Increased number of Supervisory Board members

To strengthen the focus on sustainable land use and availability of timber resources, on 8 May 2025, by a decision of the General Meeting of Shareholders, Indulis Kovisārs, the current member of the Board of Latvijas Finieris, was elected to the Supervisory Board in addition to the existing members. His extensive experience in the forest sector – combined with his long-standing leadership of the Group’s Forest Sector team, long-term efforts in securing timber resources and active involvement in the Latvian Forest Industry Federation – will make a valuable contribution to the company’s strategic direction.

“In the coming years, land use and access to timber resources will be of strategic importance. This will require bold decisions, not only at the Group level but also at the national level. Given the production growth and ambitious development plans, Latvijas Finieris aims to source approximately half of the veneer log volume required by the Group from outside Latvia in the coming years. This approach allows us to diversify risks, adapt to the dynamics of local markets and strengthen our international position. Lithuania plays a particularly important role in this process, both in terms of resource availability and logistics. The strategy and opportunities are also being reassessed in Estonia and the Nordic countries, where market conditions and the structure of forest resources align with the company’s long-term needs,”

notes I. Kovisārs.

The Supervisory Board of Latvijas Finieris will be composed of four persons from now on – Uldis Biķis, Jānis Staris, Juris Matvejs, and Indulis Kovisārs.

Changes to the composition of the Board of Directors

As Indulis Kovisārs has resigned from the Board, on 9 May 2025, the Supervisory Board of Latvijas Finieris elected Artis Podnieks, Director of the Birch Industrial Timber Supply Service, as the new member of the Board of Directors.

Artis Podnieks started working for the company in 1997, doing practical work in the timber yard. Over the years, he has steadily progressed in his career, consistently demonstrating commitment, determination and a drive to improve processes. For the past ten years, Artis has led the Birch Industrial Timber Supply Service, overseeing the sustainable planning and supply of raw materials to the Group’s production facilities in Latvia and abroad.

During this time, he has gained valuable experience not only in operational activities but also in strategic planning, change management and collaboration with forest sector partners. Artis has proven himself to be a leader capable of making decisions in dynamic conditions and adapting effectively to fluctuations in resource availability. Under his leadership, the Service has continued to implement advanced data solutions to enhance transparency, improve efficiency and strengthen data-driven decision-making. Artis firmly believes that the challenges of the future can be met by harnessing the power of artificial intelligence and strategically advancing the company’s digital tools.

“One of the greatest challenges facing the forest sector in the future will be ensuring the sustainable availability of resources and diversifying the associated risks. This will require both strategic adaptation and bold action to introduce new approaches. I see great potential in the development of data and digital technologies – these will enable us to make more accurate decisions, streamline processes and reinforce sustainable operations. Artificial intelligence has the potential to become an indispensable tool for forest resource management in the future. My goal is to contribute to this transformation while upholding the company’s core values and fostering a strong, united team,”

says A. Podnieks.

From now on, the Board of Directors of Latvijas Finieris will include – Jānis Ciems, Pauls Ābele, Gunita Meiere, Mārtiņš Lācis, Māris Būmanis, Aigars Veitmans, and Artis Podnieks.