Ventspils nafta
 
 

Management  Structure

 

The administrative bodies of JSC Ventspils nafta are the shareholders’ meeting, Supervisory Council and Management Board.

Shareholders’ meeting

Only the company’s shareholders` meeting has the right to approve the company’s annual report; utilisation of profit of the previous operating year; election and dismissal of the Supervisory Council members, auditors, the company’s controllers and liquidators; amendments to Articles of Association; increase or reduction in the share capital; issue and conversion of the company’s securities; termination, continuation or reorganisation of the company’s operation, as well as to decide on other matters prescribed by law.

Supervisory Council

The Supervisory Council is the company’s supervising institution, which represents the interests of shareholders between meetings and supervises operation of the Management Board within the framework fixed by law and the Articles of Association. The Supervisory Council acts in accordance with the Articles of Association and the Regulations of the Supervisory Council, and its tasks include election and dismissal of Management Board members, supervision of the Management Board’s activities; reviewing of the company’s annual report and the Management Board’s proposal for utilisation of profit etc.

Management Board

The company’s executive body is the Management Board, which represents and manages the company, and is responsible for its business activity and compliance of the company’s accounting with the law. The Management Board manages the company’s property and resources in accordance with the law, the company’s Articles of Association, and resolutions adopted by the Shareholders’ Meeting and the company’s Supervisory Council. The Management Board consists of four members who are elected for three years. The Management Board is currently working in incomplete composition.