Tomas Bubinas, independent Audit Committee member of investment company Invalda AB, resigns from August 23, 2010, due to the work abroad. Shareholders of Invalda elected him to the Audit Committee on November 14, 2008, and re-elected in April this year.
“We are grateful to T.Bubinas for his work at the Audit Committee of Invalda and wish him success in his personal career” – Vytautas Bucas, a chairman of the Board of Invalda, said.
A position of the resigned member of the Audit Committee will be left vacant till the General Shareholders Meeting elects new member. It is intended to include the issue of election of the new member of the Audit Committee into the agenda of the nearest General Shareholders Meeting.
An Audit Committee is formed in each company which shares are traded in the Stock Exchange. Duties of the Audit Committee are to monitor the financial reporting process; to monitor the effectiveness of the company’s internal control, internal audit where applicable, and risk management systems; to monitor the carrying out of audit; to monitor the independence and objectivity of the auditor or audit firm.
About Invalda AB
Investment company Invalda was established in 1992. The goal of the company – steady long term growth, successful activity development and high long term financial return to the shareholders. Currently Invalda focuses on pharmacy (Sanitas), road and bridge construction (Tiltra Group, Kauno Tiltai, Poldim), furniture manufacturing (Vilniaus Baldai), real estate (Invalda Nekilnojamojo Turto Fondas and others) and IT infrastructure (Positor, Baltic Amadeus Infrastrukturos Paslaugos) segments.
Invalda group companies acts in Poland and Lithuania.
Invalda AB shares have been listed since December 19, 1995 (then – at National Stock Exchange). From the January 1, 2008 the company’s shares have been on the Main List of NASDAQ OMX Vilnius stock exchange.