Taking into account the growth of the financial services group INDEXO across different business lines, the shareholders’ meeting of the group’s parent company IPAS INDEXO, to be held on 1 July, will decide on the election of a new Supervisory Board of IPAS INDEXO in order to strengthen the company’s governance. The following candidates have been nominated to the Supervisory Board of IPAS INDEXO: Svens Dinsdorfs, Druvis Mūrmanis, Mārtiņš Jaunarājs, Jānis Pizičs and Madis Toomsalu.
Meanwhile, the following candidates have been nominated to the Supervisory Board of INDEXO Bank: Henrik Karmo, Zlata Elksniņa‑Zaščirinska, Druvis Mūrmanis, Mārtiņš Jaunarājs, Jānis Pizičs and Madis Toomsalu. The decision on the election of the Supervisory Board of INDEXO Bank will be taken at a separate shareholders’ meeting of INDEXO Bank.
The Bank of Latvia has approved the compliance of the proposed candidates for the Supervisory Boards of both IPAS INDEXO and INDEXO Bank with regulatory requirements.
The Supervisory Board of INDEXO Bank will be elected by its shareholder – IPAS INDEXO. The chairpersons of the Supervisory Boards will be elected from among their members.
“INDEXO Group is currently in a phase of rapid development – in recent years, we have established INDEXO Bank, acquired 100% of the pension management company INDEXO Asset Management IPAS (formerly Vairo), and 72.07% of the financial technology company DelfinGroup. The Group’s strategic structure is now largely in place, and we are focused on scaling our core business. To support this next stage of development, we are bringing new, relevant experience to our Supervisory Boards. Subject to shareholder approval, INDEXO’s Supervisory Boards will provide the depth of competence and strong, transparent governance to support our growth ambitions,” says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and one of the group’s founders.
The Supervisory Boards of INDEXO Group companies will be strengthened by professionals with significant experience in the financial sector, particularly in banking development.
Notably, Madis Toomsalu is a long-standing CEO of LHV Group, Chairman of the Supervisory board of Estonia’s LHV Pank and Chairman of the Board of Directors of UK’s LHV Bank. Over the years, he has gained extensive experience across various LHV Group companies, including in bank strategy, asset management, lending, and financial market analysis.
Druvis Mūrmanis will bring in-depth private investment management expertise to the Supervisory Boards, gained across the financial, real estate, energy, logistics and manufacturing sectors. He has held senior positions in the banking industry, including serving as a Member of the Management Board of AS Hansabanka during a period of rapid growth. He was later elected to the Management Board of Hansabank Group, contributing to the management and development of the Group’s operations across the Baltic region. Mr. Mūrmanis is also one of the founders of INDEXO and has previously held several important roles in the financial sector, including as a member of the Supervisory Board of the Riga Stock Exchange.
Jānis Pizičs will also join the Supervisory Boards. He is a partner at the investment fund Merito Partners and a member of the Supervisory Board of AS DelfinGroup. He began his professional career at EY (then Ernst & Young) and has subsequently been part of the management teams of companies across various industries.
It is planned that the long-standing Chairman of the Supervisory Boards of IPAS INDEXO and INDEXO Bank, Valdis Vancovičs, and Renāts Lokomets will step down to focus on other professional commitments. Meanwhile, Mārtiņš Jaunarājs plans to continue serving on both Supervisory Boards, Zlata Elksniņa‑Zaščirinska only on the Supervisory Board of INDEXO Bank, and Svens Dinsdorfs only on the Supervisory Board of IPAS INDEXO.
Zlata Elksniņa‑Zaščirinska joined the Supervisory Board of INDEXO Bank in February this year after more than ten years leading the professional services firm PwC Latvia. Svens Dinsdorfs joined INDEXO Group at its founding in 2017 and is also a Member of the Management Board and CEO of one of the region’s leading technology companies, AS ELKO Grupa. He is also a member of the Audit Committee of AS Latvenergo. Mārtiņš Jaunarājs joined the Supervisory Board of INDEXO Bank last year and has built up significant experience in the financial sector over his career, currently serving as a partner at the investment firm SIA BaltCap Management Latvia. Previously, he held senior positions at AS Hansabanka, AS Parex Banka and AP Anlage und Privatbank AG.
“We would like to thank our long-standing Supervisory Board members for their contribution and commitment over the years, which has played an important role in supporting INDEXO’s development from a start-up pension manager into a listed financial group,” says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and one of the group’s founders.
