Strategic framework
General strategic objective
To ensure and provide high-quality and reliable water management services, ensure sustainable and safe use of water resources important for Riga and the management of its strategic infrastructure, and to promote the involvement of the residents in prevention of water pollution.
Vision
A sustainably managed and technologically advanced water management company, a reliable service provider, employer and cooperation partner.
Mission
We provide water management services for the development of the city and the well-being of its residents.
Sustainable Development Strategy 2040
Medium-term Operational Strategy 2022-2024 SUMMARY
NON-FINANCIAL OBJECTIVES
- improving energy efficiency, increasing the use of renewable energy sources and ensuring sustainable rehabilitation of sewerage networks;
- meet waste water treatment requirements and avoid deterioration of the environment;
- ensuring efficient use of water resources and sustainable renovation of water networks;
- developing availability of centralised water management services;
- raising public awareness of environmental protection, promoting research, digitisation and innovation;
- ensure the well-being, motivation and professionalism of staff;
- implementing responsible corporate governance.
FINANCIAL OBJECTIVES
- financial stability, maintaining proper liquidity ratios. Ensure that equity capital is not less than 35% of total assets and the debt service coverage ratio (DSCR) is not lower than 1.2;
- assets profitability, delivering stable annual returns. Average net profit margin during the period of three years is not less than 7%;
- Total amount of investments in medium term exceeds total depreciation. The fixed assets renewal to depreciation ratio shall not be less than 130%;
- increasing the efficiency of receivables recovery, with bad and doubtful debts to net turnover ratio not exceeding 2%;
- investment in research and development projects of at least 2% of investment per year.
Governance principles
LLC “Rīgas ūdens” is a company owned by the Riga State City Municipality. 100% of the capital shares are held by the Riga State City Municipality.
Management of the LLC “Rīgas ūdens” is implemented by the Riga City Council, the Meeting of Shareholders, whose functions are performed by the Shareholder representative - Chief Executive Officer of the Riga City, the Supervisory Board and the Management Board the LLC “Rīgas ūdens”.
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Governance documents
LLC “Rīgas ūdens” has a clear division of roles, powers and responsibilities. Riga State City Municipality and the LLC “Rīgas ūdens” implement the management of capital shares, respecting the competence and powers of the Shareholder representative, the meeting of shareholders, the Supervisory Board and the Management Board as defined in laws and regulations. In the cases provided for in the laws and regulations, decisions concerning the LLC “Rīgas ūdens” are also taken by the Riga City Council.
Process concerning selection and recalling of the members of the Supervisory Board and the Board is implemented in accordance with the procedures stated in Cabinet of Ministers Regulation No. 20 of 07.01.2020 "Procedures for the Nomination of Members of the Management Board and Supervisory Board in Capital Companies in which Capital Shares are Owned by the State or a Derivative Public Person".
The unified regulation of the process of selection and recalling of members of the Supervisory Board and the Board of public person’s capital companies, as well as the remuneration of the Supervisory Board and the Management Board is established by the laws and regulations of the Republic of Latvia - Law on Governance of Capital Shares of Public Entity and Management of Capital Companies Thereof and the Cabinet of Ministers' Regulations issued on its basis.
Supervisory Board
The Supervisory Board of LLC "Rīgas ūdens" was established on September 8, 2020, and consists of three members.
As the company's supervisory body, the Supervisory Board represents the shareholder's interests between shareholder meetings, oversees the Management Board’s activities, contributes to strategic development, and ensures effective financial and risk management oversight.
The board's principles of operation and key responsibilities are defined in the Articles of Association and the Supervisory Board's Regulations, in accordance with applicable laws and regulations.
Dace Ljusa
Chairwoman of the Supervisory Board
Tālis Juhna
Deputy Chairman of the Supervisory Board
Imants Paeglītis
Member of the Supervisory Board
Elected as a Member of the Supervisory Board of the LLC “Rīgas ūdens” on 08.09.2020. Dace Ljusa is responsible for financial matters and audit, risk management and internal control systems. Elected as the Chairwoman of the Supervisory Board on 15.08.2023.
Expiry of mandate: 07.09.2025
Professional work experience: Dace Ljusa is a Member of the Supervisory Board at the Vidzeme University of Applied Sciences, former Chairwoman of the Management Board at the JSC “SEB atklātais pensiju fonds”, and, prior to that, she has held office of a Member of the Supervisory Board at the LLC “Premium Medical”, office of a Member of the Management Board at the JSC “SEB Dzīvības apdrošināšana”/SEB Life and Pensions Baltic SE, as well as worked in the Ministry of Welfare of the Republic of Latvia, the Ministry of Finance of the Republic of Latvia and in the Treasury of the Republic of Latvia.
