Renesource Capital operations are governed by:
- meeting of shareholders;
- Supervisory Board (Council);
- Executive Board (Board of Directors).
The shareholders exercise the right to participate in the Company’s management by means of meeting of shareholders. Meeting of shareholders is convened annually in cases and order specified by the Commercial Law of the Republic of Latvia. The competence of the meeting of shareholders includes approval of the annual report, decision-making on the use of the profits, the issuance and conversion of the securities, amending the Articles of Association, increasing or reducing equity capital, the election and recall of members of the council, the auditors, the company controllers and liquidators as well as other important issues related to the company operations.
The Supervisory Board of Renesource Capital is the supervisory governing body, which represents the interests of stockholders during the time periods between the meetings of stockholders. In accordance with the Articles of Association of Renesource Capital, the Supervisory Board of the Company consists of three members, and the Supervisory Board is elected for a period which is not longer than three years. The main tasks of the Supervisory Board are to supervise the activities of the Executive Board of the Company and to elect and recall members of the Executive Board. The Supervisory Board of Renesource Capital consists of industry professionals who ensure the objective and impartial supervision over activities of the Executive Board of the Company and provide independent and professional comments, criticisms, and advices.
Operation of Renesource Capital is organized and managed by the Executive Board. In accordance with the Articles of Association of Renesource Capital, the Executive Board of the Company consists of two members, and one of them is appointed by the Supervisory Board as the chairperson of the Executive Board. The Executive Board is elected for three years. The Executive Board of the Company consists of highly qualified specialists who, in addition to their duties of the members of the Executive Board, provide supervision over activities of the departments.
In accordance with the Articles of Association of Renesource Capital, representation rights and authorities to sign are distributed in such a manner that both the chairperson of the Executive Board and the member of the Executive Board have the right to represent the Company individually and independently. Meetings of the Executive Board are convened as necessary.
The system of the corporate governance of Renesouce Capital is supplemented also by other department heads and managers whose competence includes implementation of decisions of the Supervisory and the Executive Boards as well as management of the corresponding area of the Company’s activities.