In the first panel discussion ‘Openness – or nothing in excess is good?’, the Member of the Board and Chief Financial Officer of Latvijas Gāze Inga Āboliņa shared the experience of the company in ensuring openness and transparency.

During the discussion, Inga Āboliņa emphasised that it is important for Latvijas Gāze to be honest and trustworthy: “I believe that honesty is the foundation of everything, and our actions must be in line with what we say in public. We work very seriously and diligently on all corporate governance documents to achieve the credibility of our shareholders, the public, and our employees. For example, when developing a policy, we are confident that it will be implemented and will improve both the ethical standards and processes of the company.”

During the discussion regarding the involvement of shareholders in the corporate governance processes of a company, Inga Āboliņa admitted that sometimes, it is challenging, because the company often has to look for the happy medium to ensure that the interests of four large international corporations are respected.

Inga Āboliņa emphasised the importance of proper communication when explaining the performance of the company: “Currently, when our company like other energy traders, is in an unusual position, it is particularly important for the public and shareholders to show and explain our financial results, as they can be easily interpreted. For example, in our 9-month financial statement, we saw that the company had large losses during the period. The negative impact is due to the fact that in compliance with high-risk management standards, we use modern financial instruments. By evaluating these results in the long-term view and by properly explaining them, we give our shareholders and the public confidence that such results are appropriate for the current situation. To raise awareness and explain our financial outcomes, we regularly organise webinars where anyone can participate.”

The discussions are organised by the Corporate Governance Advisory Board in cooperation with the Ministry of Justice, the Ministry of Finance, Nasdaq Riga, the Financial and Capital Market Commission and other partners interested in good corporate governance in Latvia.

Discussion ‘How do you stay transparent and still play the field?’ is the sixth and final in the cycle of discussions on better corporate governance in 2021.