Corporate governance

The Latvenergo Group corporate governance model ensures a clear division of roles between the shareholder, the Supervisory Board and the Management Board, strengthening oversight, internal control and the sustainable development of the company.

Corporate governance model

The corporate governance model of Latvenergo Group has been developed in compliance with governance best practice on the basis of the regulatory framework and corporate governance guidelines. The elements included in the model are a prerequisite for achieving the Group’s goals and increasing its value.

Latvenergo AS Corporate Governance Report 2025 Additional information is available in section of Corporate Governance of Annual Report 2025 (on page 35)
Corporate governance model

Latvenergo AS shareholder

The holder of Latvenergo AS capital shares is the Ministry of Economics of the Republic of Latvia, whose interests at the Shareholder's Meeting are represented by the State Secretary of the Ministry of Economics or by his authorized representative.

Shareholder contact details

Organisational structure

The Latvenergo Group is one of the largest energy supply service providers in the Baltics, and its structure consists of a group of companies in which the parent company Latvenergo AS has a decisive influence.

The parent company Latvenergo AS is engaged in the generation and trade of electricity and heat, as well as the trade of natural gas. Sadales tīkls AS ensures the supply of electricity to every customer. Electricity and natural gas trade in Estonia is carried out by Elektrum Eesti OÜ, and in Lithuania by Elektrum Lietuva UAB. Enerģijas publiskais tirgotājs AS administers the mandatory procurement of electricity in Latvia. The aim of Latvijas vēja parki SIA is to develop new wind farms of strategic importance. Several other Group subsidiaries are also expanding renewable energy generation capacity. Liepājas enerģija SIA (51% of shares) ensures heat generation and supply in the city of Liepāja.

Latvenergo AS also holds a stake in Pirmais Slēgtais Pensiju Fonds AS (46.3% of shares), which manages a pension plan, as well as a financial investment (0.005% of shares) in Rīgas siltums AS.

Organisational structure

Latvenergo AS Supervisory Board

  • approval of the medium-term operational strategy;
  • continuously supervise the activities of the Management Board;
  • elect and recall members of the Management Board and determine their remuneration;
  • supervise that the company operates in accordance with laws, its articles of association and decisions of the general meeting of shareholders.

* Pursuant to Section 31(6) of the Law on Governance of Capital Shares of a Public Person and Capital Companies, a member of a Supervisory Board is considered independent, if he or she meets all of these criteria:

  • during the last three years, the member of the Supervisory Board has not been a member of the management board, a controller, an employee, a commercial proxy or a holder of commercial power of attorney, or an external auditor of the relevant company or a related company (a subsidiary or a company controlled by a public person's company), nor an employee of a company that performs the functions of an external auditor in the company in which the person holds the position of Supervisory Board member;
  • the member of the Supervisory Board or their family members (spouse, children, parents) do not receive, and during the last three years have not received, remuneration from the relevant company or its subsidiary;
  • the member of the Supervisory Board derives income from the relevant company only for performing the duties of a Supervisory Board member;
  • during the last three years, the member of the Supervisory Board or their family members (spouse, children, parents) have not had significant business relations with the relevant company, directly or indirectly, whether as partners, shareholders or senior managers;
  • the member of the Supervisory Board does not hold the position of a management board member or another managerial position in another company that has significant business relations with the company represented by the Supervisory Board member;
  • during the last three years, the member of the Supervisory Board has not been:
    a) an official or employee of the holder of capital shares or its subordinate institution,
    b) a member of the management board or supervisory board of a company held by the holder of capital shares, or of its subsidiary or parent company.

The remuneration of the Supervisory Board is determined by the laws of the Republic of Latvia – the Law on Governance of Capital Shares of a Public Person and Capital Companies and the Cabinet of Ministers regulations issued on its basis. The legislation sets uniform rules for the remuneration of supervisory board members of capital companies of public persons.

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, and this is applied to the monthly salary of the Chairman of the Supervisory Board of Latvenergo AS. 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.

Members of the Supervisory Board do not receive bonuses. The remuneration policy does not provide for the option to pay remuneration in the form of shares or share options.

No bonuses are paid to Supervisory Board members. The remuneration policy does not provide for the possibility of paying remuneration in the form of shares or share options.

Supervisory Board members enter into a mandate agreement, and the provisions of the Collective Labour Agreement do not apply to them.

The Supervisory Board of Latvenergo AS consists of five independent members.

  • Aigars Laizāns

    Chairman of the Supervisory Board

  • Toms Siliņš

    Deputy Chairman of the Supervisory Board

  • Rodžers Jānis Grigulis

    Member of the Supervisory Board

  • Jūlija Zandersone

    Member of the Supervisory Board

  • Uldis Upenieks

    Member of the Supervisory Board

Latvenergo AS Supervisory Board regulations

The Human Resources Committee prepares proposals for the Supervisory Board on human resources management issues in regard to the Management Board of Latvenergo AS, the Audit Committee and the internal audit structures. The main tasks of the Human Resources Committee are related to selection processes, remuneration, performance evaluation and combining of positions.

  • Jūlija Zandersone

    Chairman of the Human Resources Committee

  • Aigars Laizāns

    Member of the Human Resources Committee

  • Toms Siliņš

    Member of the Human Resources Committee

  • Rodžers Jānis Grigulis

    Member of the Human Resources Committee

  • Uldis Upenieks

    Member of the Human Resources Committee

Human Resources Committee regulations

Latvenergo AS Management Board

  • manage and represent the company;
  • be responsible for the company's commercial activities, as well as for compliance with accounting legislation;
  • management of the company’s property;
  • implement the Group's strategic direction, development plans, goals and policies.

The remuneration of the Management Board is determined by the laws of the Republic of Latvia – the Law on Governance of Capital Shares of a Public Person and Capital Companies and the Cabinet of Ministers regulations issued on its basis. The legislation sets uniform rules for the remuneration of supervisory board and management board members of capital companies of public persons, and management board members are also entitled to receive remuneration for performing additional duties in 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, and this is applied to the monthly salary of the Chairman of the Management Board of Latvenergo AS.

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, after the approval of the annual report, the Supervisory Board may decide on the payment of a bonus to Management Board members. When determining the bonus, the company's performance results, the implementation of the strategy and the achievement of the set goals are taken into account. The amount of the bonus may not exceed two monthly salaries of a Management Board member. The mandate agreements concluded with Management Board members provide for the possibility of receiving severance pay in the amount of three months' remuneration if a Management Board member is recalled from performing their duties before the end of their term, including in the case of reorganisation or liquidation of the company. The remuneration policy does not provide for the possibility of paying remuneration in the form of shares or share options.

Management Board members enter into a mandate agreement, and the provisions of the Collective Labour Agreement do not apply to them.

  • Mārtiņš Čakste

    Chairman of the Management Board, Chief Executive Officer

  • Dmitrijs Juskovecs

    Member of the Management Board, Chief Commercial Officer

  • Guntars Baļčūns

    Member of the Management Board, Chief Financial Officer

  • Harijs Teteris

    Member of the Management Board, Chief Generation Officer

  • Ilvija Boreiko

    Member of the Management Board, Chief Development Officer

Latvenergo AS Management Board regulations

Audit Committee

The main duties of the Audit Committee are to supervise:

  • the financial reporting process;
  • the effectiveness of the internal control and risk management systems;
  • the work of the Internal Audit and the external auditor;
  • the implementation of the fraud risk management plan.

* In accordance with Section 55.6, Paragraph 3 of the Financial Instrument Market Law, a member of the audit committee of a capital company is independent if none of the following circumstances apply to them:

  • participation (exceeding 20 per cent of capital shares or shares with voting rights) in the capital company or a commercial company controlled by it (a subsidiary);
  • an employment relationship with the capital company, currently or during the last three years;
  • marriage, kinship, or affinity up to the second degree with a member of the management board or a shareholder of the capital company whose participation in the capital company is not less than 20 per cent;
  • other personal or financial interest which could endanger his/her independence and which are recognised as such by the shareholder's meeting.

An Audit Committee comprised of five independent* members operates at Latvenergo AS and is accountable for its operations and performance to the Supervisory Board of Latvenergo AS.

