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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 02:50

Latvian state companies to be divided in four categories

BC, Riga, 05.08.2015.Print version
The inter-ministerial coordination center proposes that government-run companies be divided in four groups, and the number of a given company's board and council members will be determined based on the size of the company, informs LETA.

According to the suggestion, state-owned companies will be divided into small, medium, large, and especially large companies.

 

Companies with balance sheet total of up to EUR 2 million and annual net turnover of up to EUR 8 million will be considered small companies. Companies with balance sheet total of EUR 2 million to EUR 4 million and net turnover of EUR 8 million to EUR 21 million will be in the medium-sized companies' group, and large companies will be those with balance sheet total at EUR 4 to EUR 80 million and net turnover of EUR 21 million to EUR 150 million. The especially large companies will be those with balance sheet total of over EUR 80 million and annual net turnover exceeding EUR 150 million.

 

According to the legislation, small companies will have one board member and no council. A medium-sized state company will be permitted to have up to three board members, and no council. Large companies will have boards and councils of up to three members each, and especially large companies will have boards with up to four board members and council with up to five members.

 

Candidates applying for work on state-owned companies' boards and councils will have to have stage language command and speak at least one foreign language, have a relevant degree, work experience, and skills necessary in the job, as well as impeccable reputation.

 

The proposal also offers the procedure and criteria for evaluation of the candidates.

 

The legislation will now be reviewed at a meeting of state secretaries.






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