• 2018 October 19 16:04

    KN will motivate its employees with the company's shares

    KN (AB “Klaipėdos nafta”) – the operator of oil products and liquefied natural gas (LNG) terminals, says it will be the first state-owned company to part of rewards to its employees via the shares of the company. This change in the company’s employee motivation policy must also be approved by the company’s shareholders at the general shareholders’ meeting, which will take place on November 8.
     
    The rules of the company’s share granting submitted to the shareholders for approval specify that in 2019, up to 50% of the annual reward for the 2018 results paid by the company to its employees may consist from the company’s shares. Ordinary shares of the company will be gifted to employees.
    According to Mindaugas Jusius, KN CEO, with this decision the company seeks to enhance the employees’ motivation for achievement of long-term goals of the company, enhance the employee involvement and promote the responsibility for common operational results.
     
    “KN focuses on operation in Lithuania as well as on the international scale. Therefore, it is very important for us to unite and preserve a team of ambitious, competent, motivated and loyal employees concerned with the long-term growth of the company. By granting the company’s shares to our employees we give them the possibility to become co-owners of the company and acquire the right to participate in the company management irrespective of their position or status in the organisation,” the head of KN emphasised.
     
    According to Mindaugas Jusius, it is rather difficult for a state-owned company to use only wages to compete for talents with private capital companies, therefore, the organisational philosophy and culture become very important. The planned changes in the motivational system are a part of consistent modification of the KN organisational culture.
     
    With the new generation of employees joining the labour market, we have to show that state-owned companies can be progressive organisations following the recommendations of good governance, which have ambitious aims and provide wide possibilities for employees to grow and improve professionally. That is why we included our team into the process of renewal of the company’s virtues in the end of the last year, and we have been intensively working in pursuance of a business strategy by 2030, revising employees’ wages and measurement system for it to meet the current requirements while enhancing the employees’ personal involvement and motivation,” said Mindaugas Jusius.
     
    After the decision offered by KN is approved by the shareholders, the reserve for own shares from the undistributed profit, which may not exceed 1.5% of the company capitalisation, must be formed. The size of the reserve will be closely related with the internal and long-term aims of the company and its human resources policy.
     
    According to the company’s remuneration guide, the annual reward to the company’s employees will be granted when the company achieves its business goals, and the size of the reward will be established with regard to the employees’ personal achievements within the company.
     
    At the annual awards “Best employer of the year” organised by the daily “Verslo žinios” KN was elected as the best employer of 2018 in the sectors of transport and logistics. Best employers of the year were awarded based on the assessment of 3 groups of indicators: company stability, wages and reputation.
     
    The state owns 72% of KN shares, 10% of shares belong to the concern “Achema”, and 18% of the company’s shares currently belong to minority shareholders and dealing takes place in “Nasdaq Vilnius” stock-exchange.