  • Svens Dinsdorfs

    Chairman of the Audit Committee

  • Torbens Pedersens

    Member of the Audit Committee

  • Toms Siliņš

    Member of the Audit Committee (Supervisory Board member)

  • Ilvija Grūba

    Member of the Audit Committee

  • Member of the Audit Committee

Audit Committee regulations

Internal audit

The Internal Audit is an independent organisational unit of Latvenergo AS, which is tasked to evaluate and improve the effectiveness of internal control, risk management, and governance processes. Internal audits are carried throughout Latvenergo Group and performed in accordance with the Global Internal Audit Standards, issued by the Institute of Internal Auditors.

The activities of Internal Audit are supervised by the Audit Committee of Latvenergo AS. Once a year, Internal Audit provides the Management Board and the Audit Committee of Latvenergo AS with an overall opinion on the effectiveness of the Group's internal control and risk management systems and proposals for their improvement.

Internal Audit reports annually on its activities to the Supervisory Board, the Management Board and the Audit Committee of Latvenergo AS. Work results relating to Sadales tīkls AS are reported to the Supervisory Board and the Management Board of Sadales tīkls AS.

Internal audit policy
Internal audit

Governance documents

Decisions of the general meeting of shareholders

11.09.2026. On civil liability insurance of officials of the Latvenergo Group

To agree to the civil liability insurance for the members of the Supervisory Board and the Audit Committee of Latvenergo AS.


11.09.2026. On the Supervisory Board of Latvenergo AS

1. To recall Kaspars Rokens from the position of member of the Supervisory Board of Latvenergo AS as of 11 September 2026 (last day of the term of office).

2. To elect Uldis Upenieks and Jūlija Zandersone as members of the Supervisory Board of Latvenergo AS as of 12 September 2026 for a term of five years.


29.05.2026. On the approval of the 2025 annual report of Latvenergo AS and the 2025 consolidated annual report of Latvenergo

To take note of the report of Supervisory Board of Latvenergo AS.

To take note of the independent auditor's report of ERNST & YOUNG BALTIC SIA on the audit of Latvenergo AS reports.

To approve the 2025 consolidated annual report of the Latvenergo Group and of Latvenergo AS, in which the financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.

To approve the Latvenergo Group Consolidated and Latvenergo AS Annual Report 2025, in which the financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.

To approve the Corporate Governance Report of Latvenergo AS for 2025 and its English translation Latvenergo AS Corporate Governance Report 2025.


29.05.2026 On distribution of the profit of Latvenergo AS for the year 2025, increasing the share capital of Latvenergo AS and amendments to the Articles of Association of Latvenergo AS

To distribute the profit of Latvenergo AS for 2025 in the amount of 190,215,855.00 EUR as follows:

  • 141,000,000.00 EUR to be paid out to the state in dividends
  • the remaining part of 49,215,855.00 EUR to be transferred to the retained earnings


To increase the share capital of Latvenergo AS by EUR 80,066,196.00, paying for the newly issued shares in cash by contributing the retained earnings of previous years of Latvenergo AS to the share capital, and setting the share capital of Latvenergo AS at EUR 1,156,390,127.00.

To approve the regulations for increasing the share capital of Latvenergo AS.

To approve amendments to the Articles of Association of Latvenergo AS.

To approve the Articles of Association of Latvenergo AS in a new wording.


29.05.2026 On the evaluation of the average number of employees and financial indicators of Latvenergo AS and allocation to the respective group of public capital companies

To allocate Latvenergo AS to the group of large capital companies.


29.05.2026. On the remuneration of the auditor of Latvenergo AS for 2024-2026

A decision on the remuneration of the auditor has been adopted.


29.05.2026 On the contribution of Latvenergo AS business unit (a pool of assets) consisting of solar and wind power plants together with related borrowings into the Latvenergo AS subsidiary Elektrum Next SIA

To approve the contribution (transfer of business) of several solar and wind power plants of Latvenergo AS, with a total capacity of 38 MW, to Latvenergo AS subsidiary Elektrum Next SIA.


29.05.2026 On the remuneration policy for the Management Board and Supervisory Board members of Latvenergo AS

To approve the remuneration policy for the members of the Management Board and the Supervisory Board of Latvenergo AS.

17.09.2025 On civil liability insurance of Latvenergo AS directors and officers

To agree to the civil liability insurance for the members of the Supervisory Board and the Audit Committee of Latvenergo AS.


17.09.2025 On approving the Audit Committee Regulations of Latvenergo AS in a new wording

To approve the Audit Committee Regulations of Latvenergo AS in a new wording.


17.09.2025 On Letter of Expectations

To approve the expectations letter for Latvenergo for 2027-2031.


02.06.2025 On development of RES projects in the Baltics

To support the purchase of 100% of capital shares in Pienava Wind SIA.


23.05.2025. On the approval of the 2024 annual report of Latvenergo AS and the 2024 consolidated annual report of Latvenergo

To take note of the report of Supervisory Board of Latvenergo AS.

To take note of the independent auditor's report of ERNST & YOUNG BALTIC SIA on the audit of Latvenergo AS financial statements.

To approve the 2024 consolidated annual report of the Latvenergo Group and of Latvenergo AS, in which the financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.

To approve the Latvenergo Group Consolidated and Latvenergo AS Annual Report 2024, in which the financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.

To approve the Corporate Governance Report of Latvenergo AS for 2024 and its English translation Latvenergo AS Corporate Governance Report 2024.

To assess the performance results of Latvenergo AS and the Latvenergo Group in 2024 as “very good”.


23.05.2025 On distribution of the profit of Latvenergo AS for the year 2024, increasing the share capital of Latvenergo AS and amendments to the Articles of Association of Latvenergo AS

To distribute the profit of Latvenergo AS for 2024 in the amount of 265,575,440.00 EUR as follows:

  • 185,902,809.00 EUR to be paid out to the state in dividends
  • the remaining part of 79,672,631.00 EUR to be transferred to the retained earnings for financing development projects.


To increase the share capital of Latvenergo AS by EUR 285,956,072.00, paying for the newly issued shares in cash by contributing the retained earnings of previous years of Latvenergo AS to the share capital, and setting the share capital of Latvenergo AS at EUR 1,076,323,931.00.

To approve the regulations for increasing the share capital of Latvenergo AS.

To approve amendments to the Articles of Association of Latvenergo AS.

To approve the Articles of Association of Latvenergo AS in a new wording.


23.05.2025 On the evaluation of the average number of employees and financial indicators of Latvenergo AS and allocation to the respective group of public capital companies

To allocate Latvenergo AS to the group of large capital companies.


23.05.2025. On the issue of debt securities (bonds)

To agree to the issuance of transferable debt securities (bonds) in euro in the form of a program in a public offering.


19.03.2025, continued on 08.04.2025 On amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To approve the following amendments to the Articles of Association of Latvenergo AS, by amending Article 2 of the Articles of Association as follows:

"2. The main types of economic activities of the Company (according to the NACE classification):

2.1. Production of electricity (35.11, 35.12);

2.2. Trade of electricity (35.15);

2.3. Other manufacturing not elsewhere classified (32.99);

2.4. Telecommunications (61);

2.5. Rental and leasing of motor vehicles (77.1);

2.6. Computer facilities management activities (62.90);

2.7. Other software publishing (58.29);

2.8. Architectural and engineering activities and related technical consultancy (71.1);

2.9. Technical testing and analysis (71.20);

2.10. Renting and operating of own or leased real estate (68.20).

2.11. The Company shall possess the right to engage in any other economic activities not prohibited by law."


2. To approve the Articles of Association of Latvenergo AS in a new wording.


19.03.2025, continued on 08.04.2025. On the election of members of the Supervisory Board of Latvenergo AS

1. To elect Rodžers Jānis Grigulis as a member of the Supervisory Board of Latvenergo AS as of 9 April 2025 for a term of five years.

2. To elect Toms Siliņš and Aigars Laizāns as members of the Supervisory Board of Latvenergo AS as of 11 June 2025 for a term of five years.

3. To elect Gundars Ruža and Kaspars Rokens as members of the Supervisory Board of Latvenergo AS as of 11 June 2025 for the period until the general meeting of shareholders of Latvenergo AS elects candidates to the positions of Supervisory Board members in accordance with the nomination procedure set out in Section 31 of the Law on Governance of Capital Shares of a Public Person and Capital Companies.


