The extraordinary shareholder meeting of JSC Development Finance Institution Altum (hereinafter – the Company), the parent company of JSC Development Finance Institution Altum Group, was held on December 15, 2021 from 13:00 to 14:30 in the premises of the Company at Dome Square 4, Riga. Meeting was organized by using remote connection options.

The shareholders' meeting discussed issues of (i) the operational plan and budget of the Company for year 2022, (ii) the cost estimates of the Internal Audit Division of the Company for year 2022, (iii) the operational plan of the Internal Audit Division of the Company for year 2022, (iv) on the increasing of the reserve capital and transferring of the funds to the reserve capital for financing study and student loan guarantee programme, (v) on the increasing of the reserve capital and transferring of the funds to the reserve capital to fund the supporting of the agricultural, fisheries and rural development guarantee programme, (vi) on the operational results of the 2nd and 3rd generation venture capital funds and parameters of the 5th generation venture capital instrument, (vii) on the performance assessment of JSC Attīstības finanšu institūcija Altum for the year 2020.

The following decisions were made in the shareholder meeting:

1. to approve the operational plan and budget of the Company for year 2022;

2. to approve the cost estimates of the Internal Audit Division of the Company for year 2022;

3. to approve the operational plan of the Internal Audit Division of the Company for year 2022;

4. to increase the Company’s reserve capital and transfer EUR 154 780 to the reserve capital for funding of the study and student loan guarantee programme;

5. to increase the Company’s reserve capital and transfer EUR 5 787 948 to the reserve capital for funding of the supporting of the agricultural, fisheries and rural development guarantee programme;

6. to take note of the reports of the Company’s Management Board and Supervisory Board on the fulfillment of the Company’s financial and non-financial KPI’s for the year 2020, as well as the Cross-Sectoral Coordination Center’s report on Performance results for the year 2020; to evaluate the Company’s performance results for the year 2020 as “very good”;

7. to revise the monthly salaries of the members of the Supervisory Board of AS Attīstības finanšu institūcija Altum. 

JSC Attīstības finanšu institūcija Altum (JSC Development Finance Institution Altum) is a Latvia state-owned company that ensures access of the enterprises and households to the financial resources by means of support financial instruments - loans, guarantees, investments in venture capital funds - in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. On 25 March 2019 Moody’s Investors Service (Moody’s) reconfirmed Altum’s Baa1 long-term issuer rating, with outlook stable. The baseline credit assessment (BCA) was upgraded to investment grade rating baa3. The assigned Moody’s rating of Altum is one of the highest credit ratings assigned to corporate entities in Latvia. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga. 

         Laura Lapkovska
         AS Attīstības finanšu institūcija Altum Investors Relationships Division
         Tel.: +371 26165699
         E-mail: Laura.Lapkovska@altum.lv