Education: Graduated from the University of Latvia and received a Master's Degree in Social Sciences. Studied at the Riga Technical University, where she received a Master's Degree in Engineering in Automated Control Systems Design.
Dace Ljusa was elected in the office in accordance with Law on Governance of Capital Shares of Public Entity and Management of Capital Companies Thereof and the Cabinet of Ministers Regulation No. 20 of 07.01.2020 "Procedures for the Nomination of Members of the Management Board and Supervisory Board in Capital Companies in which Capital Shares are Owned by the State or a Derivative Public Person" issued on the basis thereof, as an independent Member of the Supervisory Board.
Remuneration: monthly gross remuneration fixed by a decision of the meeting of shareholders at EUR 3,000.
Elected as a Member of the Supervisory Board of the LLC “Rīgas ūdens” on 19.01.2021. Tālis Juhna is responsible for ensuring water management services.
Expiry of mandate: 18.01.2026
Professional work experience: Academician Tālis Juhna is the Rector of the Riga Technical University (RTU) (elected 22.02.2023), Professor at the Institute of Water Systems and Biotechnologies, Faculty of Natural Sciences and Technology at the RTU, Full Member of the Latvian Academy of Sciences, Chairman of the Latvian Science Council (LSC) Advisory Board, LSC Expert in Environmental Biotechnology and Construction and Transport Engineering, Chairman of the LSC Expert Commission on Engineering and Technology. He is a member of the commission of the Latvian Heating, Gas and Water Engineer Association (LHGWEA). Active in scientific, pedagogical and organisational activities in Latvia and abroad, internationally recognised and highly qualified scientist. Areas of research of Tālis Juhna are: ensuring water quality in urban environment and energy generation from wastewater and renewable natural resources.
Education: Graduated from Lulea Technical University, Sweden, with a PhD in Engineering, equivalent to a PhD in engineering in water technology. Studied at the Royal Technical University in Stockholm, Sweden, receiving an International Master's Degree in Environmental Engineering.
Tālis Juhna is elected to office in accordance with the Law on Governance of Capital Shares of Public Entity and Management of Capital Companies Thereof and the Cabinet of Ministers Regulation No. 20 of 07.01.2020 "Procedures for the Nomination of Members of the Management Board and Supervisory Board in Capital Companies in which Capital Shares are Owned by the State or a Derivative Public Person" issued on the basis thereof, as an independent Member of the Supervisory Board.
Remuneration: monthly gross remuneration fixed by a decision of the meeting of shareholders at EUR 2,700.
Elected as a Member of the Supervisory Board of the LLC “Rīgas ūdens” on 10.08.2023. I. Paeglītis is responsible for strategy development and implementation, corporate governance, business, team and stakeholder management.
Expiry of mandate: 10.08.2028
Professional work experience: Imants Paeglītis has more than 15 years of experience in managing large companies. During his previous work experience, he has held the office of Chairman of the Management Board of the LLC (SIA) “Rīgas Austrumu klīniskās universitātes slimnīca” and Member of the Management Board of the SJSC “Ceļu satiksmes drošības direkcija”, as well as Member of the Supervisory Board of the SJSC “Pasažieru vilciens” and Chairman of the Supervisory Board of the SJSC “Latvijas loto”.
Education: Imants Paeglītis holds a Professional Master's Degree in management of companies and organisations, received at the RTU Riga Business School, as well as a qualification of engineer.
Imants Paeglītis is elected to the office according to the Law on Governance of Capital Shares of Public Entity and Management of Capital Companies Thereof and the Cabinet of Ministers Regulation No. 20 of 07.01.2020 "Procedures for the Nomination of Members of the Management Board and Supervisory Board in Capital Companies in which Capital Shares are Owned by the State or a Derivative Public Person" issued on the basis thereof, as an independent Member of the Supervisory Board.
Remuneration: monthly gross remuneration fixed by a decision of the meeting of shareholders at EUR 2,700.
Management Board
The Management Board of LLC "Rīgas ūdens" consists of three members.
The board oversees and manages the company's commercial activities, ensuring compliance with accounting regulations and legal requirements. It is responsible for managing the company’s assets and financial resources in accordance with laws, the Articles of Association, and shareholder decisions.
The Management Board operates based on the principles set out in the Articles of Association and its own Regulations, in line with applicable laws. The board collectively represents the company, and its members may authorize one or more of their peers to handle specific transactions or types of transactions.
Krišjānis Krūmiņš
Chairman of the Management Board
Normunds Zvaunis
Member of the Management Board
Agnese Ozolkāja
Member of the Management Board
Member of the Management Board of the LLC “Rīgas ūdens” since 2023. Areas of responsibility in the capital company: financial management, including management of the budget and tariff development and execution control processes, organisation of accounting in compliance with the laws and regulations and management of international fundraising, customer relationship management, management of real estate lease, rent and disposal issues, management of provision of unified electricity, heat and gas service, supervision of water quality and wastewater quality control, real estate (including properties in use) management, renovation and development planning and implementation of plans, management of the budgeting and execution control process for the staff remuneration system and supervision of remuneration calculation, management of risk management processes and safety measures in her areas of governance.