19.03.2025, continued on 08.04.2025 On donations (gifts) of Latvenergo AS for 2025

To support the following donations (gifts) of Latvenergo AS in 2025-2030, by making the following annual donations (gifts) from 2025 to 2030 in the following amount:

1. EUR 360,000.00 to the foundation “Iespējamā misija” for organising a project competition on improving physics classrooms in general education schools in Latvia;

2. EUR 21,000.00 to the association Riga TechGirls for developing the activities of the programme “Latvian Education Accelerator”;

3. EUR 8,000.00 to the State Education Development Agency for the participation of the Latvian team in the International Physics Olympiad;

4. EUR 50,000.00 to the State Culture Capital Foundation for the preservation of the cultural monument of national significance “Daugavgrīva Fortress development”.


16.01.2025 On amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To amend the Articles of Association of Latvenergo AS.

2. To approve the Articles of Association of Latvenergo AS in a new wording.

17.09.2024 On civil liability insurance of Latvenergo AS directors and officers

To agree to the civil liability insurance for the members of the Supervisory Board and the Audit Committee of Latvenergo AS.


17.09.2024. On the development of wind and solar power plants

1. To support the purchase of 100% of capital shares in DSE Aizpute Solar SIA.

2. To support the purchase of 100% of capital shares in Laflora Energy SIA.


17.09.2024 On Latvenergo AS donation plan for the following years

1. To support the following donation plan of Latvenergo AS for 2024:

  • EUR 260,000 - for the improvement of physics classrooms in schools,
  • EUR 200,000 – for the support of oncology patients,
  • EUR 39,000 - for developing STEM skills and improving career education measures in Latvian secondary schools.


2. To instruct Latvenergo AS to draw up a donation plan for 2025-2026.


29.05.2024 On approval of the Latvenergo AS Annual Report 2023 and Latvenergo Consolidated Annual Report 2023

To take note of the report of Supervisory Board of Latvenergo AS.

To take note of the independent auditor's report of ERNST & YOUNG BALTIC SIA on the audit of Latvenergo AS financial statements.

To approve the Sustainability Report of the Latvenergo Group for 2023 and its English translation Latvenergo Group Sustainability Report 2023;

To approve the Corporate Governance Report of Latvenergo AS for 2023 and its English translation Latvenergo AS Corporate Governance Report 2023;

To approve the 2023 consolidated annual report of Latvenergo and of Latvenergo AS. The financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

To approve the Latvenergo Consolidated and Latvenergo AS Annual Report 2023. The financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.


29.05.2024 On distribution of the profit of Latvenergo AS for 2023

To distribute the profit of Latvenergo AS of EUR 331,561,287.00 as follows:

- EUR 212,199,224.00 to be paid out to the state in dividends;

- the remaining part of 119,362,063.00 EUR to be transferred to the retained earnings.


29.05.2024 On auditor of Latvenergo AS reports for the years 2024-2026

To appoint SIA ERNST & YOUNG BALTIC to conduct the audit of Latvenergo AS for the years 2024-2026.


29.05.2024 On the evaluation of the average number of employees and financial indicators of Latvenergo AS and allocation to the respective group of public capital companies

To allocate Latvenergo AS to the group of large capital companies.


17.05.2024 About the purchase of a wind park

To agree to the acquisition of 100% of the shares of UAB “Telšiu vejo parkas”.


29.02.2024 About changes in the Supervisory Board of AS Latvenergo

To recall Ivars Golsts from the Supervisory Board of Latvenergo AS.

Shareholders Meeting of AS Latvenergo also approved the procedure for selecting and recalling members of the Supervisory Board of AS Latvenergo which foresees that, when the term of office of a Supervisory Board Member is approaching, as well as fulfilling the duties of a Supervisory Board Member for the second term of office, Supervisory Board Members of Latvenergo AS are recalled one by one and selected gradually in the nomination procedure.


01.02.2024 On election of Audit Committee Members of Latvenergo AS

To elect the following persons as members of the Audit Committee of Latvenergo AS as of 3 February 2024 (first day of the term of office) for a term of three years:

  • Torben Perdersen;
  • Svens Dinsdorfs;
  • Ilvija Grūba;
  • Toms Siliņš;
  • Gundars Ruža.


01.02.2024 On amendments to the Audit Committee Regulations of Latvenergo AS and approving the Audit Committee Regulations in a new wording

To approve the Audit Committee Regulations of Latvenergo AS in a new wording.


01.02.2024 On amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To amend the Articles of Association of Latvenergo AS.

2. To approve the Articles of Association of Latvenergo AS in a new wording.


05.01.2024 About the purchase of solar power plant projects

To agree to the acquisition of 100% of the shares of SP enerģija SIA, Skultes SES SIA, Bauskas SES SIA, Elejas SES SIA , Krāslavas SES SIA, Ķeguma SES SIA, Rūjienas SES SIA.

22.12.2023. On the development of solar parks of the Latvenergo Group

The information on the development of solar parks of the Latvenergo Group has been taken note of.


18.10.2023. On the payment of additional dividends to the State

To pay additional dividends to the State in the amount of EUR 18,547,423.00 from the retained earnings of the 2022 financial year. The additional dividends paid will be directed towards mitigating the extraordinary increase in energy resource prices.


05.09.2023 On Latvenergo group directors and officers liability insurance

To agree to the civil liability insurance for the members of the Supervisory Board and the Audit Committee of Latvenergo AS.


11.05.2023 On approval of the Latvenergo AS Annual Report 2022 and Latvenergo Consolidated Annual Report 2022

To approve the Sustainability Report of the Latvenergo Group for 2022 and its English translation Latvenergo Group Sustainability Report 2022;

To approve the Corporate Governance Report of Latvenergo AS for 2022 and its English translation Latvenergo AS Corporate Governance Report 2022;

To approve the 2022 consolidated annual report of Latvenergo and of Latvenergo AS. The financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

To approve Latvenergo Consolidated and Latvenergo AS Annual Report for 2022. The financial statements are prepared in accordance with the International Financial Reporting Standards approved in the European Union.


11.05.2023 On distribution of the profit of Latvenergo AS for 2022

To distribute the profit of Latvenergo AS of EUR 209,361,631.00 EUR as follows:

- EUR 133,991,444.00 to be paid out to the state in dividends;

- the remaining part of 75,370,187.00 EUR to be transferred to the retained earnings.


11.05.2023 On auditor of Latvenergo AS reports for the year 2023

To appoint SIA ERNST & YOUNG BALTIC to conduct the audit of Latvenergo AS for the year 2023.


11.05.2023 On the evaluation of the average number of employees and financial indicators of Latvenergo AS and allocation to the respective group of public capital companies

To allocate Latvenergo AS to the group of large capital companies.

19.09.2022 On Latvenergo group directors and officers liability insurance

To agree to the civil liability insurance for the members of the Supervisory Board and the Audit Committee of Latvenergo AS.


07.07.2022 On distribution of the profit of Latvenergo AS of 2021

To transfer the annual profit of Latvenergo AS in 2021 equal to EUR 79,520,419.00 into the retained earnings;

To pay dividends to the State in the amount of EUR 70,160,000.00 from the retained earnings of Latvenergo AS.


09.05.2022. On the approval of the 2021 annual report of Latvenergo AS and the 2021 consolidated annual report of Latvenergo

To approve the Sustainability Report of the Latvenergo Group for 2021 and its English translation Latvenergo Group Sustainability Report 2021;

To approve the Corporate Governance Report of Latvenergo AS for 2021 and its English translation Latvenergo AS Corporate Governance Report 2021;

To approve the 2021 consolidated annual report of Latvenergo and of Latvenergo AS. The financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

To approve the Latvenergo Consolidated and Latvenergo AS Annual Report 2021. The financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.


09.05.2022 On auditor of Latvenergo AS reports for the year 2022

To appoint SIA ERNST & YOUNG BALTIC to conduct the audit of Latvenergo AS for the year 2022.


09.05.2022 On the evaluation of the average number of employees and financial indicators of Latvenergo AS and allocation to the respective group of public capital companies

To allocate Latvenergo AS to the group of large capital companies.


01.04.2022. On the issue of debt securities (bonds)

To take note of information on the issue of debt securities (bonds).


