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We were retained by the client’s main shareholder, the Ministry of Finance, to find two Supervisory Board members for the Group – an energy business which is one of the largest international utilities and renewable energy companies in the Baltic region, operating in Lithuania, Latvia, Estonia, Poland and Finland.
The Group’s innovation fund also invests in energy start-ups in the UK, Norway and France.
The Group’s strategy sets out the development of green energy as a priority with the aim of becoming the region’s main centre of excellence for new energy sources and a leader in distributed energy solutions in the Baltic region and beyond.
At IPO, the shares of the Group were listed on the Nasdaq Baltic Main List and London Stock Exchange to enable further international expansion.
The assignment included two key challenges:
Initially we had to manage complex interests arising from public tender requirements set by the Ministry of Finance and combine them with business needs from Management of the Group.
Secondly, the strategic ambition and expansion plans of the Group required the search to be executed on a pan-European level.
In close cooperation with the client we identified European markets with the strongest expertise in Green Energy development and those with an outstanding record of international expansion of the energy businesses. Therefore, our offices in Germany, Spain, Denmark and Lithuania teamed up to undertake the Search. Detailed requirements for the candidates from both international development and renewable energy fields were agreed. In addition to extensive business expertise leading energy companies through vital transition to a green future, candidate requirements included experience in dealing with governmental stakeholders and knowledge of corporate governance in publicly listed companies.
Thanks to the joint efforts of our European offices together with close, collaborative and ultimately fruitful cooperation between our Partners we delivered a large number of international candidates from the German, Spanish and Scandinavian markets.
Finally, two professionals with an extensive international experience in global energy companies were approved as independent members of the Supervisory Board.