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Saturday 21.09.2019 | Name days: Matīss, Modris, Mariss
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Latvia’s prime minister expects minister to explain suspension of Latvenergo council

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULatvia’s Prime Minister Krišjānis Kariņš intends to wait until the end of the week for explanations from Economy Minister Ralfs Nemiro in regards to the minister’s decision to suspend the council of the country’s energy giant Latvenergo, according to the prime minister’s issued resolution.

The prime minister references the government declaration, which, among other things, mentions that the Cabinet of Ministers is committed to continuing the good corporate management principle in state and municipal capital associations as recommended by the Organisation for Economic Cooperation and Development. This is why Kariņš has asked to be provided with explanations for the suspension of Latvenergo’s council, as well as tasks, terms and information regarding completion of tasks.

The prime minister’s resolution also mentions that in accordance with Law on Governance of Capital Shares of a Public Person and Capital Companies, if it is not possible to nominate council members in a time to ensure functionality of the capital association, state shareholder is able to appoint a candidate that fits specific professional criteria.

Based on the aforementioned, the prime minister asks to be provided with explanations for the situation in which Latvenergo’s function may be compromised with the appointment of a temporary board.

At the same time, Kariņš outlines that in accordance with OECD guidelines in relation to state corporate management it is necessary to ensure councils of state companies have the necessary authority, competence and objectivity to allow them to perform their functions.

As it is known, on Wednesday, 19 June, Latvenergo’s council was suspended.

The sacked council included the following members: ex-DNB Bank in Latvia Andris Ozoliņš, Latvian national airline airBaltic board member and citizen of Slovakia Martin Sedlacki, Economy Ministry’s ex-deputy state secretary and ex-chairman of Riga Airport’s board Andris Liepiņš, Finance Industry Association’s ex-president and council member in State Real Estate Mārtiņš Bičevskis, as well as ex-RB Rail board chairperson Baiba Rubesa.

A temporary council was appointed following the suspension of the old one. New members include council chairman Pāvels Rebenoks and deputy council chairman Renārs Degro, who is also a board member in Rigensis Bank. Other new members include Inese Kublicka, Artūrs Šnoriņš and Kristaps Stepanovs.

Latvenergo is a stat capital association. Economy Ministry is a shareholder there. The shareholder’s interests are represented by Economy Ministry’s state secretary Ēriks Eglītis.

Audited turnover of the parent company was EUR 435.199 million in 2018, which is 12.7% less when compared to 2017, whereas the company’s profits grew 41% and was EUR 212.733 million.

Latvenergo is company that produces and sells electrical and heating energy, as well as natural gas trade and electricity transmission services.


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