It is in the public interest to provide the purposeful and efficient management of real estate that is strategically important for national security, necessary for state institutions to perform state functions, for the preservation of cultural heritage, for the development of state or municipal administrative territory, including the preservation and increase of their value. To ensure the efficient management of real estate not used for state functions.
Corporate governance model
The management model of SJSC “State Real Estate” has been developed in accordance with the good practice of corporate governance, separating strategic and operational management. The company is managed by the Shareholders' meeting, the Council and the Board. According to the Articles of Association of SRE, the Council of the company has four members and the Board of the company has three members.
In accordance with good management practices, the company has a Corporate Governance Policy. It is reviewed as necessary, but not less than once every three years.
The company's operations are determined by regulatory enactments and industry policy planning documents in the field of real estate alienation and construction, as well as regulatory enactments that regulate the handling of state property and financial resources. Pursuant to the general strategic goal, the medium-term operational strategy of SRE for 2018-2022 has been approved.
Shareholder of SRE
The capital shares (shares) of the State Joint Stock Company “State Real Estate” belong to the state of Latvia. The holder of state capital shares is the Ministry of Finance. Pursuant to the provisions of the Law On Governance of Capital Shares of a Public Person and Capital Companies, decisions are made by the State Secretary of the Ministry on behalf of the holder of capital shares.
The Council represents the interests of the shareholder between meetings, as well as supervises the activities of the Board within the framework specified in regulatory enactments and the Articles of Association of SRE. According to the Articles of Association of SRE, the Council has four members. The work organisation of the Council is defined in its regulations (LV).
Chairman of the Council
On 30 December 2019, he was appointed as Member of the Council, and on 8 January 2020 he was elected as Chairman of the Council of SJSC “State Real Estate”. Since 2015, Janis Garisons (Jānis Garisons) is State Secretary of the Ministry of Defence. In this institution he has also held a number of other leading positions: from 2013 to 2015 he was Deputy State Secretary of the Ministry of Defence – Policy Director, from 2009 to 2013 – Political Director, from 2007 to 2009 – Director of the Crisis Management and Mobilisation Department, and from 2005 to 2007 – Deputy Director of the Crisis Management and Mobilisation Department. Prior to that, J. Garisons worked in the Ministry of Foreign Affairs, where he held the position of Director of the Security Department from 2004 to 2005, from 2004 to 2005 he worked as Head of the NATO and European Security Division and from 2002 to 2003 – Head of Regional Cooperation and Arms Control. From 1999 to 2002, J. Garisons was First Secretary of the Latvian Embassy in Norway and from 1997 to 1999 – Head of Russia and the Commonwealth of Independent States Division of the Ministry of Foreign Affairs. Garisons obtained a Master’s Degree in Strategic Studies at the U.S. Army War College and a Master’s Degree in History Science of the History and Philosophy Faculty at the University of Latvia. He has attended training in the Geneva Security Policy Centre in Switzerland, and also completed an anti-terrorism course in the USA. Garisons has received a number of awards, including the Fourth Class Order of Viesturs, Certificates of Gratitude from the Cabinet of Ministers and the Prime Minister. Since 2016, J. Garisons is serving in the National Guard.
Member of the Council
She was appointed as Member of the Council of SJSC “State Real Estate” On 30 December 2019; the professional experience of Ieva Braunfelde is related to her work in the State administration -- management of the administrative work of the Ministry of Finance. Under the leadership of I. Braunfelde, policy development and coordination is ensured in the areas of state real estate, as well as private partnership and public procurement. From 5 May 2014 until now, I. Braunfelde has been Head of the Administration of the Ministry of Finance. Her work duties include the planning and management of the administrative work of the Ministry of Finance. She obtained a Master’s Degree in Legal Science in the Faculty of Law at the University of Latvia and a Diploma for obtaining a Lawyer’s Qualification, as well as a Bachelor’s Degree in Economics. She has improved her professional skills in various courses in relation to European Union issues, as well as gained knowledge of international accounting and audit standards.
Member of the Council
Appointed as Member of the Council of SJSC State Real Estate as of 19 October 2021. Temporary appointment to the Council.
