Translated using ChatGPT service.
Considering that on Monday, 6 October, at the shareholders’ meeting of AS “Rīgas Siltums” (RS), the Riga City Council did not propose a vote on the dismissal of the entire company board, the Ministry of Economics (ME), as the second-largest shareholder, proposes to immediately convene a new extraordinary shareholders’ meeting to decide on ME’s proposal to dismiss the entire company board.
At the RS shareholders’ meeting on 6 October, regarding the agenda item on the board and its responsibilities, only one draft decision was submitted for voting – ME’s proposal to dismiss RS Board Chairman Jevgenijs Beļezjaks and Deputy Chairman Gatis Sniedziņš. This proposal, however, was not supported. No alternative proposals from other shareholders regarding the board and its responsibilities were submitted for voting.
As one of the shareholders of AS “Rīgas Siltums,” ME on 3 September proposed convening an extraordinary shareholders’ meeting, calling on all shareholders to decide on the RS board. According to ME’s assessment, the RS board was not ambitious enough and did not initially show active initiative to prevent the RS tariff from being increased. The RS board leadership organizes the board’s work and bears primary responsibility for the board’s delayed response regarding the tariff issue, which initially led to a higher RS tariff submission. As a result, ME as a shareholder had to become directly involved in organizing the work of the RS management and board to prepare a proposal for reviewing the submitted tariff, which ultimately reduced the RS tariff increase by 70%.
“Rīgas Siltums” is one of the main district heating suppliers in Riga. The company’s capital is owned 49% by the Riga City Council, 48.99% by the Latvian state (with ME as the shareholder), 2% by SIA “Enerģijas risinājumi. RIX,” and 0.005% by AS “Latvenergo.”