Expiry of mandate: 24.09.2028
Professional work experience: Agnese Ozolkāja has almost 20 years of experience related to the area of credit institutions. Previously, Agnese Ozolkāja was the Head of the Riga Corporate Finance Department at the JSC “SEB banka”, and previously she has held position of a Member of the Management Board at the LLC “SEB līzings”.
Education: Professional Master's Degree in study programme “International Finance” from the RISEBA University of Business, Arts and Technology, as well as a Bachelor's Degree in Business Administration.
Remuneration: monthly gross remuneration fixed by a decision of the meeting of the Supervisory Board at EUR 7,291.
Member of the Management Board of the LLC “Rīgas ūdens” since 2010. Areas of responsibility in the capital company: management of water extraction, storage, preparation for use up to delivery into the centralised water supply network and supply to the ownership boundary, management of wastewater collection, treatment, and discharge, management of matters related to civil defence, creation and management of unified security and labour safety system, management of information technology and telecommunications, management and provisioning of transport, management of risk management processes and security measures in his areas of governance.
Expiry of mandate: 14.05.2026
Professional work experience: Normunds Zvaunis' work experience is related to economic and business issues, as well as work in public administration and European Union institutions. Previously, he worked in the Ministry of Finance as an advisor to the Minister, after Latvia's accession to the European Union, he worked as an assistant to the Head of the Latvian Translation Unit and Head of the Publication Unit at the Secretariat General for Translation and Publication of the European Parliament in Luxembourg, prior to that, he worked in the Ministry of Regional Development and Local Government Affairs as Head of the Programme Implementation Unit of the Programme Department, besides he has worked as a senior expert at the Budget Execution and Monitoring Department of the Treasury and as the Chief Specialist at the Economics Unit of the Ventspils City Council.
Education: Graduated from the Institute of International Relations, Faculty of Economics and Management of the University of Latvia, with a Master's Degree, studied in the Management Science Unit of the Ventspils University College and received a Bachelor's Degree.
Remuneration: monthly gross remuneration fixed by a decision of the meeting of the Supervisory Board at EUR 7,291.
Member of the Management Board of the LLC “Rīgas ūdens” since 2014, Chairman of the Management Board of the LLC “Rīgas ūdens” as of 13 January 2022. Areas of responsibility in the capital company: management of the development and implementation of the operational strategy, management of the implementation of a unified quality management, internal control system, risk management system and internal audits, management of legal matters, including litigation, document management, public relations, management of the development planning and plan implementation concerning rehabilitation, expansion and technological upgrade (including automatic control systems and electricity supply) of the water management infrastructure (including water production, water supply and sewerage networks, wastewater treatment), management of the planning and implementation of projects co-financed by the European Union and strategic projects, management of infrastructure and technological development and real estate construction projects (including those in use), management of risk management processes and course of security measures in his areas of governance and supervision of the risk management processes.
Expiry of mandate: 13.01.2027
Professional work experience: Krišjānis Krūmiņš has built his work experience in construction project management.
Director of the Infrastructure Development Department at the LLC “Rīgas ūdens” as of the day of its establishment on 1 November 2018 until 2022. From 2013 to 2014: Deputy Director of the Technical Department of the LLC “Rīgas ūdens”. From 2011 to 2013, he worked as a Construction Project Manager in the Regional Office of the US Investment Fund NCH Group; from 2008 to 2011: as the Director of the Infrastructure Maintenance and Development Department at the State Joint-Stock Company "Starptautiskā lidosta "Rīga"", from 2006 to 2008: as the Technical Director of the real estate development holding “Modern City”.
Education: Graduated from the Riga Technical University with a Master's Degree in Heat, Gas and Water Engineering Systems, as well as an engineer’s qualification in construction and a Bachelor's Degree in Building Science. Graduated from the RTU Riga Business School, receiving a Master's Degree in the Professional MBA programme.
Remuneration: monthly gross remuneration fixed by a decision of the meeting of the Supervisory Board at EUR 8,102.
Files and reports
Policies
- Responsible business policy
- Corporate governance policy
- Energy management policy
- Policy on prevention of conflict of interest and corruption risk
- Risk management policy
- Whistleblobing policy
- Human resources policy
- Internal audit policy
- Internal control system policy
- Procurement organisation policy
- Corporate social responsibility and sustainability policy
- Environment policy
- Human resources pay and selection policy
- Privacy policy
- Supplier code of conduct