Shareholders of Šiaulių bankas elected a new Supervisory Council member and decided to increase a number of the Board members


Ordinary General Meeting of Shareholders of Šiaulių bankas held on 29 March this year supported the following draft resolutions prepared by the Board: confirmed the consolidated financial statements of the Bank and the Bank’s Group for 2010, elected a new Supervisory Council member, supported the changes in the Bank’s Charter and voted for the appropriation of profit/loss of the Bank.

After the European Bank for Reconstruction and Development (EBRD) decided to replace its representative in the Supervisory Council of Šiaulių bankas, Michael Anthony Hesketh, the representative of the EBRD resigned from Supervisory Council since 29 March. Peter Reiniger is elected as a new Supervisory Council member, delegated by the EBRD. It is foreseen that a new Supervisory Council member of Šiaulių bankas will take up his duties subject to the permission from the Bank of Lithuania. Present Board of Šiaulių bankas, which term of office ends in 2012, consists of five members. During the meeting shareholders decided to increase a number of members of the Bank’s Board from five to seven and to change a version of the Bank’s Charter. 

Shareholders approved the appropriation of profit (loss) of Šiaulių bankas for 2010 and made a decision to cover loss from general reserve for covering possible loss of assets and from statutory reserve: in total LTL15.8 million. Payment of dividends is not foreseen to shareholders for 2010 in the appropriation of profit.

The Shareholders’ meeting also heard the annual report of Šiaulių bankas, the conclusions of independent auditor, responses and proposals of the Bank’s Supervisory Council and approved consolidated financial statement of Šiaulių bankas and Šiaulių bankas’ Group for 2010, according to which Šiaulių bankas ended the previous year in the audited net loss of LTL 24.15 million; total loss of Šiaulių bankas’ Group amounted to LTL 28.29 million. Special provisions expenses of the Bank totaled LTL 43.92 million. Within 2010 the Bank’s assets was assessed at LTL 2 334.65 million, the authorized capital comprised LTL 204.86 million.

“Within the last five years the authorized capital of Šiaulių bankas was increased by LTL 130 million. In the second quarter of 2011 seeking to continue strengthening of capital base of the Bank as well as providing more favorable conditions for the development we are planning to start issuing a new share issue amounting to LTL 30 million to be issued under the resolution adopted during the General Meeting of Shareholders held on 18 November 2010”, said Algirdas Butkus, the Chairman of Šiaulių bankas’ Board.

EBRD is the major shareholder of Šiaulių bankas, who under the right of ownership owns 22.44 per cent of shares. 71 per cent of authorized capital belongs to the companies registered in Lithuania and individuals.