Published: 2020-10-30 13:06:36 CET
Changes board/management/auditors

On changes in the Management Board of Latvenergo AS

Riga, 2020-10-30 13:06 CET -- On Friday, October 30, the Supervisory Board of Latvenergo AS decided to appoint Guntars Baļčūns, Member of the Management Board and Chief Financial Officer, as acting Chairman of the Latvenergo AS Management Board starting from October 31, the Chief Technology and Support Officer Kaspars Cikmačs also continues working in the Management Board.

Today, the Supervisory Board received and approved applications for termination of fulfilment of job duties by the current Chairman of the Management Board Āris Žīgurs and Member of the Management Board Uldis Bariss. Ā. Žīgurs stops working at the company today, while U. Bariss will fulfil duties of Member of the Management Board until November 11. As it has already been reported, U. Bariss has been selected through a competition as the Chairman of the Management Board of Conexus Baltic Grid AS.

A month ago the Supervisory Board of Latvenergo AS initiated an audit regarding actions and events of officials of the Group in 2015 to evaluate whether attitude of Latvenergo towards individual businessmen has not been unreasonably favourable, and to verify compliance of the procurements and other transactions of the Group in previous years with the requirements of internal and external regulation. The conducted audit has not provided any facts, which would require a criminal legal assessment. At the same time, the Supervisory Board has decided to take a principled position against violations of corporate ethics principles and against situations causing suspicions of violation of such norms. The audit results have also made it possible to make conclusions regarding the necessary improvements in the work of the company.

New members of the Management Board will be selected in a competition, which will start very soon. Decision-making capacity of the Management Board of Latvenergo AS will be ensured at all times.

Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897

About Latvenergo

Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.

Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas in Lithuania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.