Taking into account ongoing corporate governance issues at Rīgas Siltums, Baltic Institute of Corporate Governance (BICG) has decided to expel the company as a corporate member.
The respective decision was made by the Board of the BICG on Tuesday.
It was made with concerns regarding oversight, accountability, management of the conflicts of interests, procurement and other practices at the company.
Among other things, such practices do not align with the Code of Ethics of the BICG, which calls for integrity, transparency, and accountability.
The individual memberships of the Supervisory Board and Management Board members involved with relevant governance decisions are suspended by the BICG, pending further review.
Promoting good corporate governance practices in Latvia, Lithuania and Estonia, the BICG advocates for a more professional, transparent and accountable governance of state- and municipality-owned enterprises as well as other companies.
