INVEGA Board of Directors recruitment is open

The Supervisory Board of the National Development Institution “Investment and Business Guarantees” (INVEGA), in order to ensure the effective management of the institution and to contribute to the smooth consolidation process of state-owned financial companies, announces the selection of five (5) members of the Management Board who will lead specific functional areas in INVEGA.

According to the Government Resolution, the following companies are currently consolidated under INVEGA: UAB Public Investment Development Agency(VIPA), UAB State Investment Management Agency(VIVA) and UAB Agricultural Credit Guarantee Fund(ACGF). The Ministry of Finance of the Republic of Lithuania represents the State as a shareholder. INVEGA has become the only financial institution with the status of a National Development Institution(NDI), which allows the implementation of incentive financial instruments. INVEGA currently owns and will in the future own several subsidiaries and operates and will continue to operate as a group. The Ministry of Finance has been appointed to exercise the rights and duties of the State as the sole shareholder of INVEGA.

“The expectations of the newly formed Board are to complete the consolidation and integration processes of the merged companies, to retain existing and attract new talent, and to ensure a transformation in governance. The success of the company’s activities depends on the successful continuation of existing measures, the development of new financial instruments and the involvement of stakeholders, i.e. investors, businesses, social partners, the public sector and other representatives. We set high standards for development, governance and the investment of public funds, and the new Board will be the main axis of change, which will determine the success of both the integration of the consolidated institutions and the development of new activities,” says Vaida Markevičienė, Vice-Minister of Finance.

According to Daina Kleponė, Chairman of INVEGA’s Supervisory Board, INVEGA’s Management Board will be responsible for the development and implementation of the Group’s strategy.

“INVEGA Group’s financing volumes in various sectors of the economy in the first quarter of 2023 amounted to almost €127 million, while public investments attracted more than €70 million in private funds. For INVEGA to continue to be a successful business partner, it is important to have a unified multidisciplinary investment strategy that will help exploit synergies between different financial instruments, attract private investment and strengthen cooperation with other financial institutions. Together with the newly elected Management Board, we will have the opportunity to contribute to the development of areas of strategic importance for Lithuania by providing financial services in areas where financing under market conditions is insufficient or sub-optimal,” says Daina Kleponė, Chairwoman of the Supervisory Board.

The consolidated company and the newly elected Board, which will be responsible for the management of the whole group, will have a wide range of tasks ahead of them – targeting investments in areas of national importance, improving the business environment, and promoting sustainable financing and the capital market through innovative financial instruments. It will also include the establishment of a Green Finance Institute, development cooperation activities to promote the green transformation of industry, modernisation of public sector facilities and infrastructure, digitisation, energy independence and the development of renewable energy sources.

More information about INVEGA:
Website
INVEGA’s strategic action plan
Public expectations of the company

For more information on INVEGA subsidiaries:
VIPA website
VIPA Strategic Action Plan
VIVA website
VIVA’s Strategic Action Plan
EAGGF website
EAGGF Strategic Action Plan
Kofinansavimas UAB website
Kofinansavimas UAB activity reports

The INVEGA Board of Directors, consisting of five full-time members, is elected for a term of four years, starting from the date of appointment.

In accordance with INVEGA’s Articles of Association, the Management Board, on a proposal from the Supervisory Board, also elects the Chief Executive Officer of INVEGA from among the members of the Management Board, who is also the Chairman of the Management Board.

Functional areas

The members of the newly elected INVEGA Board will be responsible for ensuring the smooth running of the company’s business and will be responsible for one of the following five different areas:

1. Corporate governance, organisational development, transformation and leadership of the company and the Management Board (member of the Management Board, who will also be nominated by the Supervisory Board for the position of Chief Executive Officer).
2. Business development, strategic planning, product development and management.
3. Customer service and financing solutions.
4. Risk management, compliance and quality assurance.
5. Corporate finance management, IT development, business administration.

Reward

The remuneration of the Board member(s) responsible for a specific functional area within INVEGA is made up of 3 components:

1. Remuneration of the Board member(s) under the Board service contract (fixed remuneration for the entire term of office of the Board member):
1.1. EUR 2 500 per month (before tax) for the duration of the term of office of Chairman of the Board.
1.2. For the Board member, the monthly remuneration is €1,925 (before tax).

