Latvenergo is recognized as the TOP101 Most Valuable Company in Latvia

Riga, November 25, 2020 – The list of the TOP101 Most Valuable Latvia`s Enterprises in 2020, created by Nasdaq Riga and Prudentia, was made public at a press conference on November 25. Latvenergo is recognized as the most valuable company in Latvia, with an enterprise value of 1.65 billion euro.




Latvijas Valsts Meži with an enterprise value of 1.16 billion euros retains the 2nd place in the TOP101 list, showing the highest growth rate of value within the TOP101, namely 54% compared to the value in the top of last year. RIMI Latvia has risen from 5th place last year to 3rd place this year, reaching 577.6 million euros of value.

For the second year in a row, Vilniaus Prekyba was recognized as the most valuable company in the Baltic TOP10 list with 3.69 billion euros of value. The Swedbank Group retains the 2nd place in the Baltic TOP10, while Latvenergo ranks 3rd, thus becoming the most valuable energy company in the Baltics.


When receiving the award Chairman of the Management Board of Latvenergo Guntars Baļčūns emphasized the Group's activities in new strategic directions - electromobility, use of alternative energy sources, which complement Latvenergo's existing core businesses. The Group has developed its operations in new markets and offers services that are not in the range of traditional energy companies.


“It is important to look to the future - it is clear that the importance of electricity will continue to grow and we may surely predict that a future without electricity is not possible. I am convinced that business thinking is changing, technology is changing and the business environment is changing as well. The world is becoming more and more aware of the need for clean air and a green environment. These will also be the defining arguments that will move Europe and hopefully the world towards a climate-neutral economy over the next 10 to 30 years. To an economy that is unthinkable without renewable energy and efficient technological solutions,” Guntars Baļčūns said.


This year, together with the most valuable companies in Latvia, TOP101 also was announced of the Most Valuable Enterprises in Estonia. The total value of the TOP101 Most Valuable Enterprises in Latvia reaches 16.4 billion euros, while in Estonia 20.7 billion euros. In terms of sectors, Latvia is dominated by the trade (consumer goods) sector, while Estonia is dominated by real estate operations.


“As a result of the pandemic, the value of companies will more than ever depend on their ability to adapt to changes quickly,” Kārlis Krastiņš, the CEO of Prudentia emphasized.


In line with global trends in good governance, the benchmark has revised and introduced new evaluation criteria for publicly available information on corporate governance and openness to public. Starting this year in addition to the existing criteria, the following aspects of governance disclosed by companies are assessed: diversity, or whether both genders are represented on the Supervisory and Management Boards, the presence of independent supervisory board members, and clear declaration of their independence; as well as the existence of corporate governance and sustainability reports.


“Nasdaq is taking an active role in promoting good governance, diversity and gender equality, and sustainable business. Our goal within the context of the TOP 101 is to stimulate an understanding of the benefits of good governance as it affects economic growth, well-being, and an inclusive society,” Daiga Auziņa-Melalksne, the CEO of Nasdaq Riga said.


Within the framework of the TOP 101 of Latvia’s Most Valuable Enterprises, analyzing publicly available information about the corporate governance and public disclosure, Daiga Auziņa-Melalksne explains that looking at supervisory board composition, only 6% of companies have at least one independent member on their council, and both genders are represented at only 7% of companies, which is surprisingly little. Meanwhile, both genders are represented on 42% of companies’ management boards. Environment, social and governance (ESG) or sustainability reports are available at only 36% of companies. Corporate governance reports are published by 10% of companies, while policies on key matters like risk management, codes of ethics, etc. are disclosed by 32% of companies.


All lists of the TOP101 Most Valuable Enterprises in Latvia and Estonia, as well as the Baltic TOP10 lists are available on the website top101.lv. More extensive analytical material will be available in the December issue of the magazine Ir Nauda.