is granted the authority to adjust the audit company's remuneration by no more than 15% if there are significant changes in the audit scope. This provision grants the management necessary flexibility to respond to evolving needs without compromising quality or accountability.
Coordination of Audit Services
The CEO, Darius Šulnis, has been tasked with coordinating the other terms of the audit services agreement. This delegation reflects a hands-on approach to the operational aspects of the auditing process, ensuring that the company’s needs are met effectively and efficiently.
Contact for Further Information
For additional queries related to the shareholder meeting resolutions and audit processes, interested parties can contact Raimondas Rajeckas, the CFO of Invalda INVL. His insights will provide clarity and address any uncertainties regarding the decisions made during the meeting.
Frequently Asked Questions
What was the focus of the Invalda INVL shareholders meeting?
The meeting primarily focused on the selection of the audit company for the 2025 and 2026 financial statements, among other key resolutions.
Who was appointed as the audit firm?
KPMG Baltics, UAB was appointed as the audit company for the upcoming financial audits.
How much is the audit fee for 2025?
The audit fee for the 2025 financial statements is set at EUR 60,000, excluding VAT.
What happens if the audit scope changes significantly?
The Management Board can increase the remuneration for the audit firm by up to 15% in the case of significant changes in the audit scope.
Who can I contact for more information?
For more details, you can reach out to Raimondas Rajeckas, the CFO of Invalda INVL.
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