03.03.2022 On the task given by the government for the development of wind farms

To take note of the report of Latvenergo AS on the progress of the joint wind farm project with Latvijas valsts meži AS.

31.08.2021. Decisions of the general meeting of shareholders of Latvenergo AS

Yesterday, on August 30, a Shareholder’s Meeting of Latvenergo AS was held, and a decision was taken to agree on civil liability insurance of the members of the Supervisory Board and the Audit Committee of Latvenergo AS.

All shares of Latvenergo AS are owned by the State and are held by the Ministry of Economics of the Republic of Latvia, whose interests at the general meeting of shareholders are represented by the State Secretary of the Ministry of Economics or a person authorised by them. The decision of the general meeting of shareholders was adopted unanimously.


12.05.2021. On the approval of the 2020 annual reports

To approve the 2020 consolidated annual report of Latvenergo and of Latvenergo AS. The financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

To approve the Latvenergo Consolidated and Latvenergo AS Annual Report 2020. The financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.


12.05.2021. On the use of the profit of Latvenergo AS

To transfer the annual profit of Latvenergo AS in 2020 equal to EUR 154,847,975.00 into the retained earnings;

To pay dividends to the State in the amount of EUR 98,246,250.00 from the retained earnings of Latvenergo AS.


12.05.2021. On the auditor of the 2021 financial statements of Latvenergo AS

To appoint ERNST & YOUNG BALTIC SIA as the auditor of the 2021 financial statements of Latvenergo AS, setting the auditor's remuneration at up to EUR 46,000.00 excluding VAT.


12.05.2021. On the assessment of the average number of employees and financial indicators of Latvenergo AS and its assignment to the relevant group of capital companies

To allocate Latvenergo AS to the group of large capital companies.


12.05.2021. On the increase of the share capital

To increase the share capital of Latvenergo AS by EUR 20,010.00, paying for the newly issued shares with a contribution in kind, State property with a total value of EUR 20,010.00, and setting the share capital of Latvenergo AS at EUR 790,367,859.00;

To approve the regulations for increasing the share capital of Latvenergo AS.

To amend the Articles of Association of Latvenergo AS and approve the Articles of Association of Latvenergo AS in a new wording.


12.05.2021 On Latvenergo AS bonds

To take note of information about Latvenergo AS bonds.


03.02.2021 On election of Audit Committee Members of Latvenergo AS

To elect the following persons as members of the Audit Committee of Latvenergo AS as of 3 February 2021 (first day of the term of office) for a term of three years:

- Torben Perdersen;

- Svens Dinsdorfs;

- Ilvija Grūba;

- Toms Siliņš;

- Gundars Ruža.

19.11.2020. On the application of M. Salgrāve, member of the Audit Committee of Latvenergo AS

1. To recall Marita Salgrāve from the position of member of the Audit Committee of Latvenergo AS.

2. To instruct Latvenergo AS to organize a competition for the vacant position of the independent member of the Audit Committee of Latvenergo AS.


09.09.2020 On request to the Cabinet of Ministers of the Republic of Latvia to allow the investment of state-owned objects in the share capital of Latvenergo AS

To request the Cabinet of Ministers of the Republic of Latvia to permit the contribution of State property objects to the share capital of Latvenergo AS – 15 land units, 7 buildings and the electrical equipment located in 3 of those buildings, with a total value of the State's contribution in kind of EUR 23,390.00.


09.09.2020. On liability insurance of officials of the Latvenergo Group

To agree to the civil liability insurance for the members of the Supervisory Board and the Audit Committee of Latvenergo AS.


09.07.2020 On increasing the share capital of Latvenergo AS, amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To increase the share capital of Latvenergo AS by EUR 178,142,400, paying for the newly issued shares in cash by contributing the retained earnings of previous years of Latvenergo AS to the share capital, and setting the share capital of Latvenergo AS at EUR 790,347,849.00.

2. To approve the regulations for increasing the share capital of Latvenergo AS.

3. To amend the Articles of Association of Latvenergo AS.

4. To approve the Articles of Association of Latvenergo AS in a new wording.


10.06.2020 On dismissal of Members of the Supervisory Board of Latvenergo AS

To take note of the notification that Edmunds Valantis is leaving the position of Chairman of the Supervisory Board of Latvenergo AS as of 10 June 2020.

To recall Edijs Šaicāns from the position of Deputy Chairman of the Supervisory Board of Latvenergo AS and Irēna Bērziņa from the position of member of the Supervisory Board of Latvenergo AS as of 10 June 2020.


10.06.2020 On election of Members of the Supervisory Board of Latvenergo AS

To elect the following persons as members of the Supervisory Board of Latvenergo AS as of 11 June 2020 for a term of five years:

- Ivars Golsts;

- Toms Siliņš;

- Aigars Laizāns;

- Gundars Ruža;

- Kaspars Rokēns.


10.06.2020 On dismissal of Members of the Audit Committee of Latvenergo AS

To recall Irēna Bērziņa from the position of member of the Audit Committee of Latvenergo AS as of 10 June 2020.


10.06.2020 On election of Members of the Audit Committee of Latvenergo AS

To elect the following persons as members of the Audit Committee of Latvenergo AS as of 11 June 2020 for a term of three years:

- Torben Pedersen;

- Svens Dinsdorfs;

- Marita Salgrāve;

- Toms Siliņš;

- Gundars Ruža.


08.05.2020 On the evaluation of the average number of employees and financial indicators of Latvenergo AS and allocation to the respective group of public capital companies

To allocate Latvenergo AS to the group of large capital companies.


08.05.2020 On auditor of Latvenergo AS reports for the year 2020

To appoint PricewaterhouseCoopers SIA as the auditor of the 2020 financial statements of Latvenergo AS, setting the auditor's remuneration at up to EUR 45,300.00 excluding VAT.


08.05.2020 On distribution of the profit of Latvenergo AS of 2019

1. To retain the annual profit of Latvenergo AS in 2019 equal to 101,227,154.00 EUR undistributed and transfer it into the retained earnings;

2. To pay dividends to the State in the amount of EUR 127,070,731.00 from the retained earnings of previous years of Latvenergo AS.


08.05.2020. On the approval of the 2019 annual report of Latvenergo AS and the 2019 consolidated annual report of Latvenergo

1. To note the report of the Supervisory Board of Latvenergo AS;

2. To approve the 2019 consolidated annual report of Latvenergo and of Latvenergo AS, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

3. To approve the Latvenergo Consolidated and Latvenergo AS Annual Report 2019, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.


24.04. 2020 On the Unbundling of Transmission System Assets and Reduction of Share Capital of Latvenergo AS

1. To reduce the share capital of Latvenergo AS by EUR 222,678,000, cancelling from the shareholder register of Latvenergo AS 222,678,000 shares of the company owned by the Republic of Latvia (the holder of the capital shares is the Ministry of Economics) with a total value of EUR 222,678,000, the company paying out the value of the cancelled shares of Latvenergo AS to the shareholder in kind – by transferring 195,079,335 shares to the shareholder of the company, Latvijas elektriskie tīkli AS (reg. No. 40103379313).

2. To approve the regulation for the reduction of share capital of Latvenergo AS.

3. To amend the Articles of Association of Latvenergo AS.

4. To approve the Articles of Association of Latvenergo AS in a new wording.

09.10.2019 On issue of debt securities (bonds)

1. To agree to the issue of transferable debt securities (bonds) in euro in the form of a programme for a public offering, with registration of the securities with Nasdaq CSD SE and listing on the Baltic Debt Securities List of AS Nasdaq Riga, for a total nominal amount of up to EUR 200,000,000.00.

2. To authorise the Management Board of Latvenergo AS:

2.1. to prepare, approve and sign the base prospectus of the bond issue, amendments and supplements thereto, the final terms of the bond issues, as well as any other documents and agreements related to and necessary for the implementation of the issues;
2.2. to determine the characteristics of the bond issues, including, but not limited to: the amount of the issues, the maturity date and the coupon rate.


