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"Latvenergo" Council has discussed the possible introduction Un Comment – Branches – Finance



"I cannot comment on this, I have not met nor with the Minister of Economy [Ralfu Nemiro (KPV LV)], no ministerial advisers. But I think we have done our work as a council. We have ensured that the annual general meeting can approve the annual report as well as the dividends and make proposals to lower the distribution network rate. We will be happy to discuss this, "said Mārtiņš Bičevskis, member of the Latvenergo Council, in an interview with LETA.

At the same time, he added that the advantage of the current Latvenergo group council is that none of the council members have a political position. "We started work at the end of 2016 and since Latvia's accession to the OECD we are the first absolutely independent professional council of a state-owned company that has no political duties, but focuses on creating the best governance, best business standards, best practices, which would serve as a model for the state capital companies, "noted a member of the Latvenergo board.

In response to the previous cooperation with the Ministry of Economic Affairs, Bičevskis admitted that he had not felt a significant difference between the cooperation with the current and the previous government. "As a council, we have a separate routine on how we inform a shareholder or minister about what is happening in the company, that is, we give the shareholder quarterly information about what is decided. So let's give him informative comfort about how the company goes, how we follow the company and what This routine is designed to meet the company standard and feels nice, there were sometimes in previous governments that it was important for the minister to understand how the company was doing at the moment , and he was introduced to the work of the company on the site, or invited us for a thematic discussion and the new minister also participated in our Innovation Forum, but also to get acquainted with the functioning of our TEC. possible to discuss whether someone wants to communicate more or less with us he wants to commit to a certain We have always expressed our willingness to discuss and will continue to n do! "Member of the Supervisory Board of Latvenergo.

It has already been reported that a number of new government ministers have promised to evaluate the governance of state-owned companies after their appointment.

It was also reported that Latvenergo Group had a turnover of 878.008 million euros last year, which is 5.1% lower than in 2017, but the Group's profit fell 4.2 times and amounted to 75.555 million euros. The audited revenue of the parent company of the Latvenergo group was 435,199 million euros last year, which is 12.7% less than in 2017, but the company's profit increased by 41% and amounted to 212,733 million euros.

All Latvenergo shares are owned by the state and are owned by the Ministry of Economic Affairs, the interests of which are represented by the State Secretary of the Ministry of Economic Affairs or his authorized representative at the shareholders' meeting.

Latvenergo is involved in the production and trading of electricity and heat energy, trade in natural gas, supply of electricity distribution services and rental of means of transport. "Latvenergo" bonds are listed on the Nasdaq Riga stock exchange.


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