In preparation for the Initial Public Offering (IPO), the fastest growing Latvian capital fuel and alternative energy trader in Latvia Virši (AS Virši-A and related group companies) has prepared its first environmental, social, and corporate governance (ESG) report – a non-financial report on the implementation of environmental, social responsibility and corporate governance principles. It has been prepared to introduce everyone interested with the growth strategy of the coming years, sustainability indicators and measurements taken, as well as initiatives related to the sustainable development of Virši.
“Responsibility for Environmental, Social and Governance (ESG) issues is an integral part of the Virši growth strategy. We are aware that we have a key role to play in overcoming today’s sustainability challenges that include climate change, and in reducing our impact on the environment. Therefore we have started both extensive work on the transition of the Latvian transport sector to cleaner energy sources, and an in-depth environmental, social responsibility and governance assessment of Virši and its affiliates. Our first ESG Report is an important step to ensure the transparency of the company’s processes and set a baseline that will serve as a basis for setting corporate objectives and developing a strategic vision, addressing sustainability issues. In the future, the ESG Report will be an integral part of the evaluation of Virši performance,” emphasises Jānis Vība, Virši Chairman of the Board.
Given that the core business of Virši is related to sectors such as transport, energy, and retail, which account for a significant share of greenhouse gas (GHG) emissions, it was important for Virši to assess its carbon footprint, which will continue to serve as the baseline measurement and a basis for reducing the impact of the operation in the future. With the launch of an in-depth performance review, Virši is committed to monitoring and mitigating the environmental impact of its operations in the long term. Introducing new environmentally friendly initiatives, and reporting regularly on its progress. With specific steps and activities, it is planned to implement the company’s growth strategy, which will promote the faster transition of the entire Latvian transport sector to more sustainable and environmentally friendly transport energy sources, generating less harmful emissions and reducing the environmental impact of the transport sector.
Virši ESG Report has been prepared in accordance with the Nasdaq ESG Reporting Guide 2.0 for the Nordic and Baltic markets. Full Report is available on the website: https://www.virsi.lv/storage/files/shares/Virsi_2021_ENG_11.10_FINAL.pdf.
The information contained in this announcement does not constitute investment advice nor a proposal. The information in this announcement contains generic forward-looking statements and the intention of AS “Virši-A” on a possible Initial Public Offering (IPO). Any investment decision shall be made subject to a prospectus approved by the Financial and Capital Market Commission of Latvia.
In order to inform prospective investors about the Company's news while preparing for its debut on the stock exchange, Virši has opened a special section for prospective investors on its website virsi.lv/for-investors.
Virši communication specialist
AS Virši-A is the largest and fastest growing domestic fuel trader, with 26 years of experience in the Latvian fuel trade sector. Today, the Virši-A network has more than 63 service stations, of which 60 are full-service, and employs more than 530 people in all regions of Latvia.