09.10.2019 On election of Audit Committee Members of Latvenergo AS

To elect the following persons as members of the Audit Committee of Latvenergo AS as of 9 October 2019 (first day of the term of office) for a term of three years:

1.1. Torben Pedersen;
1.2. Svens Dinsdorfs;
1.3. Marita Salgrāve;
1.4. Irēna Bērziņa.


09.10.2019 On Supervisory Board of Latvenergo AS

1. To elect Edijs Šaicāns as a member of the Supervisory Board of Latvenergo AS as of 9 October 2019.
2. To elect Irēna Bērziņa as a member of the Supervisory Board of Latvenergo AS as of 9 October 2019.
3. To elect Edmunds Valantis as a member of the Supervisory Board of Latvenergo AS as of 9 October 2019.

4. Edijs Šaicāns, Irēna Bērziņa and Edmunds Valantis shall perform the duties of members of the Supervisory Board of Latvenergo AS until the general meeting of shareholders of Latvenergo AS elects them or other candidates to the positions of members of the Supervisory Board of Latvenergo AS in accordance with the nomination procedure set out in Section 31 of the Law on Governance of Capital Shares of a Public Person and Capital Companies.


19.06.2019 On increasing the share capital of Latvenergo AS, amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To increase the share capital of Latvenergo AS by EUR 92,080.00, paying for the newly issued shares with a contribution in kind, State property with a total value of EUR 92,080.00, and setting the share capital of Latvenergo AS at EUR 834,883,449.00.

2. To approve the regulations for increasing the share capital of Latvenergo AS.

3. To amend the Articles of Association of Latvenergo AS.

4. To approve the Articles of Association of Latvenergo AS in a new wording.


19.06.2019 On election of Audit Committee Members of Latvenergo AS

1. To elect the following persons as members of the Audit Committee of Latvenergo AS as of 19 June 2019 (first day of the term of office) for a term of three years:

1.1. Torben Pedersen;
1.2. Svens Dinsdorfs;
1.3. Marita Salgrāve;
1.4. Renārs Degro;
1.5. Kristaps Stepanovs.


19.06.2019 On dismissal of Audit Committee Members of Latvenergo AS

1. To recall Andris Ozoliņš from the position of member of the Audit Committee of Latvenergo AS as of 19 June 2019.
2. To recall Andris Liepiņš from the position of member of the Audit Committee of Latvenergo AS as of 19 June 2019.


19.06.2019 On election of Members of the Supervisory Board of Latvenergo AS

1. To elect Pāvels Rebenoks as a member of the Supervisory Board of Latvenergo AS as of 19 June 2019.
2. To elect Inese Kublicka as a member of the Supervisory Board of Latvenergo AS as of 19 June 2019.
3. To elect Renārs Degro as a member of the Supervisory Board of Latvenergo AS as of 19 June 2019.
4. To elect Kristaps Stepanovs as a member of the Supervisory Board of Latvenergo AS as of 19 June 2019.
5. To elect Artūrs Šnoriņš as a member of the Supervisory Board of Latvenergo AS as of 19 June 2019.

6. Pāvels Rebenoks, Inese Kublicka, Renārs Degro, Kristaps Stepanovs and Artūrs Šnoriņš shall perform the duties of members of the Supervisory Board of Latvenergo AS until the general meeting of shareholders of Latvenergo AS elects them or other candidates to the positions of members of the Supervisory Board of Latvenergo AS in accordance with the nomination procedure set out in Section 31 of the Law on Governance of Capital Shares of a Public Person and Capital Companies.


19.06.2019 On dismissal of Members of the Supervisory Board of Latvenergo AS

1. To recall Andris Ozoliņš from the position of Chairman of the Supervisory Board of Latvenergo AS as of 19 June 2019.
2. To recall Andris Liepiņš from the position of Deputy Chairman of the Supervisory Board of Latvenergo AS as of 19 June 2019.
3. To recall Baiba Anda Rubesa from the position of member of the Supervisory Board of Latvenergo AS as of 19 June 2019.
4. To recall Mārtiņš Bičevskis from the position of member of the Supervisory Board of Latvenergo AS as of 19 June 2019.
5. To recall Martin Sedlacky from the position of member of the Supervisory Board of Latvenergo AS as of 19 June 2019.


08.05.2019 On amendments to the Audit Committee Regulations of Latvenergo AS and approving the Audit Committee Regulations in a new wording

To approve the Audit Committee Regulations of Latvenergo AS in a new wording.


08.05.2019 On evaluation of average number of employees and financial ratios of Latvenergo AS and inclusion in the relevant capital companies group

To allocate Latvenergo AS to the group of large capital companies.


08.05.2019 On auditor of Latvenergo AS reports for the year 2019

To appoint PricewaterhouseCoopers SIA as the auditor of the 2019 financial statements of Latvenergo AS, setting the auditor's remuneration at up to EUR 45,300.00 excluding VAT.


08.05.2019 On distribution of the profit of Latvenergo AS for the year 2018

1. To retain Latvenergo AS profit for the year 2018 of EUR 212,732,625.00 undistributed and to transfer to retained earnings.

2. To pay dividends to the State in the amount of EUR 132,936,416.00 from the retained earnings of previous years of Latvenergo AS, which also includes EUR 58,892,320 that was allocated from the 2017 profit of Latvenergo AS to the retained earnings (reserves) of Latvenergo AS for the purpose of deciding on its payment to the State as dividends, the decision being taken simultaneously with the decision on the use of the 2018 profit of Latvenergo AS.


08.05.2019. On the approval of the 2018 annual report of Latvenergo AS and the 2018 consolidated annual report of Latvenergo

1. To note the report of the Supervisory Board of Latvenergo AS;

2. To approve the 2018 consolidated annual report of Latvenergo and of Latvenergo AS, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

3. To approve the Latvenergo Consolidated and Latvenergo AS Annual Report 2018, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.

13.09.2018 On request to the Cabinet of Ministers of the Republic of Latvia to permit investment of State property into the share capital of Latvenergo AS

To request the Cabinet of Ministers of the Republic of Latvia to permit the contribution of State property objects to the share capital of Latvenergo AS – 48 land units, 39 buildings, 7 of which have electrical equipment, in accordance with the list of properties to be contributed and their objects, with a total value of the State's contribution in kind of EUR 93,970.


13.09.2018 On approving the Regulations of the Audit Committee of Latvenergo AS in a new wording

To approve the Audit Committee Regulations of Latvenergo AS in a new wording.


09.05.2018. On the approval of the 2017 annual report of Latvenergo AS and the 2017 consolidated annual report of Latvenergo

1. To note the report of the Supervisory Board of Latvenergo AS;

2. To approve the 2017 consolidated annual report of Latvenergo and of Latvenergo AS, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

3. To approve the Latvenergo Consolidated and Latvenergo AS Annual Report 2017, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.


09.05.2018 On approving distribution of the profit of Latvenergo AS for the year 2017

1. To approve the use of the 2017 profit of Latvenergo AS in the amount of EUR 150,890,619.00 (one hundred and fifty million eight hundred and ninety thousand six hundred and nineteen euro and 00 cents) as follows:

1) EUR 91,998,299.00 (ninety-one million nine hundred and ninety-eight thousand two hundred and ninety-nine euro and 00 cents) to be paid to the State as dividends;

2) EUR 58,892,320.00 (fifty-eight million eight hundred and ninety-two thousand three hundred and twenty euro and 00 cents) to be left undistributed, with the aim of distributing it in 2019, the decision on the distribution of this amount being taken simultaneously with the decision on the distribution of the 2018 profit of Latvenergo AS;

2. To pay dividends to the State in the amount of EUR 64,419,567.00 (sixty-four million four hundred and nineteen thousand five hundred and sixty-seven euro and 00 cents), which was allocated from the 2016 profit of Latvenergo AS to the retained earnings (reserves) of Latvenergo AS for the purpose of deciding on its payment to the State as dividends, the decision being taken simultaneously with the decision on the distribution of the 2017 profit of Latvenergo AS.


09.05.2018 On auditor of Latvenergo AS reports for the year 2018

To appoint PricewaterhouseCoopers SIA as the auditor of the 2018 financial statements of Latvenergo AS, setting the auditor's remuneration at up to EUR 45,300.00 (forty-five thousand three hundred euro and 00 cents) excluding VAT.


