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Lithuania's listed companies are lest transparent in their remuneration policies

Eurai piniginėje
Photos.com / Eurai piniginėje
Šaltinis: BNS

None of the 35 companies whose securities are traded in Lithuania's regulated market has implemented all the good and responsible governance recommendations laid down in a corporate governance code. Moreover, their work compensation policies are the least transparent part in their management, according to the Bank of Lithuania's first ever survey of governance of listed companies.

"The least followed recommendations are those on transparent remuneration policy. Although most issuers have certain procedures defining their pay policies, they do not make these documents public. Annual reports provide summarized information on directors' actual salaries, but it does not meet the recommendations," Vaidas Cibas, the head of the Regulated Market Supervision Division of the Financial Services and Markets Supervision Department of the central bank's Supervision Service, said in a press release.      

Among other things, the survey has revealed that none of the listed companies submits its pay policy statement to shareholders for approval, the official said.

The corporate governance code for companies listed on Vilnius stock exchange was adopted in 2006.

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