On Wednesday, 22 September 2021, the Latvian transmission system operator AS Augstsprieguma tīkls has established an Audit Committee, in connection with the planned issuance of bonds, according to the decision made at the Shareholders' Meeting of AST.

The AST Audit Committee has three members and consists of two independent members of the Audit Committee selected in an open competition – Andris Puriņš and Ivars Blumbergs, as well as Madara Melne, member of the Supervisory Board of AST.

Andris Puriņš holds a bachelor’s degree in Economics and Business Management from the Stockholm School of Economics in Riga, as well as a master’s degree in Professional Accounting from the University of London, and holds the Fellow of the Association of Chartered Certified Accountants status. His significant professional experience and knowledge in the field of finance, preparation of financial statements, risk management and strengthening of the internal control environment of companies, will ensure the successful implementation of the tasks assigned to the Audit Committee.

Ivars Blumbergs holds a Professional Master's Degree in Business Administration (EMBA) from the Stockholm School of Economics in Riga, as well as a master’s degree in Economics from the University of Latvia. Professional experience and knowledge of economics, business management, more than 20 years of experience in the financial and business management, auditing and the qualification of a sworn auditor, are essential to ensure the effective functioning of the AST Audit Committee.

“Improving the corporate governance model by setting up an audit committee is one of the key conditions for the successful start of AST in the bond market. Trust of the investors and transparency of the data provided by the company shall be at the highest level, which will be ensured by attracting independent and experienced professionals,” says Gunta Jēkabsone, Chairperson of the Board of AST.

The Committee has been established in accordance with the requirements specified in the regulatory enactments for capital companies that issue securities. The main task of the Audit Committee is to ensure the protection of the interests of the shareholder and the Shareholder’s Meeting regarding the preparation of the annual reports, their audit and the effectiveness of the internal control, risk management and internal audit system as far as the reliability and objectivity of the annual report are concerned.

More information on the AST Audit Committee can be found here.