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DelfinGroup to choose independent members of supervisory board in international search
Emitents DelfinGroup, SIA (iepriekšējais nosaukums - ExpressCredit, SIA) (2138002PKHUJIMVMYB13)
Veids 2.2. Iekšējā informācija
Valoda EN
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Datums 2021-01-07 16:56:46
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Latvian financial group DelfinGroup will organize an international search to attract professional and independent members of supervisory board. This is a unique event in Latvia’s business environment and private sector, which may become in the future a new standard for those companies that really care about the implementation of the highest governance principles in managing local businesses in line with the recommendations of the OECD, Nasdaq Riga and the Baltic Corporate Management Institute.

SIA DelfinGroup is now in the process of transition from a limited liability company to a joint-stock company, that will conclude in the first quarter of this year. The reorganization process is expected to strengthen the foundations of the group’s corporate governance by forming a professional supervisory board, where a half of members will be independent and elected at the shareholders’ meeting for a period of five years.

Agris Evertovskis, a shareholder and co-founder of SIA DelfinGroup: “In Latvia, private companies very rarely organize public search to select members of supervisory board. It has historically been the practice that supervision of companies is more often entrusted to shareholders’ relatives, schoolmates, friends, or acquaintances. In such cases, personal qualities such as loyalty and ability to influence are more valued, rather than professional skills. It should be understood that the election of independent members of supervisory board means that shareholders assign the management of the company to independent professionals who act solely in the interests of the company, also considering the interests of other stakeholders, for example, investors and clientsbut not only the interests of one or several shareholders. I believe that in Latvia the practice of not employing professional members of supervisory board in private companies can be also explained by the fact that shareholders are most often very confident of their own abilities and do not appreciate the contribution that a professional supervisroy board with independent members can make to the company’s development opportunities, value, and competitiveness. Not only Latvia, but all three Baltic States lack such historic experience, that could also be due to the fact that all private companies are relatively young and most of large family businesses are still run by first-generation founders. With our example, we also want to inspire other companies to improve their governance and competitiveness by implementing the best international corporate governance practices.”

An international search will be organized to select three independent members of the supervisory board with experience in the field of corporate governance, ESG, finance, banking, fintech, e-commerce, cybersecurity, artificial intelligence, machine learning as well as other areas of financial and new technology management. Potential members of supervisory board must have at least five-year experience of working in a management position at a large and successful private or public company from the sectors of finance, e-commerce, or services.

The main task of the new supervisory board will be to supervise the strategic management of the group, including election and supervision of board members, approval of the group’s strategy and supervision of its implementation, supervision of risk management and implementation of the best corporate governance principles, as well as ensuring the interests of all shareholders. It is planned that the salary of council member will be EUR 10,000 – 25,000 per year.

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SIA DelfinGroup is a licenced financial sector company founded in 2009 and representing the brands of Banknote, VIZIA and Rīgas pilsētas lombards. The company employs 270 professionals at 90 branches located in 38 Latvian cities and towns. In 2019, the group paid EUR 2.97 million in taxes. SIA DelfinGroup is a member of the Latvian Chamber of Commerce and has received the Gold level status within the cooperation programme of the Latvian State Revenue Service. The core services of the group include pawnshop loans, consumer loans and senior loans, the terms of which are specially adapted for seniors. The bonds of DelfinGroup are traded on the Baltic First North bond list of Nasdaq Riga.

         Kristaps Bergmanis
         Phone: +371 29144168
         E-mail address: kristaps.bergmanis@delfingroup.lv

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