OREANDA-NEWS. December 16, 2011. There were 93.47% of the shares with voting rights represented in the extraordinary shareholders’ meeting of JSC “Latvijas kugnieciba” (NASDAQ OMX RIGA: LSC1R) that was held on December 7.

The shareholders’ meeting dismissed all members of the Supervisory Council of JSC “Latvijas kugnieciba” (LK) and took notice of the fact that Olga Petersone herself has left the position of member of the LK Supervisory Council.

The extraordinary shareholders’ meeting elected a new Supervisory Council consisting of 12 members. Out of the elected members of the company’s Supervisory Council, Serguei Choutov and ivars Girgensons were not in the composition of the previous Supervisory Council. The following persons were elected in the new Supervisory Council –Simon Boddy, Mikhail Dvorak, Christophe Theophanis Matsacos, Rubil Yilmaz, Vladimir Egger, Javed Ahmed, Mark Morrel Ware, Olegs Stepanovs, Martins Kveps, Serguei Choutov, Jaakko Sakari Mikael Salmelin and Ivars Girgensons.

The extraordinary shareholders’ meeting assigned Simon Boddy, member of the newly elected Supervisory Council, to convene the first meeting of the newly elected Supervisory Council of joint stock company “Latvijas kugnieciba”, as well as to take other necessary actions in this regard.

The shareholders’ meeting adopted a resolution that the new Supervisory Council – the same as the previous – will work without any remuneration. The Supervisory Council is elected for 5 years.

At the moment, out of 12 members elected into the LK Supervisory Council:

- Seven were nominated for election by the shareholder JSC“Ventspils nafta”, which owns 49.94% of the company’s shares –Simon Boddy, Mikhail Dvorak, Christophe Theophanis Matsacos, Rubil Yilmaz, Vladimir Egger, Javed Ahmed and Mark Morrel Ware.

- Three were nominated by the shareholder JSC “International Baltic Investments”, which owns 27.55% of LK’s shares, and they are Martins Kveps, Olegs Stepanovs, Sergejs Sutovs.

- One Supervisory Council member – Ivars Girgensons – was nominated by the shareholder State Social Insurance Agency, which holds 10% of the state-owned shares of the company.

- One Supervisory Council member – Jaakko Sakari Mikael Salmelin –was nominated by a number of investment funds that own LK shares.

Ivars Girgensons, who was nominated for work in the LK Supervisory Council by the State Social Insurance Agency, is a lawyer in the corporate finance company “Confide”. His main area of specialization is civil law and commercial law. Previously he has managed “Creative Consultation Centre” Ltd, has worked for“Baltijas Ofiss” Ltd, “Akvasips” Ltd, has been a manager of a branch of JSC “SEB banka”.