Published: 2017-09-20 16:34:46 CEST
LHV Group
Company Announcement

LHV Extends Authorities of AS LHV Pank’s Management Board and Members of Supervisory Board; Changes Articles of Association

The Supervisory Board of AS LHV Pank decided today to extend authorities of all members of AS LHV Pank Management Board. The sole shareholder of the bank, AS LHV Group decided to extend authorities of Andres Viisemann and Raivo Hein as members of LHV Pank’s Supervisory Board and also decided to change Articles of Association of AS LHV Pank.

The changes to the Articles of Association take into account propositions for clarification made by internal audit and will make the document more unambiguous. The changes will come into force after a consent from the Financial Supervision Authority. The FSA will make a motivated decision to either approve or refuse the changes in two weeks from receiving the application.

The authorities of LHV Pank’s Management Board members are extended by 5 years, so the new mandate expiration date will be 20 September 2022. The members of the Management Board are Erki Kilu, Indrek Nuume, Meelis Paakspuu, Andres Kitter, Jüri Heero and Martti Singi.

Erki Kilu is a member and the chairman of the Management Board of LHV Pank since 2008. In addition Mr Kilu serves as a member of Supervisory Board of AS LHV Finance and AS LHV Varahaldus and is a member of the Management Board of UAB Mokilizingas, Estonian Banking Association and Kalevi Jahtklubi. During the merger process with LHV Varahaldus Mr Kilu was a member of Supervisory Board of Danske Capital AS. Erki Kilu holds 97,230 shares of AS LHV Group. He has the opportunity to require 90,036 shares of AS LHV Group for options issued in 2015, 2016 and 2017.

Indrek Nuume is a member of the Management Board and Head of Business Banking of LHV Pank since 2009. Mr Nuume is a member of Supervisory Board of Tilsi LK Fond. Indrek Nuume holds 20,594 shares of AS LHV Group. He has the opportunity to require 55,879 shares of AS LHV Group for options issued in 2015, 2016 and 2017.

Meelis Paakspuu is a member of the Management Board and Chief Financial Officer of LHV Pank since 2015. Before that he was working at DNB Pank AS as CFO and the head of Financial and IT units. Mr Paakspuu does not belong to any other management body. Meelis Paakspuu holds 861 shares of AS LHV Group. He has the opportunity to require 18,550 shares of AS LHV Group for options issued in 2016 and 2017.

Andres Kitter is a member of the Management Board and Head of Retail Banking of LHV Pank since 2013. He does not belong to any other management body. Andres Kitter holds 6,751 shares of AS LHV Group. He has the opportunity to require 41,132 shares of AS LHV Group for options issued in 2015, 2016 and 2017.

Jüri Heero is a member of the Management Board and Head of IT of LHV Pank since 2007. He does not belong to any other management body. Jüri Heero and Heero Invest OÜ owned by him hold together 49,591 shares of AS LHV Group. He has the opportunity to require 43,096 shares of AS LHV Group for options issued in 2015, 2016 and 2017. 

Martti Singi is a member of the Management Board and Chief Risk Officer of LHV Pank since 2012. He does not belong to any other management body. Martti Singi holds 36,611 shares of AS LHV Group. He has the opportunity to require 41,132 shares of AS LHV Group for options issued in 2015, 2016 and 2017.

The authorities of two members of the Supervisory Board of LHV Pank are also extended by 5 years (until 20 September 2022).

Andres Viisemann is an investor and an entrepreneur and since 2007 a member of Supervisory Board of LHV Pank. He is a member of management in Viisemann Holdings OÜ and serves as a member of Supervisory Board in AS LHV Group, AS LHV Varahaldus, AS Fertilitas, Rocca al Mare Kooli SA. During the merger process with LHV Varahaldus Mr Viisemann was a member of Supervisory Board of Danske Capital AS. Andres Viisemann and companies owned by him hold together 2,544,399 shares of AS LHV Group. He has the opportunity to require 32,939 shares of AS LHV Group for options issued in 2015, 2016 and 2017.

Raivo Hein is an investor and an entrepreneur and since 2010 a member of Supervisory Board of LHV Pank. Mr Hein serves in management of OÜ Kakssada Kakskümmend Volti, E-FINANCE OÜ, Zerospotnrg OÜ, Lame Maakera OÜ, Kuu On Päike OÜ, Higgsi Boson OÜ, Kõver Aegruum OÜ, Desoksüribonukleiinhape DNA OÜ. In addition he is a member of Supervisory Board of AS LHV Group, AS PUUMARKET and AS Fix Ideed Estonia. Raivo Hein and companies owned by him hold together 493,860 shares of AS LHV Group.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are AS LHV Pank and AS LHV Varahaldus. LHV employs about 350 people and over 125,000 customers use LHV’s banking services. Pension funds managed by LHV have over 177,000 customers.

         Priit Rum
         Communication Manager
         Phone: +372 502 0786
         Email: priit.rum@lhv.ee