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.