Joint Stock Company „Latvijas kuģniecība” (Latvian Shipping Company (LSC)) has received a letter from its shareholder with the request to ask the JSC „Ventspils nafta” to publish information on the Supervisory Council member candidates. At the same time the shareholder expresses his concern that certain persons, who are involved in court and criminal cases in defraud of large money resources from the LSC might be elected in the management institutions of LSC.

 

JSC „Ventspils nafta” is majority shareholder of LSC, at the request of which LSC extraordinary shareholders’ meeting is convoked on 17 December 2010; the agenda of the meeting, among other issues, includes elections of the Supervisory Council.

 

„Principles of Corporate Governance and Recommendations on their Implementation” approved by the Management Board of stock exchange JSC „NASDAQ OMX Riga” Clause 1.8 provides that candidates to the supervisory council and candidates to other offices shall be nominated in due time so that the information on the said persons would be available to the shareholders at least fourteen days prior to the shareholders’ meeting. But Clause 1.9 of the „Principles of Corporate Governance and Recommendations on their Implementation” prescribes that especially, attention should be paid that the shareholders at least fourteen days prior to the shareholders’ meeting have the possibility to acquaint themselves with information on supervisory council member candidates and audit committee candidates whose approval is planned at the meeting. When disclosing the said information, also a short personal biography of the candidates shall be published. Considering that JSC “Ventspils nafta” up to now has not published information on council member candidates LSC requires doing that immediately. 

 

 

 

Additional information:

Ģirts Apsītis

Adviser of the Chairman of the Management Board

Latvian Shipping Company

Phone: +371 67020126