09.05.2018 On increasing the share capital of Latvenergo AS, amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To increase the share capital of Latvenergo AS by EUR 489,126, paying for the newly issued shares with a contribution in kind, State property with a total value of EUR 489,126, and setting the share capital of Latvenergo AS at EUR 834,791,369.00;

2. To approve the regulations for increasing the share capital of Latvenergo AS.

3. To amend the Articles of Association of Latvenergo AS;

4. To approve the Articles of Association of Latvenergo AS in a new wording.


09.05.2018 On evaluation of average number of employees and financial ratios of Latvenergo AS and inclusion in the relevant capital companies group

To allocate Latvenergo AS to the group of large capital companies.

24.11.2017. On amendments to the base prospectuses of Latvenergo AS programmes for the issuance of notes

1. To approve the amendments to the general terms and conditions of the bonds included in the base prospectus of the bond offering programme of 23 November 2012, and the general terms and conditions in a new wording.

2. To approve the amendments to the general terms and conditions of the bonds included in the base prospectus of the bond offering programme of 25 May 2015, and the general terms and conditions in a new wording.

3. To authorise the Management Board of Latvenergo AS to prepare, approve and sign any other amendments and supplements to the base prospectus of the bond offering programme of 23 November 2012 and the base prospectus of the bond offering programme of 25 May 2015.


24.11.2017 On amendments to the Regulations of the Audit Committee of Latvenergo AS and approving the Regulations of the Audit Committee in a new wording

1. To amend Article 3.1.8. of the Regulations of the Audit Committee of Latvenergo AS and to make editorial corrections to Articles 2.3., 3.1.1., 3.1.3., 3.1.4., 3.1.5., 3.1.6, 3.2.1. of the Regulations of the Audit Committee.

2. To approve the amendments to the Regulations of the Audit Committee of Latvenergo AS and to approve the Regulations in a new wording.


24.11.2017 On share capital decrease of Latvenergo AS, amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To reduce the share capital of Latvenergo AS by EUR 454,412,749.00, cancelling from the shareholder register of Latvenergo AS 454,412,749 shares of the Company owned by the Republic of Latvia (the holder of the capital shares is the Ministry of Economics) with a total value of EUR 454,412,749.00.

2. To approve the regulation for the reduction of share capital of Latvenergo AS.

3. To amend the Articles of Association of Latvenergo AS.

4. To approve the Articles of Association of Latvenergo AS in a new wording.


11.09.2017 On amendments to the Articles of Association of Latvenergo AS and approval of the Articles of Association in a new wording

1. To supplement the Articles of Association of Latvenergo AS with Clause 162.

2. To approve the amendments to the Articles of Association of Latvenergo AS and the text of the Articles of Association in a new wording.


10.05.2017 On evaluation of average number of employees and financial ratios of Latvenergo AS and inclusion in the relevant State capital companies group

To include Latvenergo AS in the group of large State capital companies.


10.05.2017 On auditor of Latvenergo AS reports for the year 2017

To appoint ERNST & YOUNG BALTIC SIA as the auditor of the 2017 financial statements of Latvenergo AS, setting the auditor's remuneration at up to EUR 37,768.00 (thirty-seven thousand seven hundred and sixty-eight euro and 00 cents) excluding VAT.


10.05.2017 On approving distribution of the profit of Latvenergo AS for the year 2016

1. To approve the use of the 2016 profit of Latvenergo AS in the amount of EUR 137,440,872.00 (one hundred and thirty-seven million four hundred and forty thousand eight hundred and seventy-two euro and 00 cents) as follows:

1) EUR 73,021,305.00 (seventy-three million twenty-one thousand three hundred and five euro and 00 cents) to be paid to the State as dividends;

2) EUR 64,419,567.00 (sixty-four million four hundred and nineteen thousand five hundred and sixty-seven euro and 00 cents) to be left undistributed and kept in the reserves of Latvenergo AS, with the aim of deciding on the payment of this amount to the State as dividends, the decision being taken simultaneously with the decision on the distribution of the 2017 profit of Latvenergo AS;

2. To pay dividends in the amount of EUR 17,120,530.00 (seventeen million one hundred and twenty thousand five hundred and thirty euro and 00 cents), which was allocated from the 2015 profit of Latvenergo AS to the reserves of Latvenergo AS for the purpose of deciding on its payment as dividends, the decision being taken simultaneously with the decision on the distribution of the 2016 profit of Latvenergo AS.


10.05.2017. On the approval of the 2016 annual report of Latvenergo AS and the 2016 consolidated annual report of Latvenergo

1. To approve the “2016 consolidated annual report of Latvenergo”, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

2. To approve the “Latvenergo Consolidated Annual Report 2016”, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

3. To approve the “2016 annual report of Latvenergo AS”, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

4. To approve the “Latvenergo AS Annual report 2016”, the financial statements having been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.


03.03.2017 On amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To amend the Article 17 of the Articles of Association of Latvenergo AS.

2. To approve the amendments to the Articles of Association of Latvenergo AS and to approve the Articles of Association in a new wording.

Note: The amendments to the Articles of Association of Latvenergo AS are related to the amendments to the Financial Instrument Market Law that entered into force on 1 January 2017.


03.03.2017 On amendments to the Regulations of the Audit Committee of Latvenergo AS and approving the Regulations of the Audit Committee in a new wording

1. To amend the Regulations of the Audit Committee of Latvenergo AS Article 2.1, 2.3, 2.6.1, 2.6.2, 2.7, 3.1, 3.2.1, 3.2.6, 3.4, 3.5, 4.2, 4.4 and to supplement the Regulations with an Article 6.4.

2. To approve the amendments to the Regulations of the Audit Committee of Latvenergo AS and to approve the Regulations in a new wording.

Note: The amendments to the regulations of the Audit Committee of Latvenergo AS are related to the amendments to the Financial Instrument Market Law that entered into force on 1 January 2017.


03.03.2017 On election of Audit Committee Members of Latvenergo AS

1. To elect the following persons as members of the Audit Committee of Latvenergo AS as of 3 March 2017 (first day of the term of office) for a term of three years:

1.1. Torben Pedersen;
1.2. Svens Dinsdorfs;
1.3. Marita Salgrāve;
1.4. Andris Ozoliņš;
1.5. Andris Liepiņš.

15.12.2016. On election of Supervisory Board of Latvenergo AS

1. To elect Andris Liepiņš as a member of the Supervisory Board of Latvenergo AS for a term of five years.

2. To elect Baiba Anda Rubesa as Member of the Supervisory Board of Latvenergo AS for a five-year term.

3. To elect Mārtiņš Bičevskis as a member of the Supervisory Board of Latvenergo AS for a term of five years.

4. To elect Andris Ozoliņš as a member of the Supervisory Board of Latvenergo AS for a term of five years.

5. To elect Martin Sedlacky as Member of the Supervisory Board of Latvenergo AS for a five-year term.


28.11.2016 On increasing the share capital of Latvenergo AS, amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To increase the share capital of Latvenergo AS by EUR 183,895 (one hundred and eighty-three thousand eight hundred and ninety-five euro), paying for the newly issued shares with a contribution in kind, State property with a total value of EUR 183,895 (one hundred and eighty-three thousand eight hundred and ninety-five euro).

2. To approve the regulations for increasing the share capital of Latvenergo AS.

3. To amend the Articles of Association of Latvenergo AS.

4. To approve the Articles of Association of Latvenergo AS in a new wording.


19.10.2016. On the proposal to amend the decision of the regular General Meeting of Shareholders of Latvenergo AS of 5 May 2016 “On the use of the 2015 profit of Latvenergo AS”

To amend the decision of the regular General Meeting of Shareholders of Latvenergo AS of 5 May 2016 “On the use of the 2015 profit of Latvenergo AS” and to restate its Clause 2 as follows:

2. EUR 17,120,530 (seventeen million one hundred and twenty thousand five hundred and thirty euro) to be allocated to the reserves of Latvenergo AS with the aim of deciding on its payment to the State as dividends, the decision being taken simultaneously with the decision on the distribution of the 2016 profit of Latvenergo AS.


05.05.2016 On evaluation of average number of employees and financial ratios of Latvenergo AS and inclusion in the relevant State capital companies group

To include Latvenergo AS in the group of large State capital companies.


