Chairman of the Management Board, Chief Executive Officer
Member of the Management Board, Chief Commercial Officer
Member of the Management Board, Chief Operating Officer
Member of the Management Board, Chief Financial Officer
Member of the Management Board, Chief Technology and Support Officer
Management Board Remuneration Policy
Remuneration of the Management Board is regulated by the legislation of the Republic of Latvia – the Law on Management of Public Persons’ Capital Shares and Capital Companies, and the Regulations issued by the Cabinet of Ministers based on that law. Legal acts provide for a uniform regulation regarding remuneration of members of management boards at state-owned companies, and management board members are entitled to compensation for the performance of additional duties at the company.
The monthly salary of the Chairman of the Management Board is linked to the average monthly salary of employees in Latvia during the preceding year, as published in the Official Statistical Bulletin of the Central Statistical Bureau of the Republic of Latvia, multiplied by a ratio specified according to the capital company’s reference criteria (turnover, assets, number of employees). The maximum ratio applicable to monthly salaries is 10. The monthly salary of a Member of the Management Board may not exceed 90% of the monthly salary of the Chairman of the Management Board. The total monthly salary of the Members of Management Board comprises 20% of the monthly salary paid for the duties of CEO and Chief Officers performed. Once a year, following the approval of the Annual Report, the Shareholders Meeting may decide on payment of bonuses to the Members of the Management Board. The bonuses are based on the results of the company, execution of the strategy and achievements of the set targets. The amount of a bonus may not exceed two monthly salaries of the Member of the Management Board. With the start of the new term of office, i.e., 16 November 2015, authorisation agreements have been signed with the Members of the Management Board on the performance of their duties. The terms and conditions of the authorisation agreements provide for a possibility to receive a severance payment in the amount of three monthly salaries if they are recalled from their duties before the expiration of the term of office, including in the event of reorganisation or liquidation of the company.
The remuneration policy does not provide for the option to pay remuneration in the form of shares or share options.
Rules of the Management Board of Latvenergo AS
Amended and approved in a new wording by the Management Board of Latvenergo AS on 14 November 2017.