Jolanta Plume's work experience is related to working in public administration since 2000, overseeing the financial activities of local governments for more than ten years and, since 2014, acting as Deputy State Secretary in budget matters.
She manages issues related to budget planning, priority setting, staff management, work organization and process review and streamlining.
She has a master’s degree in Macroeconomics and Statistics from the Faculty of Economics, University of Latvia. In addition, she has gained knowledge on project management, crisis management, process management, strategic workforce planning, risk management and more.
Jolanta Plūme also serves as a member of the Assembly of the Latvian National Commission of the United Nations Educational, Scientific and Cultural Organization (UNESCO), and as a delegate of the Ministry of Finance has been appointed as a member of the Board of the Liepaja Special Economic Zone.
Jolanta Plūme has received a number of awards, including the Order of the Three Stars (3rd Class) in 2019 and was appointed Commander of the Order.
Member of the Council
On 17 December 2021 he was appointed as Member of the Council of State Joint-Stock Company “State Real Estate”. The term of office shall be five years, from 1 January 2022 to 31 December 2026.
Since 1997, he has gained experience in leading positions - he has been Chief Financial Officer and Member of the Board of the oil product wholesale and retail company SIA “Neste Latvia”. He continued his professional career in the field of real estate as the Managing Director and Chairman of the Board of SIA “RESOLUTION”, then - Chairman of the Board of SIA “LASCO INVESTMENT”. From 2013 he was Chief Financial Officer of SIA “EAST-WEST TRANSIT”, but in 2016 he was appointed as Member of the Supervisory Board of SJSC “RIGA INTERNATIONAL AIRPORT”. From 2017 to 2020, Raitis Nešpors was Chairman of the Board of SJSC “Latvijas autoceļu uzturētājs”. Since 15 April 2021, he is a Member of the Board of JSC “Pasažieru vilciens”.
Raitis Nešpors holds a Professional Master’s Degree in Business Administration and enterprise and organisation management from the Stockholm School of Economics in Riga. He has a Bachelor's degree in Finance from the BA School of Business and Finance.
R. Nešpors is an independent member of the Council.
The board is the executive body of the state capital company, which manages and represents the capital company jointly. According to the Articles of Association of SRE, the Board has three members. The Board makes decisions on all issues regarding capital, the company's operations, except for those that are within the competence of the Council or the Shareholders’ meeting The work organisation of the Board is defined in its regulations (LV)/
Chairman of the Board since 6 January 2020
Chairman of the Board of SRE from 6 January 2020. As Chairman of the Board, Renārs Griškevičs is responsible for financial management, investment financing, and supervision. He has been appointed to the Board for five years.
Renārs Griškevičs has extensive experience in multinational company management, digital transformation, and corporate management governance, as well as experience in business management in Latvia and Central and Eastern Europe. He is the former head of the company FTS Baltic, being responsible for the start-up of the production company, the strategy and investments in Latvia. For 10 years, he has held leading positions in various branches of different countries of a construction manufacturer, CEMEX, gaining extensive experience in operational, financial, and investment supervision, strategic planning, and procurement supervision. From 2016 to 2018 – financial and administrative director of CEMEX in the Baltic States, and member of the Industry Competence Council of the Latvian Chamber of Commerce and Industry. From 2011 until 2015, he managed the group companies of CEMEX in Hungary and served as the member of the council of CEMEX in Austria, until October 2011 he fulfilled the duties of financial and administrative director of SIA CEMEX, and was a representative in the Council of Foreign Investors in Latvia and the American Chamber of Commerce.
From 26 October 2021, Renārs Griškevičs has also been the chairman of the Supervisory Board of SJSC "Latvijas autoceļu uzturētājs" and his areas of responsibility are motorway infrastructure maintenance issues, management of the involved parties, companies and teams.
Renārs Griškevičs has obtained a master’s degree in European Studies and a bachelor’s degree in Business Management at the University of Latvia. In addition, he has attended local and international studies at the Institute of Corporate Governance in the Baltics, professional training of board members.
