The Ministry of Economics, holder of state capital shares of the stock company Latvenergo, has announced a tender and invites candidates to apply for 5 positions of members, including at least 2 independent members, of the Council of the stock company Latvenergo until 29th August.
In order for the Council to ensure the long-term development, strategic management, as well as monitoring of finances and risks of the Group, a candidate for the position of member of the Council of the stock company Latvenergo is expected to have an understanding of the principles of operation of the Group and its impact on the national economy of Latvia, as well as knowledge concerning issues of financial management, understanding of issues of corporate governance, strategic and analytical thinking, persuasion, communication and cooperation skills, as well as the ability to make decisions, leadership and monitoring skills.
Candidates for the position of member of the Council must comply with at least one of the criteria concerning experience – at least three years of experience in a position of member of the management board or the council of a large state capital company operating in a similar field, at least three years of experience in a position of member of the management board or the council of a large private capital company, or at least three years of experience in a managerial position in an institution, which is responsible for the formation of the policy of sector within the field of operation of the respective capital company.
The Nomination Commission is established to ensure the selection process and assessment of candidates, and is constituted by representatives nominated by the holder of state capital shares, the representative nominated by the coordination institution of public capital shares governance (Cross-Sectoral Coordination Centre), independent experts, as well as an independent observer with advisory rights, in order to ensure transparency of the conformity assessment process. Furthermore, in order to ensure a professional process of selection and assessment of candidates, a professional personnel selection company Fontes Executive Search SIA is involved, representatives of which participate in the work of the Nomination Commission, using their advisory rights.
Selection of candidates will be implemented both in Latvia and internationally, and it will be organized in several rounds.
During the selection process, conformity of candidates with formal requirements, as well as the vision of candidates, submitted in writing, concerning future challenges of the stock company Latvenergo, including the impact of the Group on the national economy of Latvia, will be assessed. Also face-to-face interviews with candidates and in-depth assessment of social competences will take place during the assessment process. Based on the assessment results, the Nomination Commission will decide to recommend the most suitable candidates to the holder of capital shares, which will inform the candidates nominated for the position in the Council.
More information about the requirements and application is available on the homepage of the Ministry of Economics.
Latvenergo Group is the largest energy supplier in the Baltics, which deals with the generation and supply of electricity and thermal energy, provision of electricity distribution services and rental of transmission assets.
According to conformity with the criteria determined in the Law on Governance of Capital Shares of a Public Person and Capital Companies, and by implementing recommendations of OECD, the stock company Latvenergo forms the Council for the purpose of increasing efficiency of the monitoring of assets owned by the company.
More information for applicants
Fontes Senior consultant
Information prepared by:
Public Relation Division
Ministry of Economics