Energy, Energy Market, Latvia

Toms Silins and Gundars Ruza have been appointed to the energy company's audit committee. 

Representatives of the Economics Ministry informed that the new board members are "independent professionals who are able to take strategically weighed decisions, set ambitious goals and ensure their attainment, promote the company's long-term development, innovation and strategic management, as well as the supervision of finances and risks". 

The ministry described the composition of the Latvenergo supervisory board as balanced as all its members together have the necessary competences, skills and experience in working out and implementing business strategies, financial management and oversight, risk management, internal audit matters, corporate management, and that they are knowledgeable in areas related to Latvenergo's operations. 

The Economics Ministry indicated that Latvenergo Group is the most valuable energy enterprise in the Baltics involved in producing and selling electric and thermal power, selling natural gas, providing power distribution services and lease of transmission assets. 

As reported, on June 19, 2019 the Latvenergo supervisory board was dismissed and replaced with a temporary board. However, some politicians from the government coalition voiced criticism over the way in which the temporary board was appointed and possible political pressure. 

After some coalition partners criticized the way the interim board was selected and appointed, the energy company's interim board resigned on July 1, claiming political pressure.

The tender to select permanent members of the Latvenergo supervisory board was announced on August 9.

Latvenergo is a state-owned company and the shareholder is the Economics Ministry. The shareholder’s interests are represented by Economics Ministry’s state secretary.