05.05.2016 On auditor of Latvenergo AS reports for the year 2016

To appoint ERNST & YOUNG BALTIC SIA as the auditor of the 2016 financial statements of Latvenergo AS, setting the auditor's remuneration at up to EUR 36,521 (thirty-six thousand five hundred and twenty-one euro) excluding VAT.


05.05.2016 On approving distribution of the net profit of Latvenergo AS for the year 2015

To approve the use of the 2015 profit of Latvenergo AS in the amount of EUR 94,534,016 (ninety-four million five hundred and thirty-four thousand and sixteen euro) as follows:

1) EUR 77,413,486 (seventy-seven million four hundred and thirteen thousand four hundred and eighty-six euro) to be paid to the State as dividends;

2) EUR 17,120,530 (seventeen million one hundred and twenty thousand five hundred and thirty euro) to be allocated to the reserves of Latvenergo AS for the further development of the company.


05.05.2016. On the approval of the document “Latvenergo Group Sustainability and Annual Report for 2015”

To approve the document “Latvenergo Group Sustainability and Annual Report for 2015” and its English translation “Latvenergo Group Sustainability and Annual Report 2015”.


05.05.2016 On approving the Latvenergo AS Annual Report 2015 and Latvenergo Group Consolidated Annual Report 2015

1. To approve the “Latvenergo consolidated annual report for 2015”, the financial statements of which have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

2. To approve „Latvenergo Group Consolidated Annual Report 2015”, which financial statements are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

3. To approve Latvenergo AS Annual Report 2015, prepared in accordance with the Annual Accounts Law.

03.12.2015 On election of Latvenergo AS Audit Committee

To elect the following persons as members of the Audit Committee of Latvenergo AS as of 5 December 2015 (first day of the term of office) for a term of three years:

- Torben Pedersen;
- Svens Dinsdorfs;
- Marita Salgrāve.


06.11.2015. On amendments to the Articles of Association of Latvenergo AS 

1. To amend Clauses 1, 2, 3, 4, 11, 12, 14, 16, 17 and 18 of the Articles of Association of Latvenergo AS and to supplement the Articles of Association with Clause 161.

2. To approve the amendments to the Articles of Association of Latvenergo AS and the text of the Articles of Association in a new wording.

Note: the main amendments to the Articles of Association relate to clarifying the types of commercial activity of Latvenergo AS and clarifying the terms of office of the Management Board of Latvenergo AS in accordance with Latvian legislation.


05.10.2015 On increasing the share capital of Latvenergo AS, amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To increase the share capital of Latvenergo AS by EUR 84,740, paying for the newly issued shares with a contribution in kind, State property with a total value of EUR 84,740, and setting the share capital of Latvenergo AS at EUR 1,288,531,097.

2. To approve the regulations for increasing the share capital of Latvenergo AS.

3. To amend the Articles of Association of Latvenergo AS.

4. To approve the Articles of Association of Latvenergo AS in a new wording.

5. The newly issued shares shall be fully paid up within 3 months after the decision of the share capital increase was adopted.


20.04.2015 On evaluation of financial ratios and average number of employees of Latvenergo AS and inclusion in the relevant State capital companies group

To include Latvenergo AS in the group of very large State capital companies.


20.04.2015 On auditor of Latvenergo AS reports for the year 2015

To appoint ERNST & YOUNG BALTIC SIA as the auditor of the 2015 financial statements of Latvenergo AS, setting the auditor's remuneration at up to EUR 37,650.00 (thirty-seven thousand six hundred and fifty euro) excluding VAT.


20.04.2015 On the use of the 2014 profit of Latvenergo AS

To approve the use of the 2014 profit of Latvenergo AS in the amount of EUR 34,976,546 (thirty-four million nine hundred and seventy-six thousand five hundred and forty-six euro) as follows:

1) EUR 31,478,891 (thirty-one million four hundred and seventy-eight thousand eight hundred and ninety-one euro) to be paid to the State as dividends;

2) EUR 3,497,655 (three million four hundred and ninety-seven thousand six hundred and sixty-five euro) to be allocated to the reserves of Latvenergo AS for the further development of the company.


20.04.2015 On approving the document „Latvenergo Group Sustainability and Annual Report 2014”

To approve the document “Latvenergo Group Sustainability and Annual Report for 2014” and its English translation “Latvenergo Group Sustainability and Annual Report 2014”.


20.04.2015 On approving the Latvenergo AS Annual Report 2014 and the Latvenergo Group Consolidated Annual Report 2014

1. To approve the “Latvenergo consolidated annual report for 2014”, the financial statements of which have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

2. To approve „Latvenergo Group Consolidated Annual Report 2014”, with financial statements prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

3. To approve the “2014 annual report of Latvenergo AS”, which has been prepared in accordance with the Law on Annual Reports.

25.09.2014 On increasing the share capital of Latvenergo AS, amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To increase the share capital of Latvenergo AS by EUR 435,760 (four hundred and thirty-five thousand seven hundred and sixty euro), paying for the newly issued shares with a contribution in kind, State property with a total value of EUR 435,760 (four hundred and thirty-five thousand seven hundred and sixty euro).

2. To approve the regulations for increasing the share capital of Latvenergo AS.

3. To amend the Articles of Association of Latvenergo AS.

4. To approve the Articles of Association of Latvenergo AS in a new wording.


12.09.2014 On amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To amend the Articles of Association of Latvenergo AS.

2. To approve the Articles of Association of Latvenergo AS in a new wording.

Note: the amendments are made in the Article 16.1.5 of the Articles of Association.


29.05.2014 On a request to the Cabinet of Ministers of the Republic of Latvia to permit investment of State property into the share capital of Latvenergo AS

To request the Cabinet of Ministers of the Republic of Latvia to permit the contribution of State property objects to the share capital of Latvenergo AS - 330 land units and 4 shares in land units, with a total value of the State's contribution in kind of EUR 435,760 (four hundred and thirty-five thousand seven hundred and sixty euro).


12.05.2014 On issue of debt securities (bonds)

To issue transferable debt securities (bonds) in euro in the form of a programme through a public offering, with registration of the securities with the Latvian Central Depository and listing on Nasdaq OMX Riga, for a total nominal amount of up to EUR 100,000,000 (one hundred million euro).


12.05.2014 On auditor of Latvenergo AS reports for the year 2014

To appoint ERNST & YOUNG BALTIC SIA as the auditor of the 2014 financial statements of Latvenergo AS, setting the auditor's remuneration at up to EUR 35,145 (thirty-five thousand one hundred and forty-five euro) excluding VAT.


12.05.2014 On the use of the 2013 profit of Latvenergo AS

To approve the use of the 2013 profit of Latvenergo AS in the amount of EUR 26,227,927 (twenty-six million two hundred and twenty-seven thousand nine hundred and twenty-seven euro) as follows:

1) EUR 23,605,134 (twenty-three million six hundred and five thousand one hundred and thirty-four euro) to be paid to the State as dividends;

2) EUR 2,622,793 (two million six hundred and twenty-two thousand seven hundred and ninety-three euro) to be allocated to the reserves of Latvenergo AS for the further development of the company.


12.05.2014 On approving the document „Latvenergo Group Sustainability and Annual Report 2013”

To approve the document “Latvenergo Group Sustainability and Annual Report for 2013” and its English translation “Latvenergo Group Sustainability and Annual Report 2013”.


12.05.2014 On approving the Latvenergo AS Annual Report 2013 and the Latvenergo Group Consolidated Annual Report 2013

1. To approve the “Latvenergo consolidated annual report for 2013”, the financial statements of which have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

2. To approve „Latvenergo Group Consolidated Annual Report 2013”, with financial statements prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;

3. To approve the “2013 annual report of Latvenergo AS”, which has been prepared in accordance with the Law on Annual Reports.


27.01.2014 On amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To amend the Articles of Association of Latvenergo AS.
2. To approve the Articles of Association of Latvenergo AS in a new wording.
3. To allocate to the reserves of Latvenergo AS the difference of 55 cents resulting from the rounding when expressing the share capital of Latvenergo AS in euro.

28.11.2013 On termination of Latvenergo AS partnership in Nordic Energy Link AS

1. To agree to terminate the participation of Latvenergo AS in AS Nordic Energy Link, supporting the termination of the operations of AS Nordic Energy Link in accordance with Clause 11.4.1 of the Founding Agreement concluded on 15 June 2004 between Eesti Energia AS, Latvenergo AS, AB Lietuvos Energia, Powest Oy, the City of Helsinki / Helsingin Energia and Finestlink Oy.