2. The remuneration provided for in the employee’s employment contract:
2.1. INVEGA Manager – €7,800 to €11,700 (before taxes) per month.
2.2. Functional Area Manager – €6,600 to €9,900 (before tax) per month.

3. The INVEGA CEO and the Head of Functional Area may be paid a variable remuneration component, the amount and payment procedure of which shall be regulated by the INVEGA Remuneration and/or Performance Appraisal Policy.

During the term of the contract for the activity of a member of the Management Board, the member of the Management Board shall be insured against civil liability of management bodies and officials of legal persons.

Requirements for the candidate

All candidates must have the education, knowledge, professional skills and functional experience required to fulfil the duties of Board member and functional head, and meet the general and specific requirements to ensure that the Board has a combination of all the necessary competences. The successful candidate(s) must be of good repute and meet the other requirements set out in the descriptions of the individual functional areas for which candidatures are invited.

Documents to be submitted when applying

The successful candidate(s) shall provide documentation and information on their eligibility:
– CV (in Lithuanian or English);
– Cover letter from the candidate;
– Application form and declaration of integrity(Annex 1);
– Candidate’s consent to the processing of personal data(Annex 2_).
The candidate may be asked to provide additional documents proving that he/she meets the general and specific requirements set out above and any other requirements laid down by law.

Screening

Candidates for selection as members of the Board of Directors are invited to apply by 1 June 2023 (inclusive). The selection method is an interview.
The selection is initiated by the INVEGA Supervisory Board. The selection was carried out by an external partner, UAB Master Class LT, an agency for the recruitment and selection of executives and board members.

Contact

Please send your documents to the selection agency Master Class LT UAB at renata@masterclass.lt with the subject line “Selection for the position of Member of the Board of INVEGA”.

Contact persons:
– Master Class LT, UAB, executive search consultant Renata Ščerbakovienė, e-mail: renata@masterclass.lt, tel. +37062015494
– INVEGA HR Manager Irena Švelnikienė, e-mail: irena.svelnikiene@invega.lt, tel. +37061137468.

The confidentiality of all applicants will be guaranteed.

Confirmation of the candidate

The candidate agrees that before making a decision on the election of the candidate to the INVEGA Board, the entity initiating the selection process shall have the right, upon a reasoned written request, to contact law enforcement, performance monitoring and other institutions, bodies or companies for the purpose of providing information on such persons in accordance with the procedure laid down by law.

Privacy Notice

Personal data provided for the purposes of the selection process are processed in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, repealing Directive 95/46/EC (General Data Protection Regulation), and the Law on Legal Protection of Personal Data of the Republic of Lithuania. Personal data is stored in accordance with the procedures established by the Law on Documents and Archives of the Republic of Lithuania and the Chief Archivist of Lithuania.

1. Board Member, 1. whose nomination will be proposed by the INVEGA Supervisory Board for the position of Chief Executive Officer (Corporate Governance, Organisation Development, Transformation and Leadership of the Company and the Executive Board)

The INVEGA Board Member will lead the company and the Board, and will develop best practice corporate governance principles aimed at creating the conditions for efficient and integrated operation of the entire organisation, effective and efficient management and control of the company, and the achievement of shareholder expectations and corporate objectives.

The Board member(s) who will perform the functions and duties of INVEGA’s Chief Executive Officer will organise the Group-wide corporate governance and the day-to-day operations of INVEGA, and will be responsible for the formulation and implementation of INVEGA’s Environmental, Social and Governance strategy, and for the sustainable value enhancement, organisational development, and transformation experience through the application of advanced management practices.

The following requirements apply:

Mandatory general requirements:

• University degree or equivalent.
• An impeccable reputation.
• At least 5 years’ experience as the head of a structural unit of the organisation or an appropriate length of service in the organisation’s collegiate bodies (Supervisory Board, Management Board, Credit Committee or other committee).
• Undisqualified and unrestricted membership of the Board.
• Not having been dismissed from a single-person or collegiate body of a legal person for misconduct in the last 5 years.
• Unrestricted right to work for the company under the Law on the Harmonisation of Public and Private Interests in the Public Service of the Republic of Lithuania.
• Eligible for election as a member of the Board of Directors pursuant to Article 33(6) of the Law on Public Limited Companies of the Republic of Lithuania.
• He has no previous convictions for any criminal offence.

