Highlights from INVL Technology's Recent Shareholders Meeting
The General Extraordinary Shareholders Meeting, known simply as "the Meeting," for the private equity investment company INVL Technology recently took place, during which key decisions were made that will shape the company’s financial oversight for the upcoming years.
Appointment of a New Audit Firm
One of the critical resolutions from the Meeting involved the appointment of an auditor for the upcoming years. Previously, PricewaterhouseCoopers, UAB had served the Company diligently for a decade. However, due to the stipulations outlined in Regulation (EU) No. 537/2014, a transition was necessary. The shareholders were informed that this regulation dictates that companies cannot sustain the same auditing firm for prolonged periods, crucial for maintaining robust financial governance.
Following discussions and recommendations by the audit committee, it was unanimously decided to engage BDO Auditas ir Apskaita, UAB as the new audit firm. This appointment covers the audits for the years 2024, 2025, and 2026, ensuring a transition that aligns with best practices in financial reporting.
Details on Payment Structures
In conjunction with the audit firm selection, the Meeting also addressed compensation for audit services. The Board has authorized an agreement stipulating that total payment for the audit services across the three financial years will not exceed 52,500 euros, excluding VAT. This transparent financial arrangement is designed to ensure the highest level of service at a controlled cost.
Additionally, there is a provision allowing the Board of the Management Company to increase the auditor's remuneration by a maximum of 25 percent if the scope of audit work necessitates it, reflecting the company's commitment to adaptability should changes arise.
Open Communication and Transparency
Commitment to transparency in operations is vital for INVL Technology. Kazimieras Tonk?nas, the Managing Partner, has been designated as the primary contact for any inquiries regarding these resolutions. His willingness to provide additional information ensures that stakeholders are kept informed about the company's activities.
Through these resolutions, INVL Technology demonstrates a proactive approach to governance, compliance, and maintaining the integrity of its financial reporting. This decision not only complies with the latest regulatory requirements but also positions the company for future success by enhancing the reliability of its financial statements.
Frequently Asked Questions
What changes were made to the auditing team at INVL Technology?
The shareholders approved the appointment of BDO Auditas ir Apskaita, UAB as the new auditor, replacing PricewaterhouseCoopers after ten years due to regulatory compliance.
How much will the audit services cost for INVL Technology?
The total payment for audit services over three years will not exceed 52,500 euros, excluding VAT.
Who is the point of contact for questions regarding the audit?
Kazimieras Tonk?nas, the Managing Partner, is the authorized person to answer any questions related to the audit services.
When will the new auditor begin their services?
BDO Auditas ir Apskaita, UAB will begin their audit services for the years 2024, 2025, and 2026.
Can the payment for audit services be increased?
Yes, the Management Company can increase the auditor’s remuneration by up to 25 percent if there are significant changes in the scope of the audit work.
