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The Supervisory Board of Latvenergo AS

The Supervisory Board of Latvenergo AS is elected for a five-year term. The Supervisory Board consists of five independentmembers:

 

Andris Ozoliņš, 
Chairman of the Supervisory Board

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Andris Liepiņš, 
Deputy Chairman of the Supervisory Board

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Baiba Anda Rubesa, 
Member of the Supervisory Board

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Mārtiņš Bičevskis, 
Member of the Supervisory Board

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Martin Sedlacky, 
Member of the Supervisory Board

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*In accordance with Paragraph 6 of Cabinet Regulation No. 686 of 1 December 2015 – Procedure for Nominating Candidates for Positions of Members of the Management Board and Supervisory Board in Capital Companies where the State as a Shareholder (Stockholder) has the Right to Propose Members of the Management Board or Supervisory Board, and Members of the Management Board in State-Owned Capital Companies where a Supervisory Board is Established, a Member of the Supervisory Board is considered independent if he or she meets all of the following requirements:

  • is not subject to the instructions of a holder of capital shares when performing other positions;
  • has not been a Member of the Management Board or a company controller in the same capital company or its dependent company during the last three years;
  • earns income only for performing the duties of a Member of the Supervisory Board in a capital company where he or she holds a position of a Member of the Supervisory Board;
  • has not been an external auditor or a shareholder, a Member of the Management Board or an employee, during the last three years, in a capital company fulfilling the functions of an external auditor for the capital company in which he or she performs a position of a Member of the Supervisory Board.  

Supervisory Board Remuneration Policy
Remuneration of the Supervisory 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 supervisory boards at state-owned companies.

The monthly salary of the Chairman of the Supervisory 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 3. The monthly salary of a Member of the Supervisory Board may not exceed 90 % of the monthly salary of the Chairman of the Supervisory Board.

Once a year, following the approval of the Annual Report and the evaluation of the performance results, the Shareholders’ Meeting may decide on payment of bonuses to the Members of the Supervisory Board.  The amount of a bonus may not exceed the amount of one month’s salary. 

Regulations of the Supervisory Board of Latvenergo AS
Amended and approved in a new wording at the meeting of the Supervisory Board of Latvenergo AS on 8 February 2017. 

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