Mandatory competency requirements:

• At least 5 years of senior management experience at the most senior level in corporate governance and organisation development and transformation.
• At least 3 years’ experience in public or private sector financing, financial instruments or financial services.

Competence requirements (to be assessed):

• Knowledge of the operating model and services provided by national development bodies.
• Board experience.
• Experience and skills in shaping organisational strategy.
  Experience of developing and/or implementing organisational development and/or change, operational effectiveness.
• Knowledge of financial markets, public and private financial instruments and tools.
• Knowledge of Environmental, Social and Governance (ESG) requirements and best practices.
• Experience in cooperation and negotiation with stakeholders (e.g. with appropriation managers, other funders, financial intermediaries, international financial institutions, European Commission) in the field of financial instruments.
• Experience in portfolio/investment portfolio risk management.
• Very good English language skills (written and oral).
• Excellent leadership and teamwork skills.
• Good public speaking skills, good communication skills, the ability to express ideas clearly and present structured information.

2. Member of the Management Board, Head of Business Development, Strategic Planning, Product Development and Corporate Management

A member of INVEGA’s Management Board, who will also act as INVEGA’s Head of Business Development, Strategic Planning, Product Development and Corporate Governance, will formulate and coordinate the implementation of the strategy in the area of his/her responsibility, organise the attraction of financing for INVEGA’s instruments/products, and participate in negotiations with international financial institutions, He/she will be responsible for organising INVEGA’s representation in associations and other organisations or networks, and will manage development cooperation activities.

The Board Member, Head of Business Development, Strategic Planning, Corporate Product Development and Management of INVEGA, will be responsible for all areas of planning the scope of implementation of INVEGA’s instruments, the development, coordination with stakeholders and implementation of future instruments/products, management of the Funds, methodological guidance of State aid at INVEGA level.

The following requirements apply:

Mandatory general requirements:

• University degree or equivalent.
• An impeccable reputation.
• At least 5 years’ experience as the head of a structural unit of the organisation or an appropriate length of service in the organisation’s collegiate bodies (Supervisory Board, Management Board, Credit Committee or other committee).
• Undisqualified and unrestricted membership of the Board of Directors.
• Not having been dismissed from a single-member or collegiate body of a legal person for misconduct in the last 5 years.
• Unrestricted right to work for the company under the Law on the Harmonisation of Public and Private Interests in the Public Service of the Republic of Lithuania.
• Eligible for election as a member of the Board of Directors pursuant to Article 33(6) of the Law on Public Limited Companies of the Republic of Lithuania.
• He has no previous convictions for any criminal offence.

Mandatory competency requirements:

• At least 5 years’ experience as head of a structural unit of a financial institution or at least 2 years’ experience as a member of a collegiate body of a financial institution (Supervisory Board, Board of Management, Credit, Risk, Investment or similar committee).
• At least 3 years’ experience in public or private sector financing, financial instruments or financial services.
• Management experience in business development or business banking.

Competence requirements (to be assessed):

• Knowledge of the operating model and services provided by national development bodies.
• Board experience.
• Experience and skills in shaping organisational strategy.
• Knowledge of financial markets, public and private financial instruments and tools.
• Knowledge of Environmental, Social and Governance (ESG) requirements and best practices.
• Experience of cooperation and negotiation with stakeholders (e.g. Heads of Appropriations, other funders, financial intermediaries, international financial institutions, European Commission) in the field of financial instruments.
• Knowledge of EU and national legislation governing the implementation of State aid measures.
• Very good English language skills (written and oral).
• Excellent leadership and teamwork skills.
• Good public speaking skills, good communication skills, the ability to express ideas clearly and present structured information.