2. To agree to the proposal of receiving approval from the Cabinet of Ministers of the Republic of Latvia on termination of Latvenergo AS partnership in Nordic Energy Link AS.

3. To recognise as no longer valid the decision of the General Meeting of Shareholders of Latvenergo AS of 26 September 2013 “On reducing the participation of Latvenergo AS in AS Nordic Energy Link by disposing of shares of AS Nordic Energy Link, and on terminating the participation in AS Nordic Energy Link”.


06.11.2013. On the establishment of the joint stock company “Enerģijas publiskais tirgotājs”

To agree to propose that the Cabinet of Ministers of the Republic of Latvia give its consent to the establishment of the joint stock company “Enerģijas publiskais tirgotājs”, wholly owned by Latvenergo AS.


26.09.2013 On increasing the share capital of Latvenergo AS, amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To increase the share capital of Latvenergo AS by Ls 614,040 (six hundred and fourteen thousand and forty lats), paying for the newly issued shares with a contribution in kind, State property with a total value of Ls 614,040 (six hundred and fourteen thousand and forty lats).

2. To approve the regulations for increasing the share capital of Latvenergo AS.

3. To amend paragraph 5 of the Articles of Association of Latvenergo AS.

4. To approve the Articles of Association of Latvenergo AS in a new wording.


26.09.2013 On reducing the participation of Latvenergo AS in AS Nordic Energy Link by disposing of shares of AS Nordic Energy Link, and on terminating the participation in AS Nordic Energy Link

1. To agree to reduce the participation of Latvenergo AS in AS Nordic Energy Link by disposing to Eesti Energia AS of 0.5% (zero point five percent) of the shares of AS Nordic Energy Link owned by Latvenergo AS at a price to be determined in accordance with Clause 11.2.1 of the Founding Agreement concluded on 15 June 2004 between Eesti Energia AS, Latvenergo AS, AB Lietuvos Energia, Powest Oy, the City of Helsinki / Helsingin Energia and Finestlink Oy.

2. To agree, after the conclusion of the transaction referred to in Clause 1 of the decision, to terminate the participation of Latvenergo AS in AS Nordic Energy Link, supporting the termination of the operations of AS Nordic Energy Link in accordance with Clause 11.4.1 of the Founding Agreement concluded on 15 June 2004 between Eesti Energia AS, Latvenergo AS, AB Lietuvos Energia, Powest Oy, the City of Helsinki / Helsingin Energia and Finestlink Oy.

3. To agree to the proposal to obtain the consent of the Cabinet of Ministers for the reduction of the participation of Latvenergo AS in AS Nordic Energy Link provided for in Clause 1 of the decision and for the termination of the participation of Latvenergo AS in AS Nordic Energy Link provided for in Clause 2 of the decision.


15.05.2013 On auditor of Latvenergo AS reports for the year 2013

To appoint ERNST & YOUNG BALTIC SIA as the auditor of the 2013 financial statements of Latvenergo AS, setting the auditor's remuneration at up to Ls 25,220 (twenty-five thousand two hundred and twenty lats) excluding VAT.


15.05.2013 On the use of the 2012 profit of Latvenergo AS

To approve the use of the 2012 profit of Latvenergo AS in the amount of Ls 31,718,182 (thirty-one million seven hundred and eighteen thousand one hundred and eighty-two lats) as follows:
1. Ls 28,546,620 (twenty-eight million five hundred and forty-six thousand six hundred and twenty lats) to be paid to the State as dividends, that is 0.031557 lats per share;
2. Ls 3,171,562 (three million one hundred and seventy-one thousand five hundred and sixty-two lats) to be allocated to the reserves of Latvenergo AS for the further development of the company.


15.05.2013 On approving the document „Latvenergo Group Sustainability and Annual Report 2012”

To approve the document “Latvenergo Group Sustainability and Annual Report for 2012” and its English translation “Latvenergo Group Sustainability and Annual Report 2012”.


15.05.2013 On approving the Latvenergo AS Annual Report 2012 and the Latvenergo Consolidated Annual Report 2012

1. To approve the “Latvenergo consolidated annual report for 2012” and the “Latvenergo Consolidated Annual Report 2012” (English translation), which have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union;
2. To approve the “2012 annual report of the joint stock company Latvenergo”, which has been prepared in accordance with the Law on Annual Reports of the Republic of Latvia.


19.04.2013 On increasing the aggregate principal amount of debt securities (bonds)

To amend the decision of the General Meeting of Shareholders of Latvenergo AS of 13 June 2012 (minutes No. 7, Section 3) “On the issue of debt securities (bonds)”, increasing the total issue amount of debt securities (bonds) in lats and/or euro in a public offering, with registration of the securities with the Latvian Central Depository and listing on Nasdaq OMX Riga, by LVL 35,000,000 in nominal value or the equivalent amount in euro, setting the total issue amount of debt securities (bonds) in nominal value at up to LVL 85,000,000 or the equivalent amount in euro.

09.11.2012 On increasing the share capital of Latvenergo AS, amendments to the Articles of Association of Latvenergo AS and approving the Articles of Association in a new wording

1. To increase the share capital of Latvenergo AS by Ls 753,173 (seven hundred and fifty-three thousand one hundred and seventy-three lats), paying for the newly issued shares with a contribution in kind, State property with a total value of Ls 753,173 (seven hundred and fifty-three thousand one hundred and seventy-three lats).

2. To approve the regulations for increasing the share capital of Latvenergo AS.

3. To amend Clause 5 of the Articles of Association of Latvenergo AS.

4. To approve the Articles of Association of Latvenergo AS in a new wording.


22.08.2012 On increasing the share capital of Latvenergo AS and amending its Articles of Association

1. To increase the share capital of Latvenergo AS by Ls 577,989,474 (five hundred and seventy-seven million nine hundred and eighty-nine thousand four hundred and seventy-four lats), by allocating to the share capital the positive difference between equity and the sum of the share capital and the reserves that, in accordance with the law, may not be allocated to an increase of the share capital, as a result of which the share capital will be Ls 903,851,787 (nine hundred and three million eight hundred and fifty-one thousand seven hundred and eighty-seven lats).

2. To approve the regulations for increasing the share capital of Latvenergo AS.

3. To amend Clause 5 of the Articles of Association of Latvenergo AS.


22.08.2012 On the establishment of the Audit Committee of Latvenergo AS 

1. To establish the Audit Committee of Latvenergo AS and to approve the regulations of the Audit Committee of Latvenergo AS.

2. To amend the Articles of Association of Latvenergo AS by adding a chapter “Audit Committee”.


13.06.2012 On the appointment of an auditor and the conclusion of an agreement with ERNST & YOUNG BALTIC SIA for the audit of the 2012 financial statements of Latvenergo AS and the Latvenergo Group 

To appoint ERNST & YOUNG BALTIC SIA as the auditor of the 2012 financial statements of Latvenergo AS, concluding an agreement for the audit of the 2012 annual report, the 2012 consolidated annual report and the 2012 Sustainability Report of the Latvenergo Group of Latvenergo AS for a total amount of up to Ls 26,000 (twenty-six thousand lats) excluding VAT.


01.06.2012 On the approval of the 2011 annual report of Latvenergo AS and the 2011 consolidated annual report of Latvenergo 

1. To approve the “Latvenergo Consolidated Annual Report 2011” in Latvian and the Latvenergo Consolidated Annual Report 2011 in English, which have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union.

2. To approve the “2011 annual report of the joint stock company Latvenergo”, which has been prepared in accordance with the laws “On Accounting” and “Law on Annual Reports”.

Auditor

The sworn auditors' company Ernst & Young Baltic SIA (commercial company licence No. 17) has been appointed as the auditor of the 2026 financial statements of Latvenergo AS.

The auditor is selected in the result of the most economically advantageous bid selection procedure for a 3 year period, by evaluating the price of the service and qualification of the auditor and personnel involved in the audit.

Ernst & Young Baltic SIA

Address
Muitas street 1A, Rīga, LV-1010, Latvija
Registration No.
40003593454
VAT registration No.
LV40003593454
Website
www.ey.com/lv