"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.