3. Member of the Management Board, Head of Client Services and Financing Solutions

As a member of INVEGA’s Management Board and as Head of Customer Service and Financing, he/she will develop INVEGA’s customer service strategy and processes, create a customer-oriented culture, strengthen customer relations and organise, coordinate and improve the investment decision-making process.

Member of the Board, INVEGA’s Head of Customer Service and Financing will be responsible for the operational areas of the customer journey at INVEGA, ranging from education, proposing the most appropriate financing solutions for the customer, accepting the customer’s application, assessing the financing risks, to assessing the credit risk and making decisions on the customer’s financing.

The following requirements apply:

Mandatory general requirements:

• University degree or equivalent.
• An impeccable reputation.
• At least 5 years’ experience as the head of a structural unit of the organisation or an appropriate length of service in the organisation’s collegiate bodies (Supervisory Board, Management Board, Credit Committee or other committee).
• Undisqualified and unrestricted membership of the Board.
• Not having been dismissed from a single-member or collegiate body of a legal person for misconduct in the last 5 years.
• Unrestricted right to work for the company under the Law on the Harmonisation of Public and Private Interests in the Public Service of the Republic of Lithuania.
• Eligible for election as a member of the Board of Directors pursuant to Article 33(6) of the Law on Public Limited Companies of the Republic of Lithuania.
• He has no previous convictions for any criminal offence.

Mandatory competency requirements:

• At least 5 years’ experience as head of a structural unit of a financial institution or at least 2 years’ experience as a member of a collegiate body of a financial institution (Supervisory Board, Board of Management, Credit, Risk, Investment or similar committee).
• At least 3 years’ experience in public or private sector financing, financial instruments or financial services.
• Management experience in business development or business banking.

Competence requirements (to be assessed):

• Knowledge of the operating model and services provided by national development bodies.
• Board experience.
• Experience and skills in shaping organisational strategy.
• Experience in organisational development and/or change implementation, operational effectiveness.
• Knowledge of financial markets, public and private financial instruments and tools.
• Knowledge of Environmental, Social and Governance (ESG) requirements and best practices.
• Experience in cooperation and negotiation with stakeholders (e.g. with appropriation managers, other funders, financial intermediaries, international financial institutions, European Commission) in the field of financial instruments.
• Knowledge of EU and national legislation governing the implementation of State aid measures.
• Knowledge and experience in assessing and managing financial risks
• Very good English language skills (written and oral).
• Excellent leadership and teamwork skills.
• Good public speaking skills, good communication skills, the ability to express ideas clearly and present structured information.

4. Member of the Board, Head of Risk Management and Compliance

The INVEGA Board member(s), who will act as both INVEGA’s Head of Risk Management and Head of Compliance, will formulate policies and implement measures related to risk management, compliance, anti-fraud and anti-corruption, anti-money laundering and anti-terrorist financing, and conflicts of interest management, quality control and the proper functioning of the internal control system at INVEGA, represent the company in relations with the institutions supervising the company’s activities and the suitability of its investments (the Bank of Lithuania, the State Audit Office, the CPMA, the relevant units of the Ministry of Finance and the European Commission).

Member of the Management Board, Head of Risk Management and Compliance at INVEGA, will be responsible for the development of risk assessment models, operational risk management, calculation of special provisions/reserves, analysis of the quality/credit risk/loss performance of instrument portfolios, quality control of the compliance of the instrument portfolios (inspections, management of breaches), supervision of financial intermediaries, compliance with the obligations assumed by INVEGA (guarantee payouts), management of problematic assets, and assessment of the effectiveness of internal control/processes.

The following requirements apply:

Mandatory general requirements:

• University degree or equivalent.
• An impeccable reputation.
• At least 5 years’ experience as the head of a structural unit of the organisation or an appropriate length of service in the organisation’s collegiate bodies (Supervisory Board, Management Board, Credit Committee or other committee).
• Undisqualified and unrestricted membership of the Board of Directors.
• Not having been dismissed from a single-member or collegiate body of a legal person for misconduct in the last 5 years.
• Unrestricted right to work for the company under the Law on the Harmonisation of Public and Private Interests in the Public Service of the Republic of Lithuania.
• Eligible for election as a member of the Board of Directors pursuant to Article 33(6) of the Law on Public Limited Companies of the Republic of Lithuania.
• He has no previous convictions for any criminal offence.

