December 12, 2024, marks a significant milestone in promoting good governance and transparency in Latvia. The Foreign Investors’ Council in Latvia (FICIL) warmly welcomes the amendments to the Law “On Prevention of Conflict of Interest in Activities of Public Officials,” adopted by the Saeima. These amendments introduce strict limitations on holding multiple positions in state and municipal-owned enterprises, as well as companies controlled by public entities. This demonstrates the state’s commitment to advancing good governance and fostering fair competition between public and private enterprises.
For years, FICIL has emphasized the importance of strengthening mechanisms to prevent conflicts of interest in the activities of public officials. This is crucial for ensuring public trust in state institutions, improving the management efficiency of state-owned enterprises, and attracting investment. The amendments adopted today significantly contribute to achieving these goals by reducing the potential for political influence. They prohibit public officials from holding positions on the boards of state and municipal enterprises, as well as in special economic zones and freeports.
FICIL’s position highlights the need for a transparent selection process for supervisory board members, ensuring they are competent and capable of independently overseeing the operations of enterprises. Today’s amendments signal that the state is committed to building trust in the eyes of the public and investors, fostering long-term growth and development. This is a step we can truly be proud of!