On 16 April 2021 from 10:00 to 12:30 o’clock the discussion will be held “Rights of investors: well cultivated garden or wild jungle”, which will start the course of six discussions about the different aspects of corporate management.
The Corporate Management Consultative Council of the Ministry of Justice completed the work on the Latvian Code of Corporate Management at the end of 2020. It is developed, in accordance with the requirements proposed by regulatory enactments of the Republic of Latvia for undertakings, as well as recommendations of the Organisation for Economic Co-operation and Development (OECD) for corporate management of undertakings. The purpose of the course of discussions is to promote better corporate management and to introduce the Latvian Code of Corporate Management in practice.
The course of discussions will be opened by the Deputy Prime Minister, the Minister of Justice Jānis Bordāns, Chairperson of the Board of Nasdaq Riga, Head of the Corporate Management Consultative Council Daiga Auziņa-Melnalksne.
"Every Latvian company is invited to apply the code, including the state and municipal capital companies, exchange companies and big private companies with a significant impact on the state economy, because the compliance with the principles included in the code promote the long-term value increase of the company, effective management thereof and transparency of operations. With the course of discussions, we start more broader involvement of undertakings in the introduction of the code of corporate management, in order to put into practice, the principles covered by it," highlights J. Bordāns.
“Good management is essential for an undertaking, because better managed undertakings are more sustainable, provide better quality services, pay bigger taxes, create well-paid work positions and promote welfare of inhabitants. Good management is equally important for companies, their shareholders and management, because better managed companies are more valuable, are able to pay bigger dividends, bigger salaries, to be more desirable employers, they have better reputation and they are more stable in the crisis situations, besides, being able to attract necessary investments,” indicates D. Auziņa-Melalksne.
Ģirts Rūda, the Member of the Council of the Finance and Capital Market Commission (FCMC), emphasizes: “Good corporate management is the basis of activity of successful companies. There is direct relation between good practice of corporate management and long-term value increase of companies, because the corporate management not only improves the results of activity, but facilitates also trust between shareholders, management and different participants of the market. During six discussions we will discuss the most essential issues of corporate management, paying special attention to examples of best practice in Latvia and elsewhere in Europe. These discussions will be useful for big public and private joint stock companies, their managers and key decision makers, but the same important they will be for investors. We will start the course of discussions with the topic of investor protection, discussing over the topical issues and looking for solutions to the problems, making it difficult to invest into the Latvian companies.”
In the first part of the discussion “Rights of investors: well cultivated garden or wild jungle” the deputy state secretary of the Ministry of Justice on sectoral policy Laila Medina will introduce with conditions for effective protection of rights of investors, the Head of Company Law Division of the Department of Civil Law of the Ministry of Justice Baiba Lielkalne will tell about recommendations for organization of meetings of shareholders, while Māris Macijevskis, the Member of the Board and Finance Director of JSC HansaMatrix, will share the good practice experience story in the organisation of meetings of shareholders. The Chairman of the Board of SIA Ardente Ģirts Apsītis, sworn advocate, partner of the Law Office VILGERTS Aivars Lošmanis, Member of the Board of SIA "Ramalpa" Leonīds Mohovikovs and Asset Manager of "Swedbank Ieguldījumu pārvaldes Sabiedrība" AS Oskars Briedis will participate in the discussion about organisation of meetings of shareholders.
In the second discussion the sworn advocate, Head of the Investment Safety and Protection working group of the Foreign Investors' Council in Latvia Māris Vainovskis will introduce with legal protection tools of investors and practice in the application thereof, while the Member of the Council of the FCTC Ģirts Rūda will introduce with the role of the FCTC in supervision. Participants of the discussion on protection of rights of investors will be Māris Vainovskis, Chairman of the Board of IPAS INVL Asset Management Andrejs Martinovs, Chairperson of Riga Regional Court Daiga Vilsone and Executive Director of AS “Publisko aktīvu pārvaldītājs Possessor” Vladimirs Loginovs. The discussion will be moderated by Ģirts Rūda.
The discussion will be held online, on the Zoom platform. Registration for participation in the discussion here: https://nasdaq.zoom.us/webinar/register/WN_Dw28QNunSvGY_dKrIeEzSA It will be possible to follow the discussion also on the Facebook page of Nasdaq Riga.
Latvian Code of Corporate Management: https://www.tm.gov.lv/lv/media/4138/download
The next discussion “Council of the Company - facilitator of development or formality?” will take place on 14 May, but on 11 June the third discussion “ESG: a trend or need?” will take place
The course of discussions will be organized by the Financial and Capital Market Commission, the Ministry of Justice and Nasdaq Riga in cooperation with partners, who care for good corporate management in Latvia.