The establishment of the Audit Committee complies with the requirements set out in the Financial Instruments Market Law and EU Regulation No. 537/2014, which impose an obligation to form an audit committee for bond issuers. The committee consists of three members — one member of the company’s Supervisory Board and two independent members.
The open competition for the independent positions attracted 23 applications. The Selection Committee consisted of Dace Ljusa, Chair of the Supervisory Board of LLC “Rīgas ūdens”; Kaspars Gorkšs, Director General of the Latvian Employers’ Confederation; and Agata Anča-Kalniņa, a representative delegated by the Baltic Institute of Corporate Governance. The competition was organised in three rounds. The decision to approve the new Audit Committee members was made by the shareholders’ meeting.
Guntars Ruža is a finance and corporate management professional with over 30 years of experience in corporate governance, auditing and strategic development. He has held senior positions in major companies and their governing bodies, including the LPKS “Latraps” group and Latvenergo AS. Previously, he worked in leadership roles at Møller Auto Baltic, Ernst & Young Baltic, and Arthur Andersen, covering financial management, restructuring and audit practice. He holds a Master’s degree in International Law, a diploma in Accounting, and is a Certified Auditor.
Juris Lapše is a finance and audit professional with more than 30 years of international experience in corporate governance and auditing. He is a Certified Auditor and was a long-standing partner at PricewaterhouseCoopers, leading projects in 12 countries, including for companies listed on the London, Warsaw and Riga stock exchanges. He has served on the supervisory board and audit committee of Latvijas Gāze AS and on the board of Paula Stradiņš Clinical University Hospital. He holds a Master’s degree in Economics and is authorised to provide assurance on sustainability reporting.
Dace Ljusa has been a member of the Supervisory Board of LLC “Rīgas ūdens” since 2020 and its Chair since 2023, with responsibility for financial matters, audit, risk management and internal control systems. She has extensive experience in corporate governance and the public financial sector, including serving on supervisory and management boards as well as in public administration. She is a member of the Vidzeme University of Applied Sciences Council and holds a Master’s degree in Social Sciences and a Master’s degree in Engineering in Automated Control Systems Design.
The establishment of the Audit Committee at LLC “Rīgas ūdens” is in line with OECD principles of good corporate governance and the recommendations of the Baltic Institute of Corporate Governance.
About SIA “Rīgas ūdens”
Ltd. “Rīgas ūdens” is the largest water utility company in Latvia, providing water abstraction, treatment, and supply, as well as wastewater collection and treatment services in Riga and the surrounding area. The company’s priorities are delivering high-quality services, developing infrastructure, and ensuring sustainable use of resources. “Rīgas ūdens” is the first municipal company in Latvia to secure financing through the capital market and the first company in Northern Europe to issue bonds in accordance with the European Green Bond (EuGB) Standard.