Lithuania's Ministry of Finance approves ethics code for National Development Bank ILTE supervisory board members

Lithuania's Ministry of Finance signed an order approving a Code of Ethics for members of the supervisory board of National Development Bank ILTE UAB (ILTE), setting out operating principles and conduct standards to strengthen and clarify the governance of the state-owned bank. The code applies to supervisory board members, including the chair, and to members of supervisory board committees who are not themselves supervisory board members. The framework includes detailed provisions on conflicts of interest, external activities, donations, market abuse prevention, confidentiality requirements and responsibilities. Oversight is assigned to ILTE’s compliance officer, who is tasked with monitoring compliance with the code and informing the Ministry of Finance as ILTE’s shareholder. The release also restates broader reforms already advanced by the Government, including draft amendments submitted to the Seimas that would limit funding to eligible projects, require funds to be used only for their intended purpose, and give the bank a right to obtain data from state information systems to support risk management and transparency. It also notes Government approval to increase ILTE’s authorised capital by EUR 150 million over three years to EUR 350 million, alongside an expectation that ILTE will attract at least EUR 850 million from private investors and finance EUR 1 billion of strategic projects by 2030.