Akropolis Group Establishes an Audit Committee

·2 min read

In an effort to strengthen the management efficiency of Akropolis Group, the company that owns and manages shopping and entertainment centres in Lithuania and Latvia, an audit committee has been established by the decision of Vilniaus Prekyba, the company’s sole shareholder. Three persons – Eglė Čiužaitė and Šarūnas Radavičius as two independent members, and Vilniaus Prekyba’s financial controller Lukas Bendoraitis – were appointed as members of the Audit Committee for a term of four years.

In addition, Mr Radavičius was elected Chairman of the Audit Committee.

The decision to establish an audit committee for Akropolis Group was taken with the aim to further improve the business transparency and efficiency of the leading Baltic shopping centre development and management company, and to make sure that the financial and operating decisions that are made will benefit the investors, shareholders and clients. Every member of the committee has a lot of experience in implementing financial and management practices in large companies.

Ms Čiužaitė holds an MA in Finance and International Business from Aarhus University. From 2011 to 2016, she headed the Finance and Administration Department of the Business Development Division at Lithuania’s Energy production (Lietuvos Energijos Gamyba) (currently Ignitis Production), and from 2016 to 2019 she was the CEO and Chairwoman of the Board of this company. Ms Čiužaitė has been an independent Member of the Board of Vilnius Central Heating Company (Vilniaus Šilumos Tinklai) and Lithuanian Airports (Lietuvos Oro Uostai) for over a year, and this year she was elected Chairwoman of the Board for the latter company.

Mr Radavičius has an MA in Accounting and Auditing from Vilnius University. From 2004 to 2019, he was the Head of the Audit Department at Rödl & Partner, and has been serving as independent Member of the Audit Committee for Ignitis Group since 2018, as well as for the Audit Committee of the Lithuanian Radio and Television Centre since 2019.

Mr Bendoraitis has a BA in Economics and Finance from Vytautas Magnus University. He was an Assistant Auditor at PwC Lithuania from 2016 to 2019 and has been Vilniaus Prekyba’s Financial Controller since 2019.

The Audit Committee will ensure an efficient and reliable process for preparation and auditing the financial statements of Akropolis Group, and will review and monitor the independence of the external auditor, as well as provide recommendations in the areas of internal controls and risk management.

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