On Management Board of Latvenergo AS

On 18 May 2020, at the meeting of the Supervisory Board of Latvenergo AS it was decided to extend the employment relationship for a period of five years with Chairman of the Management Board of Latvenergo AS Āris Žīgurs and Members of the Management Board Guntars Baļčūns and Uldis Bariss, whose terms of office is until 15 November 2020. The new period of authorisations will start on 16 November 2020 and Āris Žīgurs has been approved as Chairman of the Management Board of Latvenergo AS for the new period. The term of office of the Member of the Management Board Kaspars Cikmačs will also continue until 24 September 2023.

The decision was adopted by the Supervisory Board of Latvenergo AS upon evaluation of the operational results of the previous period of Latvenergo Group and recognising the contribution to the implementation of the strategy of the Group, as well as emphasising that in current economic conditions it is very important to ensure balanced development of Latvenergo Group under guidance of experienced professionals in a timely manner.

In 2019, Latvenergo received the award as the most valuable company in the TOP 101 Most Valuable Companies of Latvia for the twelfth time and was recognised as the most valuable energy company in Latvia in the Baltic States, while in the TOP 500 of Latvian companies Latvenergo AS was recognised as the largest EBITDA maker, the largest state capital company and the largest company in the energy sector.

The corporate reputation study conducted in 2019 confirms improvement of reputation of Latvenergo as evaluated by the stakeholders highlighting characteristics of Latvenergo like service quality, customer service, stability, reliability, focus on long-term operations, and development of the company. Successful operations of Latvenergo Group have ensured good financial results and payment of dividends. The Group also has a strong capital structure, which limits financial risks allowing to raise funding for development projects in the coming years.

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