Mandatory competency requirements:

• At least 5 years’ experience as head of a structural unit of a financial institution or at least 2 years’ experience as a member of a collegiate body of a financial institution (Supervisory Board, Board of Management, Credit, Risk, Investment or similar committee).
• At least 3 years’ experience in public or private sector financing, financial instruments or financial services.
• At least 3 years of management experience in risk management.

Competence requirements (to be assessed):

• Knowledge of the operating model and services provided by national development bodies.
• Board experience.
• Experience and skills in shaping organisational strategy.
• Experience in organisational development and/or change implementation, operational effectiveness.
• Knowledge of financial markets, public and private financial instruments and tools.
• Knowledge of Environmental, Social and Governance(ESG) requirements and best practices.
• Experience of representing the company in dealing with authorities assessing the eligibility of investments or expenditure and/or auditing activities (e.g. EU Court of Auditors, State Audit Office, Managing Authority, CPVA, etc.)
• Knowledge and experience in assessing and managing financial risks.
• Knowledge and experience in designing risk management frameworks, developing tools and implementing best practices.
• Experience in portfolio/investment portfolio risk management.
• Very good English language skills (written and oral).
• Excellent leadership and teamwork skills.
• Good public speaking skills. Communicative, with the ability to express ideas clearly and present structured information.

5. Member of the Board, Head of Finance and Administration

The member of the INVEGA Board, who is also INVEGA’s Head of Finance and Administration, will shape the financial management policy of INVEGA and the funds of funds and individual financial and other instruments/products it manages, set the direction and principles for the planning, implementation and development of IT processes, IT development, and will ensure a smooth administrative process from day-to-day operations (administration of client contracts, payments to clients) to smooth office operations and procurement.

As a member of the Board, the Head of Finance and Administration of INVEGA will be responsible for finance, treasury, investment and data management, accounting, financial reporting, resource planning, IT development and maintenance, IT systems security, digitisation of the organisation and/or its operations, administration of INVEGA instruments/products and transactions, document management, office organisation and procurement.

The following requirements apply:

Mandatory general requirements:

• University degree or equivalent.
• An impeccable reputation.
• At least 5 years’ experience as the head of a structural unit of the organisation or an appropriate length of service in the organisation’s collegiate bodies (Supervisory Board, Management Board, Credit Committee or other committee).
• Undisqualified and unrestricted membership of the Board.
• Not having been dismissed from a single-member or collegiate body of a legal person for misconduct in the last 5 years.
• Unrestricted right to work for the company under the Law on the Harmonisation of Public and Private Interests in the Public Service of the Republic of Lithuania.
• Eligible for election as a member of the Board of Directors pursuant to Article 33(6) of the Law on Public Limited Companies of the Republic of Lithuania.
• He has no previous convictions for any criminal offence.

Mandatory competency requirements:

• At least 3 years of management experience in financial management in the public or private sector.

Competence requirements (to be assessed):

• Knowledge of the operating model and services provided by national development bodies.
• Board experience.
• Experience and skills in shaping organisational strategy.
• Experience in organisational development and/or change implementation, operational effectiveness.
• Knowledge of financial markets, public and private financial instruments and tools.
• Knowledge of Environmental, Social and Governance(ESG) requirements and best practices.
• Experience of representing the company in cooperation with bodies assessing the eligibility of investments and/or expenditure and/or auditing activities (e.g. EU Audit Chamber, State Audit Office, Managing Authority, CPVA, etc.)
• Knowledge and experience in assessing and managing financial risks.
• Experience in financial management, analysis, treasury management, control and/or audit. Knowledge of EU and national legislation governing the implementation of financial instruments.
• Experience with digitisation.
• Experience in portfolio/investment portfolio risk management.
• Knowledge of the application of accounting and reporting requirements for public sector entities.
• Very good English language skills (written and oral).
• Excellent leadership and teamwork skills.
• Good public speaking skills, good communication skills, the ability to express ideas clearly and present structured information.