JSC Olainfarm continues to improve corporate governance of the Group companies
JSC Olainfarm continues to improve the activities of its subsidiaries by gradually introducing the principles of corporate governance in all the companies of the Group, thus strengthening the quality of governance of the Olainfarm Group. The expansion of the management board of Silvanols Ltd. and Tonus Elast Ltd. is the first step Olainfarm is taking towards signing the agreement.
Improvements to the operations of the Group companies have also led to changes in the articles of association of several Olainfarm subsidiaries, laying down uniform operating and management principles for the Group companies.
“Olainfarm is committed to complying with the principles of corporate governance in providing quality control of operations and evaluation and management of the risks associated with operations. Olainfarm is committed to protecting the rights and interests of all its shareholders, and the quality of corporate governance in the Olainfarm Group is constantly being improved. Our goal is to gradually move towards a common practice across all companies within the Olainfarm Group in order to sign a Group agreement and thereby strengthen the quality of the operations,” emphasizes Milana Beleviča, Member of the Management Board of Olainfarm.
M. Beleviča also notes that the Group agreement provides an opportunity to improve the cooperation between parent and subsidiary companies and promotes transparency and efficiency of operations. “I highly appreciate the work done so far by all of the companies' teams within the Olainfarm Group. Our goal is to work together in order to further develop all companies within the Olainfarm Group according to the best practices in corporate governance today, ensuring sustainable growth and appropriate risk management,” says Milana Beleviča.
Since mid-November Andis Paulins has been elected to the Management Board of Silvanols Ltd. and Tonus Elast Ltd. His professional experience in organizing business management processes and financial management will ensure achievements of the above mentioned targets. Existing members of Silvanols Ltd. and Tonus Elast Ltd. continue to perform their duties as usual in the new Management Board composition.
A. Pauliņš has more than 10 years of professional experience in the financial sector and business process management, including international companies. Prior to his election to the board of Silvanols Ltd. and Tonus Elast Ltd., A. Pauliņš also operated as an independent consultant in business and asset management. In the period of the last three years he has been a Board Member at AKMENS R Ltd. and the union “Viesturdārza mājas”. A. Pauliņš does not own shares at Olainfarm.
Olainfarm Group includes Latvian green pharmaceutical company Silvanols Ltd., pharmacy chain Latvijas aptieka Ltd., elastic medical product manufacturer Tonus Elast Ltd., herbal tea and medicinal herbal powder manufacturer NPK Biotest Ltd., medical institutions Klīnika DiaMed Ltd. and OlainMed Ltd., as well as eco-cosmetics manufacturer Kiwi Cosmetics Ltd.
JSC Olainfarm is one of the largest companies in the Baltic States with more than 45 years of experience in production of pharmaceuticals and chemical and pharmaceutical products. The basic principle of the company is to produce reliable and effective top quality products for Latvia and the whole world. Currently, JSC Olainfarm products are exported to more than 60 countries worldwide, including the Baltic States, Russia, other CIS countries, Europe, North America, Asia and Australia.
Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
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