Kuzmins and Dubrovskis left the board of "Latvijas Valsts mežu"
Two board members, Kuzmins and Dubrovskis, have left the board of "Latvijas Valsts mežu," reducing the board's size in accordance with recent structural changes.
Two members, Kuzmins and Dubrovskis, have stepped down from the board of "Latvijas Valsts mežu" (LVM), which now operates with only two members: Jānis Krūmiņš and Inga Vagele. This decision aligns with a directive from the Ministry of Agriculture, looking to ultimately reduce the board's size from five to three members. This change comes as part of a strategy to enhance efficiency and decrease management costs for the state-owned enterprise.
In February 2025, at an extraordinary shareholders meeting, amendments to LVM's statutes were approved, permitting the reduction of board members as part of a broader effort to allow the company's leadership to respond more adeptly to fluctuations in the forest and wood industry, both domestically and internationally. The changes aim to position the company better in a competitive and fluctuating market.
The Ministry of Agriculture, which is a shareholder in LVM, mandated the gradual reduction of the board size to streamline operations and lessen the financial burden of managing a state-owned enterprise. The updated governance structure is expected to contribute to a quicker decision-making process and improve overall operational effectiveness within the industry, which is currently facing various challenges and opportunities.