Member of the Board since 1 October 2017
Member of the Board of SRE from 1 October 2017. Areas of responsibility – customer relationship management, real estate portfolio management, real estate lease and strategic planning of services. On 19 January 2022, he was elected as a Member of the Board for another term of five years.
From 2011 to September 2017, he was the head of Real Estate and Facility Management of JSC "SEB banka" in Latvia and the Baltics. The main achievements in this position are the optimisation of the real estate lease portfolio of SEB offices, premises and branches in Latvia and the Baltics and the development and implementation of a modern working environment and location concept, as well as the development and implementation of an effective budget for real estate, premises and related costs.
As of 4 July 2022, Andris Vārna has been a member of the Supervisory Board of SIA "Rīgas nami", and his area of responsibility is real estate management.
Andris Vārna obtained professional higher education in economics, as well as professional higher education in entrepreneurship and management at the Faculty of Engineering Economics and Management of Riga Technical University. Andris Vārna is a certified real estate manager (Certified Property Manager, CPM®), the certificate is issued by the worldwide known and recognised Institute of Real Estate Management®, USA. Andris Vārna continues to improve his professional knowledge in the British Institute of Workplace and Facilities Management (IWFM), in real estate, work environment and facilities management.
Member of the board since 1 May 2022
Member of the Board of SRE since 1 May 2022. Area of responsibility – implementation of real estate development projects and construction process management, customer management.
Jeļena Gavrilova has been managing SIA "SEB Līzings" since 2016, where she has gained experience in working with projects, participating in major public procurements, as well as organising digital seminars on green energy and electric cars. Previously, she was the head of the Real Estate Financing Department of JSC "SEB Banka" (financing projects of two large shopping centres "Origo" and "Galerija Centrs" were implemented, including the development of financing strategy and process coordination) and senior consultant and analyst at JSC “SEB Banka” and SEB AB (Sweden).
In 2011, Jeļena Gavrilova obtained a bachelor's degree in economics from the University of Latvia, while in 2016 a professional master's degree (Master of Business Administration (MBA)) from the Riga Business School. Certificates obtained: AML Financial Program Certificate (2020), IMD Business School Certificate – Changing Employee Behavior (2021).
Today, well-functioning internal control systems are becoming increasingly important in business. The purpose of the internal audit department is to strengthen the value of SJSC “State Real Estate” and to help the company's council, board and heads of structural units to achieve the set strategic and business goals more effectively with an independent and objective assessment.
The internal audits allow one to assess the compliance of SRE processes with the requirements of regulatory enactments, operational objectives and the efficiency of the company's operations. They help to develop proposals for the improvement of the internal control system, thus improving the operation of SRE as a whole.
The Internal Audit Department of SRE is independent and directly subordinated to the Council of the company. It is not involved in the direct performance of the functions of SRE.
The annual dividend rate set in the 2023–2025 medium-term operating strategy of State Joint Stock Company (VAS) ‘Valsts nekustamie īpašumi’ (VNĪ) is 64% of the profits for the reporting year.
The VNĪ dividend rate is determined through special legal regulations.
In accordance with Section 7 of that Cabinet Regulation, the Cabinet may set a lower dividend percentage rate if any of the following conditions applies:
if is necessary to provide long-term investments for achieving the overall strategic goals, financial goals, or non-financial goals of the company, taking into account the field of business of the company, its financial standing, and possible alternatives for raising the funds;
it is necessary to prevent a threat to the sustainable development of the state-owned capital directly or indirectly invested in the company by the state, and to maintain the competitiveness of the company;
in special cases, in order to ensure the fulfilment of requirements set in the laws and regulations of the European Union or Republic of Latvia, or in international treaties binding on Latvia, the company must in the coming reporting years take measures to foster improvements in the quality and availability of the services pertinent to the fields of business of the company, which necessitates additional financial investments or a reduction of service fees for the users of the services.
SJSC “State Real Estate” is the largest manager of Latvia’s greatest assets – land and buildings. Land and cultural heritage, old and modern buildings, state border and customs infrastructure – all of these are national treasures for the people of Latvia.