Shareholders meeting
The sole owner of 100% of the share capital is the Republic of Latvia, represented by the Ministry of Transport.
Main responsibilities:
- Approving the annual report and deciding on profit distribution.
- Appointing the auditor and the supervisory board, and determining remuneration.
- Deciding on changes to share capital, termination or commencement of activities, and reorganisation.
- Approving the strategic and annual audit plan.
- Making decisions on transactions with management board members, the acquisition or disposal of real estate, and remuneration principles.
Supervisory board
Elected through an open nomination procedure. Board meetings are held at least once a quarter.
Main responsibilities:
- Overseeing the work of the management board.
- Electing or dismissing management board members and determining remuneration.
- Approving the medium-term strategy.
- Granting consent for transactions over €150,000 (excluding VAT).
- Providing prior approval on matters related to audits, real estate, and remuneration.
Management board
Elected through an open nomination procedure.
The main task is to manage and represent the company, making decisions on all matters not within the competence of the supervisory board or the shareholders’ meeting.
Meetings are usually held once a week.
Strategy and action plan
The medium-term operational strategy is developed in cooperation with the Ministry of Transport and approved by the supervisory board.
The annual action plan is approved and monitored by the management board.
Information disclosure
- Shareholder – monthly: decisions; quarterly: operational and financial results; annually: achievement of planned targets.
- Supervisory board – before each meeting: agenda and documents; regularly: reports on results, investments, and strategy implementation.
- Public – quarterly: interim reports; annually: annual report; ongoing: information on objectives, operations, structure, procurement, remuneration principles, and donation procedures.
Profit distribution
Profit distribution is carried out in accordance with the Law on the Governance of Capital Shares and Capital Companies of a Public Person.
