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Business environment

Thanks to its activities and the good example it displays, Olympic Casino Latvia wishes to promote fair commercial activity practices and a responsible arrangement of the business activity environment in Latvia.

It is important for Olympic Casino Latvia to ensure that its cooperation with suppliers corresponds to the company’s sustainable activity principles, and it expects these principles to be observed by its cooperation partners. When deciding on whether to begin a cooperation agreement and during the entire period of that cooperation agreement, the company evaluates the conformity of its cooperation partners against the following criteria:

  • The conformity of the provided product or service quality with the quality standard set by Olympic Casino Latvia.
  • Observing laws and regulatory acts in its activities.
  • Following the principles of openness, ethics and honesty in its business activities, both in terms of its relations with its staff and with external parties that are involved in the company’s operating footprint by ensuring that everyone concerned observes fair practice in terms of commercial activities. 

Nonconformity with some of the aforementioned criteria is considered to be a valid reason for suspending a cooperation agreement.

In order to facilitate the implementation of the sustainability principles, Olympic Casino Latvia establishes mutual cooperation processes with various organisations and state institutions.

  • Olympic Casino Latvia is a member of the Latvian Association of Gaming Business (LAGB). The LAGB represents the interests of most of the companies that operate in the gaming business in the state and public sector, and its aim is to facilitate the common development of the Latvian gaming business.

    Since 2006, the LAGB has been a member of the Employers’ Confederation of Latvia. In 2010, the LAGB signed a Memorandum on the Principles of Corporate SocialResponsibility, along with another 21 organisations.

    The memorandum explains the definition of corporate social responsibility and its principles, describes the largest audiences having impact on the company’s operating, and sets out further challenges in the field of corporate social responsibility for Latvian society. The last of these points could include, for example, increasing the number of companies which report their best practice at the national level by using the sustainability index, or at the international level by joining the UN Global Compact.
  • Olympic Casino Latvia is a member of the American Chamber of Commerce in Latvia. The American Chamber of Commerce in Latvia (AmCham Latvia) is the leading foreign chamber of commerce in Latvia, and its members are both those companies which have direct commercial links with the USA, and other international and local companies which support the AmCham Latvia mission and its goals.

    The AmCham Latvia mission is to promote and strengthen commerce, investments and partnership between the USA and Latvia, to serve as a forum for business activities, knowledge exchange and communications for its members, and to ensure the improvement of business activities and the investment environment in Latvia.

    The goals of the AmCham Latvia are to serve as an initiative centre which serves to promote the improvement of the business activity environment, and serve as an example of the establishment of sustainable commercial activities.

    In 2006, Olympic Casino Latvia signed the LAGB self-regulating code of ethics and undertook to implement it in its everyday activities.

    By becoming a member of the AmCham Latvia, Olympic Casino Latvia has accepted and undertaken to observe the AmCham Latvia Statement on Good Corporate Citizenship.
  • By meeting the set criteria, Olympic Casino Latvia has been included in the In-depth Cooperation Programme by the State Revenue Service. The aim of the programme is to promote closer and more efficient cooperation between the taxpayer and the tax administration by reducing the administrative burden.

Corporate governance

Olympic Casino Latvia is based on the corporate governance principles of its parent company Olympic Entertainment Group (OEG). OEG complies with the applicable legislation, Tallinn Stock Exchange Regulations and Corporate Governance Recommendations (CGR).

The highest administrative body of OEG is the General Meeting of Shareholders.

The OEG Board and the Supervisory Board provides the shareholders with all the relevant information necessary for making decisions in the General Meeting and, according to the agenda items, provides all the materials to the shareholders. The agenda of the General Meeting is published in the General Meeting notice on the OEG website, as well as the Tallinn and the Warsaw Stock Exchange websites.

The OEG Board consists of two members, where Madis Jääger is the chairperson and Meelis Pielberg is the member. The Chairman of the Board Madis Jääger is responsible for general governance, financial managementand questions concerning the investors. Board member Meelis Pielberg is responsible for the ground-based casino operations and the implementation of development projects. The Board is completely independent in matters relating to the OEG and its day-to-day management, it acts in the shareholder’s best interests, providing sustainable development of the OEG according to set objectives and the strategies adopted, as well as performing the appropriate implementation and enforcement of internal control and risk management procedures. The OEG Supervisory Board elects OEG Board members for a three-year term. Board members avoid any conflicts of interest and comply with the prohibition of competition.

The Chairman Armin Karu is in charge of the Supervisory Board. Jaan Korpusov and Liina Linsi are members of the Supervisory Board.

The Supervisory Board observes activities of the Board and takes part in all the important decision making, acting in the best interests of all shareholders. The council shall meet when necessary but no less frequently than once every three months. The Supervisory Board confirms the company’s strategy, performance plans, risk management policy, annual budgets and investment plans, and carries out other tasks assigned to the Supervisory Board. The Supervisory Board implements the strategy of the Company by regularly examining the functioning of the Board. 

All members of the Board and the Supervisory Board shall comply with the Confidentiality Protocol during data exchange and in communication. The Board shall ensure that the employees who have access to sensitive information comply with the Confidentiality Protocol.

The OEG complies with all the requirements established in the CGR concerning the disclosure of information and gives all shareholders equal treatment. All the necessary information and financial statements must be accessible in Estonian and English on the OEG website and the Tallinn Stock Exchange website, and in English on the Warsaw Stock Exchange website.

Data exchange with the media and the analysts is organised with due care and attention, and without jeopardising the independence of the parties involved. On their website, the OEG will publish the date and time of the next press conferences, as well as the content of the presentations.

The transactions with the related parties are revealed in the consolidated annual financial statements.

When announcing the Annual General Meeting the Supervisory Board discloses the auditor candidate to the shareholders. When making the decision, the OEG takes the auditor rotation requirement into account. Before signing the audit services contract, the Board has to submit the draft to the Supervisory Board for approval.

The OEG is obligated to form an Audit Committee. The Audit Committee consists of two members: Chairman Liina Linsi and member Armin Karu. The Audit Committee shall act as an advisory body on issues regarding the conducting of audits, risk management, internal control and shall consult on audit, monitoring and budgeting, as well as the legality of functioning of the Supervisory Board.

The complete OEG corporate governance principles are published on www.olympic-casino.com

The executive body of Olympic Casino Latvia is the Board, which elects the Chairman of the Board. The Chairman of the Board is Gints Pakārklis.

In addition to issues identified in the commercial law the Olympic Casino Latvia Member’s Meeting is competent to make decisions on the following topics: The approval and modification of the rules of functioning of the Board, the approval of the company’s executive body and employee’s salaries, the establishment or elimination of a commercial company, a business unit, an agency or a branch.