Ministry Guidance Letter
This letter, issued in view of the State’s objectives and expectations (hereinafter – the Letter), sets out the Ministry of Agriculture’s (hereinafter – the Ministry) expectations regarding the operational directions of AB Jonavos Grūdai (hereinafter – the Company), the goals to be pursued by the Company, and the principles guiding its activities.
The expectations are established for a four-year period, although the Letter may be updated as needed. It is intended to serve as a basis for the preparation and review of the Company’s strategic operational plan. This Letter does not constitute a legal obligation and is designed to define the Company’s long-term (strategic) and short-term (tactical) financial and non-financial objectives, specify the Company’s core and other activities, outline operational priorities and key performance indicators, define accountability requirements, and ensure effective cooperation between the Company and the Ministry.
The Ministry does not intend, through this Letter, to limit or expand the rights or responsibilities of the Company or its governing bodies. Rather, the Letter aims to assist the Company and its governing bodies by providing the Ministry’s expectations, recommendations, and guidance, and by promoting collaboration between the Ministry, the Company, and its governing bodies.
The Company and its governing bodies are primarily required to act in accordance with applicable laws, the Company’s Articles of Association, and other decisions adopted by the Company’s shareholder, following good corporate governance practices and assuming responsibility for their decisions. In implementing the Ministry’s expectations set out in this Letter, the Company’s governing bodies must adhere to the principles of reasonableness, transparency, efficiency, and prudent asset management.
Full Guidance Letter is available in Lithuanian only.