The company has received this award for implementation of good management practices in its operations and demonstration of outstanding financial results. In 2010, the profit of JSC “Latvijas valsts meži” per one employee has increased by par 129.51 %, the profitability has increased by 44.99 % (mean profitability in the sector – 17 %), and the year 2010 profit of the company after taxes is close to the level of profit in year 2007.
The procedure for granting the Annual Efficient Management Award is established in a Regulation, and it is discussed and approved by a competent panel of experts.
In the first round, the nominees for the Annual Award in each of the nominations were proposed by the national organisations. In the state sector, the nominee applications were handled and the candidates for the nominations were proposed by the State Office, in the local government sector – by the Ministry of Environment and Regional Development, but in the private sector – by the LCE in cooperation with Lursoft. In the second round, the nominations were evaluated by a competent panel of experts consisting of representatives of the State Office, Latvian Union of Local Governments, Association of Latvian Cities, Latvian Quality Association, Finance and Capital Market Organisation, NASDAQ OMX, economy researchers, and other cooperation partners.