The Board of Invalda submits for approval by the General Meeting of shareholders, to be held on July 9, a Policy of participation of the Group group employees in the company’s capital and a Policy of management remuneration.
These policies will help Invalda to implement its long-term motivation system for the employees and management and to ensure the execution of goals of the company and the whole financial group. “We intent to implement competitive, effective remuneration and motivation system for the employees and management, because due to their exclusive professional and human qualities we successfully create and develop organization and can execute our ambitious plans.” – Darius Sulnis, President of Invalda, said.
It is intended to sign options contracts with employees. The Board of the company will approve a list of employees authorized to sign these contracts and will determine the number of shares they can acquire. Those involved will get the right to acquire newly issued shares of the company for the price set in the contract.
D.Sulnis pointed out: “We believe that employees who will be offered to take part in the company’s capital do not lack self motivation, have a lot of valuable knowledge and experience, thus their contribution to creation of the company’s value is of key importance. The key factor of business success is people, therefore the goal of the management is to put together a team of professionals and to enable them to fulfill their potential in our group of companies.”
In the remuneration policy for the management it is provided that during three years variable payouts for the management of Invalda can be paid: up to 5% of annual profit or up to 2 mLTL and 1% of annual profit. The total amount can not exceed but can be lower than the lesser of these amounts. Consolidated profit attributable to Invalda reached 79 mLTL last year.
About the Invalda financial group
The Invalda financial group focuses on asset management as well as private and investment banking. The goal of the group – successful activity development, steady long term growth and high long term financial return to the shareholders. The asset management activity currently concentrates on finance, real estate, pharmacy, furniture manufacturing and roads and bridges construction.
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 Vilnius Stock Exchange.
Part of consolidated unaudited net profit of Q1 2008 attributable to the shareholders of Invalda AB has increased 3 times and amounts to LTL 30.5 m, compared with Q1 2007, when the net profit constituted LTL 10 m. The whole consolidated unaudited net profit of the Invalda group for the Q1 2008 reached LTL 29.7 m, i.e. 130 percent more, compared with LTL 12,9 m of the same period in 2007.