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LTG Enhances Governance with Updated Declaration of Interests Process

LTG Enhances Governance with Updated Declaration of Interests Process
photo: LTG/LTG Enhances Governance with Updated Declaration of Interests Process
27 / 03 / 2023

LTG is strengthening the processes governing the declaration of interests of participants in job selection processes. This step aims to increase LTG's resilience to external factors and ensure the highest standards of good governance.

To improve the existing declaration of interests processes within the LTG Group, the LTG's measures to prevent corruption and conflicts of public and private interests have been updated. The LTG Conflict of Interest Prevention and Management Policy has been adopted, defining the concept of the appearance of a conflict of public and private interests. Also, from now on, candidates for positions within the Lithuanian Railways Group will be required to complete an updated declaration form before proceeding to the final stage of the selection process, in which they will also have to disclose information about their potential political vulnerability and related persons.

"Corporate governance based on best practices creates an environment of trust, transparency and accountability. To ensure sustainable, long-term benefits for the company and society, LTG is improving its governance processes by clarifying the principles of declaring public and private interests and assessing political vulnerability," says Kęstutis Šliužas, Chairman of the Board of LTG.

"Until now, the selection of LTG staff has been carried out following the procedures laid down by law. Before signing employment contracts, candidates for the positions are screened based on the law, and the screening is carried out by the authorities specified in the law. The new additional tools will help us better meet the expectations of good governance practices," says LTG CEO Egidijus Lazauskas.

"The Lithuanian Railways Group consists of 5 directly controlled companies: LTG Cargo, LTG Link, LTG Infra, Geležinkelio tiesimo centras, Rail Baltica statyba. The new standards for the declaration of public and private interests and selection procedures will now apply to the selection of all Group companies.

Lietuvos geležinkeliai is the largest state-owned railway group in the Baltic States, with three main areas of activity: rail freight and passenger transport, management, maintenance and development of public railway infrastructure.

Source: LTG Group