A total of 45 candidates from seven countries—Estonia, Lithuania, Latvia, Croatia, Azerbaijan, Turkey and India—have applied to Latvian financial corporation DelfinGroup’s international selection process for the role of professional, independent supervisory board members. The highest number of applications from upper-level managers were received from applicants working in the banking, loans, auditing, IT, telecommunications, energy, logistics and real estate sectors.

Recruitment company Fontes Executive Search provided independent investigation of the potential supervisory board members’ reputations and potential conflicts of interest. The process took place over four rounds, and in the final round candidates had to present analysis of DefinGroup’s strategy and make suggestions for its further development. The final result will be announced on March 30th, when a shareholder  meeting will elect the new supervisory board for DelfinGroup.

Vice President of the Baltic Institute of Corporate Governance Andris Grafs: “The method by which DelfinGroup organised their supervisory board recruitment and sought independent supervisory board members is an unmistakable example of good practice for other private capital companies. Furthermore, this approach is extremely rare in the private sector. The DelfinGroup supervisory board member recruitment process complies with the principles of good management set by the OECD and the new Latvian Corporate Governance Code, ensuring that the supervisory board as a whole has enough skills, experience and knowledge, and that at least half of the board members are independent. With this strengthening of their corporate governance, there is reason to assume that the company will only increase its positive impact on the environment, employees, customers and shareholders in the long term.”

DelfinGroup Chairman of the Board Didzis Ādmīdiņš: “DelfinGroup is preparing very seriously for this year’s planned Initial Public Offering (IPO) on the Nasdaq Riga Stock Exchange. That’s why we are adhering to the highest corporate governance standards for management and efficiency issues. This includes the fact that, as part of our audited financial report for 2020, we will be publishing the company’s first Environmental, Social, and Corporate Governance (ESG) report.”

Senior Upper Management Recruitment Consultant for Fontes Executive Search Ineta Žilvinska: “Internationally, the recruitment of independent supervisory board members has long been a necessity of  good corporate practice for large businesses and corporations. Meanwhile, the introduction of good corporate governance has only recently become relevant in Latvia. Although many private companies have developed quickly and become large, owners are still reluctant to entrust corporate governance to professional managers, and are more likely to hire those close to them. However, we are truly pleased that this is slowly changing, and that Latvian business owners are increasingly likely to acknowledge the benefits of good corporate goveranance to the company.”

During their international recruitment process, DelfinGroup seeks independent supervisory board members with experience in the fields of corporate governance, ESG, finances, banking, fintech, e-commerce, cyber security, artificial intelligence, machine learning and other areas of new technology management. Prospective board members must have at least five years’ experience in a management position for a large and successful private or public finance, e-commerce or service company.

The main responsibilities for the new Supervisory Board will be to oversee the strategic management of the corporation, including electing and supervising board members, risk management, and upholding high corporate governance principles, as well as ensuring compliance with the interests of all shareholders. The planned remuneration for the supervisory board member will be EUR 10,000—25,000 per annum.

On March 23rd, DelfinGroup announced their 2021 plans for an Initial Public Offering (IPO) issuance on the Nasdaq Riga market. To find out more about this event, those interested are welcome to sign up for updates.

About DelfinGroup

AS DelfinGroup is a licensed financial company founded in 2009, which represents the brands Banknote, VIZIA and Rīgas Pilsētas Lombards. The company employs 270 professionals in 91 branches located in 38 Latvian cities. The company’s calculated taxes for 2020 were 3.42 million Euro. AS DelfinGroup is a Latvian Chamber of Commerce and Industry member and has been awarded Gold status from the State Revenue Service. The company’s main services include the retail of second-hand goods in stores and online, consumer loans, as well as loans specially adapted for the needs of seniors. DelfinGroup’s shares are listed on the Nasdaq Riga First North list.

More information:

Kristaps Bergmanis,

AS DelfinGroup Member of the Management Board 

Tel.: +371 29144168

Email: [email protected]