New VIPA’s organizational structure – for long-term development of operations
The organizational structure of UAB Viešųjų Investicijų Plėtros Agentūra (VIPA) was updated in the first half-year of 2021. VIPA’s structural changes were initiated and implemented in accordance with the project “Support for the Organizational Capacity Building to the Public Investment Development Agency of Lithuania” funded by the European Commission’s Directorate-General for Structural Reform Support.
The international external audit company Ernst & Young Baltic (EY) selected through a tender procedure during the implementation of the project performed an assessment of VIPA’s organizational structure and internal control system in accordance with the European Commission’s pillar assessment methodology.
“We have implemented changes in the organizational structure focused on long-term structural planning and growth of activities. The current organizational structure of VIPA is in line with international examples of good practice of financial institutions,” says Gvidas Dargužas, CEO of VIPA.
VIPA’s activities have been assessed on the basis of good governance practices in Germany (KfW), Hungary (MFB), the Czech Republic (CMZRB) and other national promotional institutions, best practices of other financial institutions (banks) and principles of recognized international standards, taking into account the guidelines and requirements for good governance of rating agencies and the Organization for Economic Co-operation and Development (OECD).
“During the reorganization, the core competencies were strengthened and new structural divisions were created in order to expand marketing and communication, treasury management, risk management and other activities important to VIPA as a national promotional institution,” says Justinas Bučys, Business Development Director of VIPA.