09 • 11 • 2022

Latvia`s State Forests joins The European Corporate Governance Institute towards further enhancing long term sustainability


Joint stock company “Latvia`s State forests” (LVM) proudly announced its membership of the European Corporate Governance Institute (ECGI) this week. Demonstrating leadership and commitment to best practices, LVM is the first forestry organization and the first of the largest Baltic companies to join the global network. LVM has long invested in science-based sustainable forest land management to create long term value for stakeholders and society. As the company continues to grow it is committed to strong governance and leading ideas.

“We are pleased to become a member of ECGI to learn from other leading European companies and to share our experiences in land management and sustainable forestry practices, ensuring balanced approach to social, economic and environmental goals,” announced LVM Chairman of the Board Peters Putnins.  “For more than 20 years we have implemented a scientific approach to strengthening and developing the timber industry in Latvia in a sustainable way to create long term value for forest land management and sustainable forestry for the better future of our society.

Global trends and climate change call for broad thinking. We must convert natural resources into value and energy for people and progress for our society. We are all at the cusp of global change, and as the leader of sustainable forestry in the Baltic Sea region, we are aware of our responsibility to lead these changes in our industry.

We strive for the best and we are convinced that scientific dialogue is necessary to improve our excellence in corporate governance, to realize the company`s sustainability ambitions and to create significant value for shareholders and society”, said P.Putnins.

The ECGI is an international scientific non-profit association providing a forum for debate and dialogue between academics, legislators and practitioners, focusing on major corporate governance, stewardship and ESG issues, thereby promoting best practice globally.

Delivering impartial and objective research and combining the collective knowledge and wisdom of its members, ECGI through its activities, can help to shape the formulation of corporate governance policy and the development of best practices.

Commenting on the new membership, ECGI General Manager, Elaine McPartlan emphasized the importance of collaboration and the power of knowledge in navigating these transformative times: “We welcome LVM to the ECGI network and look forward to sharing ideas and engaging together in the future. The world is changing quickly but, in some ways, not fast enough. It is therefore vital that scholarly insight plays a role in navigating our course. Each wrong turn that we take, can potentially have dire consequences and set us back unintentionally.” ECGI recently launched an initiative on Responsible Capitalism which will seek to focus its considerable network on improving our capitalist models and incentives for a fairer and more sustainable world.