Investments, Legislation, Lithuania, Markets and Companies

None of the companies with securities listed on the Nasdaq OMX Vilnius stock exchange complies fully with the bourse's governance code and most fail to explain deviations, the Bank of Lithuania said in a statement, writes LETA/Bloomberg.

"Adherence to the fundamental principle of 'comply or explain,' while improving every year, is still not sufficient," Lietuvos Bankas said in its report.

It said that the companies are less likely to announce directors' compensation and strategic plans, including names of independent members on boards and supervisory councils, and ensuring small shareholder rights.

According to the report, Lithuanian companies sometimes say they have published information on wages, strategy and other key issues on their website; however in reality the documents were not published or were only placed in short.