2019 January 23

18:27 Planning for 2020 IMO's sulphur cap has already started
18:13 Eagle Bulk receives commitment for a new credit facility totaling $208 million
18:02 Port of Gdansk (Poland) throughput in 2018 totaled 49.03 million tonnes, up 20.7% Y-o-Y
17:40 Andrei Malyarov elected as Chairman of Severnaya Verf shipyard's BoD
17:19 RWE files acquisition of renewables businesses of E.ON and innogy with European Commission
17:03 The Board of Directors of Fincantieri appoints a second General Manager
16:51 Ice restrictions at the port of Arkhangelsk come into effect on February 15
16:37 USCG interdicts smuggling boat with convicted criminals aboard off Florida
16:24 Regulatory issues related to operation of seaport infrastructure facilities to be discussed at the 2nd HES and Dredging Congress
16:08 First discharge of LPG from Ichthys LNG Project in Japan carried by “K” LINE’s VLGC “GRACE RIVER”
16:03 CMA CGM to launch its Med Pendulum Service (MPS)
15:46 Ice restrictions at the port of Vyborg (Leningrad Region) come into effect on February 6
15:33 Nakilat – Keppel welcomes first FSRU at the Erhama Bin Jaber Al Jalahma Shipyard
15:28 MHI Vestas achieves final turbine installation at Horns Reef 3
15:18 Rolls-Royce completes €57 million upgrade of Rauma thruster facility
15:03 NYK announces delivery of new coal carrier for Hokkaido Electric Power
14:33 Port of Oakland reports more ships than ever plugging into grid
14:20 Throughput of Port Vysotsky up 10.7% to 7.89 million tonnes in 2018
14:03 Kiel welcomes the TUI Cruises newbuilding
13:45 Admiralteiskie Verfi shipyard lays down large freezing trawler of Project СТ-192
13:27 Coast Guard’s only heavy icebreaker arrives at Antarctica
13:02 Rotterdam as a circular hub for the raw materials transition
12:58 The Russian Federation accedes to passenger compensation treaty
12:51 New initiatives to strengthen Singapore as a global maritime hub announced
12:37 SCHOTTEL presents new mechanical hybrid propulsion solution
12:04 Port of Riga cooperates with Balarusian forest industry to further increase its timber cargo volumes
11:42 15 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 22-23
11:16 OSG exercises option for second 204,000 barrel barge at Gunderson Marine
10:55 Maritime Security & Offshore Patrol Week 2019 to be held for the first time ever in Dubai, UAE by IQPC Middle East
10:37 N-KOM welcomes first FSRU at the Erhama Bin Jaber Al Jalahma Shipyard
10:20 Responsibilities for implementation of state programmes of the Russian Federation divided between Deputy Prime Ministers
10:06 Brent Crude futures price up 0.03% to $61.52, Light Sweet Crude – up 0.02% to $53.03
09:48 Aderco: Planning for 2020 has already started
09:43 Vympel Shipyard lays down yet another hydrographic vessel / buoy tender of Project 19910 for RF Navy
09:19 Baltic Dry Index is down to 1,036 points

2019 January 22

18:25 Elengy prepares the sale of access capacities to the Fos Tonkin LNG terminal for the period 2021-2030
18:05 Monjasa steps up as the 2nd largest local bunker supplier in the Panama Canal in 2018
17:54 Relampago practices skills with UAE Navy ship
17:35 CalMac takes over the tiller at Argyll Ferries
17:05 NYK gets the highest-rated ‘A’ for Climate Change by CDP Survey
16:42 RF Government proposed candidates to Novorossiysk Commercial Sea Port's BoD
16:23 Pilbara Ports Authority achieves a new record tonnage on a single tide at the Port of Port Hedland
15:56 Port of Rotterdam Authority and Rotterdam Port Promotion Council renew collaboration
15:46 ICTSI Subic hits milestone 200,000th TEU move
15:44 Growth seen in several sectors at ABP South Wales
15:28 KONTUR SPb ERT unit’s drills get thumbs up from Rosmorrechflot’s certification commission
15:22 First ship viaVerbrugge Terminals’ new permanent shipping line with South America docks in North Sea Port
15:00 Meyer Turku delivers New Mein Schiff 2 to TUI Cruises in Kiel
14:41 Jotun looks into expansion of ship coatings production in Russia
14:32 HHLA completes expansion of the container rail terminal Burchardkai
14:19 Bunker prices are flat at the Far East ports of Russia (graph)
14:02 North Queensland Bulk Ports Corporation opens the Port of Mackay for new bulk material trades
13:32 China Navigation to acquire the bulk shipping activities of Hamburg Süd
13:22 14 crewmembers of gas carriers which caught fire in the Kerch Strait confirmed dead, five missing
13:15 Fincantieri to build LCS 31 for US Navy
12:53 Gdynia, Poland to host Transport Week 2019 on March 5-7
12:31 MOL moves to establish 'Asahi MOL Tankers' for pool operation of MR Product Tankers
12:14 DFDS expands cooperation with Turkish Ekol Logistics
11:45 ABP invests £2.2 million in new agribulk terminal at Port of Ayr
11:17 BIMCO: only international action will stop increase in piracy