Riga, 2017-03-07 15:05 CET (GLOBE NEWSWIRE) -- Specified term of office for Members of the Audit Committee
Taking into consideration amendments to the Financial Instrument Market Law that came into force on 1 January 2017, stipulating that at least one Member of the Audit Committee shall be a Member of the Supervisory Board of the company, on 3 March 2017, the Extraordinary Shareholders' Meeting of Latvenergo AS passed a decision on amendments to the Regulations of the Audit Committee, increasing the number of Members thereof, and implementing, relevant amendments to the Articles of Association of Latvenergo AS.
Henceforth, the Audit Committee of Latvenergo AS will comprise five Members. The work in the Committee will be continued by Torben Pedersen, Marita Salgrāve and Sven Dinsdorf. In turn, the Chairman of the Supervisory Board of Latvenergo AS Andris Ozoliņš and the Deputy Chairman of the Supervisory Board of Latvenergo AS Andris Liepiņš will commence their work in the Audit Committee. All members are elected for a three-year term, starting from 3 March 2017.
The Audit Committee acts independently and accounts to the Supervisory Board of Latvenergo AS for its performance and task fulfilment. The Shareholders’ Meeting elects Members of the Audit Committee upon reviewing the required competencies and professional experience. All Members of the Audit Committee are specialists that are not involved in Group operations.
Pursuant to the Financial Instrument Market Law of the Republic of Latvia, the Audit Committee shall be established in capital companies, securities of which are included in the regulated market. It supervises the preparation of company’s financial statements and consolidated financial statements, the operational efficiency of company’s internal control and risk management system, as well as performs other tasks, contributing to the operational transparency.
Additional information: Jānis Irbe Group Treasurer Phone: +371 67 728 239 E-mail: investor.relations@latvenergo.lv
About Latvenergo
Latvenergo Group is a pan-Baltic energy company, engaging in electricity and thermal energy generation and supply, electricity distribution services and lease of transmission system assets. Latvenergo Group holds one-third of the entire Baltic electricity market, thus ensuring its leadership in the Baltic electricity supply. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several years in a row. International credit rating agency Moody’s has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group includes the parent company Latvenergo AS (electricity and thermal energy generation and supply) and its subsidiaries Latvijas elektriskie tīkli AS (lease of transmission system assets), Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (electricity supply in Estonia), Elektrum Lietuva UAB (electricity supply in Lithuania), Enerģijas publiskais tirgotājs AS (administration of electricity mandatory procurement process) and Liepājas enerģija SIA (electricity and thermal energy generation and supply).
