AmCham calls to ensure a transparent selection process of Latvenergo supervisory board

Jun 26, 2019

Promoting a culture of transparency and good corporate governance in state-owned enterprises (SOE) is essential for the Latvian state and its society. The sudden replacement of the supervisory board of one Latvia's largest and most strategically significant SOEs raises concern about political intervention in its corporate governance, thus damaging investor confidence.

SOEs play a fundamental role in Latvia's economy. AmCham encourages the shareholder and other stakeholders to ensure a fair and transparent process in the selection of new supervisory board members in line with OECD guidelines, good corporate governance principles and best practice. We urge the Minister of Economy to take immediate action to establish a proper and swift selection procedure of a professional and independent supervisory board of Latvenergo.

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AmCham works hard to accomplish its goals and is a voice in the business community that is heard.

Filips Klavins, Managing Partner at Ellex Klavins

I look forward to promoting stronger U.S.-Latvia ties and working with AmCham members to ensure Latvia is a trusted destination for international business.

John Tully, Chairman of the Board of MikroTik