Supervisory Board

During the intervals between shareholder meetings, the interests of the shareholder of AS ‘Augstsprieguma tīkls’ (AST) are represented by the AST Supervisory Board, which uses carefully selected and effective management tools to supervise the activities of the AST management board and ensure that the value of the company increases.

The number of AST Supervisory Board members is determined by the Cabinet of Ministers, in accordance with the indicators showing the size of AST. The term of office of AST Supervisory Board members is determined by applicable binding laws and regulations.

The Supervisory Board participates in the strategic development of AST and supervises its finance and risk management system. The key principles for the operation of the Supervisory Board, and its main tasks, duties, and responsibilities, are governed by laws, the AST articles of association, and the bylaws of the Supervisory Board.

The AST Supervisory Board fulfils its duties and adopts decisions in a fair and objective manner, in compliance with laws and regulations, and the actions of the Supervisory Board comply with the highest standards of professional practice and ethics.

The salaries of the chairman and members of the AST Supervisory Board are determined in accordance with the Law on Governance of Capital Shares of a Public Person and Capital Companies and the Cabinet Regulations issued on its basis, including recommendations from the guidelines issued by the Cross-Sectoral Coordination Centre. The applicable laws and regulations set up a uniform framework for determining the remuneration of the Supervisory Board chairman and Supervisory Board members.

Authorisation agreements are concluded with the AST Supervisory Board chairman and Supervisory Board members, and they are not subject to the provisions of the AST collective bargaining agreement.

The AST Supervisory Board chairman and Supervisory Board members are not paid any bonuses, and they do not receive any retirement benefits or other compensations of any kind.

To further enhance the efficiency of Latvia’s transmission system operator JSC “Augstsprieguma tīkls” (AST), its shareholder – the Ministry of Climate and Energy – 27.12.2024 has decided to further reduce the number of supervisory board members. While AST’s statutes permit a five-member supervisory board, the current four-member structure has proven effective in overseeing the management board’s activities. Starting in 2025, the supervisory board will be reduced to three members.

In addition to reducing the number of supervisory board members, and in line with good governance principles, the shareholder has decided to hold an open competition for the vacant supervisory board positions. During the competition process, Līga Rozentāle will temporarily serve on the supervisory board. To ensure the continuity of energy sector expertise and experience, as well as the effective strategic oversight of AST, Olga Bogdanova has been re-elected for a new term of office in accordance with applicable law*.

Once the amendments to the law “On the Prevention of Conflicts of Interest in Activities of Public Officials” come into force, the requirement to comply with these amendments until August 31, 2025 will be introduced, ensuring effective corporate governance of the company.


* The law “On the Prevention of Conflicts of Interest in Activities of Public Officials” (Par interešu konflikta novēršanu valsts amatpersonu darbībā").

+ Dr. oec. Olga Bogdanova - Chairperson of the Supervisory Board

Olga_Bogdanova_M.jpg

Work experience

2019 — Present

AS ‘Augstsprieguma tīkls’, deputy Chairman of the Supervisory Board

2016 — 2019

AS ‘Augstsprieguma tīkls’, member of the Supervisory Board

2023 — Present

Ministry of Finance of the Republic of Latvia, deputy State Secretary on tax administration policy and shadow aconomy issues

2023 — Present

Association "Latvian National Committee of the World Energy Council", President

2018 — Present

Ministry of Finance of the Republic of Latvia, head of the Tax Administration and Public Interest Policy Department

2018 — Present

World Energy Council, expert, participant in the Future Energy Leadership project

2021 — Present World Energy Council, Chairperson of the Management Team of the Future Energy Leaders Programme in Latvia

2017 — Present

Latvian Science Council, expert

2021 — Present

University of Latvia, Associate Professor at Faculty of Business, Management and Economics

2016 — 2018

Ministry of Economics of the Republic of Latvia, head of the Energy Market and Infrastructure Department

2016 — 2022

Riga Technical University, lecturer at the International Business and Customs Institute of the Faculty of Engineering Economics and Management

2016

Ministry of Economics of the Republic of Latvia, acting deputy state secretary in energy affairs

2014 — 2016

Ministry of Economics of the Republic of Latvia, deputy head of the Energy Market and Infrastructure Department, head of the Energy Market Section

2013 — 2014

Ministry of Economics of the Republic of Latvia, head of the Energy Market and Infrastructure Section

2010 — 2013

Ministry of Economics of the Republic of Latvia, senior consultant at the EU Commodity and Service Market Section, Internal Market Department (reorganised section deputy head position, with additional deputy head duties)

2006 — 2010

Ministry of Economics of the Republic of Latvia, deputy head of the EU Commodity and Service Market Section, Internal Market Department

2006

Ministry of Economics of the Republic of Latvia, senior consultant at the EU Commodity and Service Market Section, Internal Market Department

2005

Ministry of Economics of the Republic of Latvia, senior consultant of the Section for EU Affairs administration, Department of International Economics

2005 — 2014

Riga Technical University, guest lecturer at the International Business and Customs Institute of the Faculty of Engineering Economics and Management

Education

2007 — 2012

Riga Technical University, doctoral degree in Economics at the International Business and Customs Institute of the Faculty of Engineering Economics and Management

2003 — 2006

Riga Technical University, master’s degree in Management Science, Management of International Economics (with honours)

2004 — 2005

Pforzheim Fachhochschule, Germany, International Management Programme, advanced vocational training diploma

2003 — 2006

Riga Technical University, Institute of Humanities, additional studies in Teaching Science, with a speciality in teaching engineering subjects

2000 — 2003

Riga Technical University, bachelor’s degree in Management Science, Management of International Economics (with honours)

Term of office: 30.12.2024.

Olga Bogdanova was elected in accordance with the Law on Governance of Capital Shares of a Public Person and Capital Companies, and Cabinet Regulation 686 ‘Procedure according to which Supervisory Board and board member candidates are nominated in companies, in which the state has the right, as a shareholder, to nominate Supervisory Board and board member candidates, namely, state-owned companies that have a Supervisory Board’ issued in 2015, on the basis of that law, as a Supervisory Board member affiliated with a shareholder.

+ Līga Rozentāle - Deputy Chairperson of the Supervisory Board

Pilnvaru termiņš: no 2024.gada 31.decembra līdz dienai, kad kandidāti darbam AS "Augstsprieguma tīkls" padomē ir nominēti Publiskas personas kapitāla daļu un kapitālsabiedrību pārvaldības likuma 31. un 108.panta kārtībā un ir pieņemts lēmums par šo kandidātu ievēlēšanu AS "Augstsprieguma tīkls" padomē

AS ‘Augstsprieguma tīkls’ Supervisory Board regulations.
Amended and new version approved at the 26 November 2021 meeting of the AS ‘Augstsprieguma tīkls’ Supervisory Board.