To foster a shared understanding of building and adhering to a responsible and ethical business environment within the Latvenergo Group, as well as to promote respect and loyalty, the Latvenergo Group has compiled guidelines in its “Code of Ethics.”

With heart, mind, energy, and thoughts toward the future—these values form the foundation of every action within the Latvenergo Group companies. The Latvenergo Group honors and upholds principles such as responsibility, transparency, sustainability, integrity, and equal treatment.

To uphold these principles and values, the Latvenergo Group ensures:

• Ethical interactions;
• Prohibition of conflicts of interest;
• Prohibition of corrupt activities and fraud;
• Responsibility for workplace safety and health protection;
• Reasonable information protection and communication;
• Privacy protection.

Employees of the Latvenergo Group companies conduct themselves and organize their work in ways that promote adherence to the principles of the Code of Ethics, as well as general behavioral and moral standards, both in carrying out their work duties and in cooperation with contract partners.

Latvenergo Group’s contract partners are encouraged to adhere to similar ethical principles and to base mutual cooperation on principles of honest business collaboration.

The foundation lies in three core principles: fair treatment, prohibition of conflicts of interest, and prohibition of fraud and corruption.

Fair Treatment
The Latvenergo Group promotes fair treatment towards employees, clients, and suppliers, providing everyone with truthful and verified information. The Latvenergo Group selects partners who adhere to equivalent ethical principles in their practices, respect fair competition rules, and avoid situations that might favor certain partners. The Latvenergo Group supports fair business practices, respects fair competition rules, and does not engage in restrictive, corrupt, or discriminatory transactions. The Group ensures a safe and non-discriminatory working environment for employees and contractors.

Prohibition of Conflicts of Interest
In the Latvenergo Group, a conflict of interest is defined as a situation where an employee, in fulfilling their duties, must make decisions, propose or otherwise participate in decision-making, or perform other unrelated actions that may affect the personal or financial interests of the employee, their relatives, persons with whom they share a household, or business partners.

Employees of the Latvenergo Group companies make decisions solely in the employer’s interest. The Latvenergo Group has implemented a set of actions to prevent conflicts of interest in employees’ work.

To mitigate the risk of conflicts of interest, the Latvenergo Group’s “Code of Ethics” also specifies that, in fulfilling their duties, employees do not accept or offer any material values, financial or other benefits, including gifts, gratuities, commissions, or other valuable items as incentives or rewards. The exception includes only promotional gifts, advertising items, and other items of insignificant material value.

Latvenergo Group’s cooperation partners are encouraged to act in ways that avoid suspicions of conflicts of interest in collaboration with Latvenergo Group companies, including respecting the Group’s gift acceptance restrictions and refraining from offering employees material benefits as incentives or rewards.

Prohibition of Fraud and Corruption
Fraud is defined as the acquisition of undeserved benefits, others’ property, or rights to such property for one’s own or another’s interest by abusing trust or deception.

Corrupt activities under the Latvenergo Group’s Code of Ethics are:

• Direct or indirect solicitation or acceptance of material values, financial or other benefits, or offers thereof in exchange for performing or refraining from performing actions in the interest of the benefit provider or any other person;
• Direct or indirect offering or transfer of material values, financial or other benefits to another person to influence them, using their authority, to perform or refrain from performing actions in the interest of the benefit provider or another person.

The Latvenergo Group does not tolerate fraud and corruption in its activities and collaborates with partners who understand the values enshrined in the Group’s Code of Ethics, support the Group’s commitment to fair business practices, and pledge to prevent corruption and fraud.

The Latvenergo Group’s cooperation partners are encouraged to avoid fraudulent and corrupt activities both in their work with the Latvenergo Group companies and in their operations.

Cooperation
The Latvenergo Group’s fundamental ethical principles are observed in all procurement procedures organized by the Group, in contracting with cooperation partners, and throughout the collaboration period.

If a cooperation partner suspects any possible violation of the ethical principles by Latvenergo Group employees, they are invited to inform the Group in writing by completing this form.

Together, let’s create an ethical business environment!