STATEMENT OF THE RAIL BALTICA JOINT VENTURE

The Supervisory Board is fully committed to a highest standard of responsible corporate governance and integrity in the conduct of the company’s control, while acting in the best interest of the shareholders – the States. 

Correspondingly, any attempts to undermine the role that the Supervisory Board has effectively and efficiently exercised to date need to be replaced with proposals for improving the performance of the Joint Venture at its main task - implementation of the Rail Baltica project. 

The Supervisory Board has discussed and will in the future discuss proposals for improving the activities, including those related to coordination and decision processes, within our company, in order to find and use in practice solutions that may contribute to successful project implementation. At the same time, the Supervisory Board, with support from the internal audit functionality, will continue to stand for the responsibility in ensuring that the taxpayer’s funds are being utilized and invested in a meaningful way. 

In order to ensure due management of the company within the transition period, the Supervisory Board has appointed two senior level professionals with extensive knowledge of the project to the Management Board of the Joint Venture who are best placed to continue effective and efficient implementation of Rail Baltica design and construction, by maintaining the open communication and confidence among the different stakeholders in a project of common interest. 

With extended co-operation the implementation of the Rail Baltica Global Project will be successfully continued, following a productive year which saw solid progress in the design phase, with design currently ongoing for 411 km of the main line and an additional 233 km being procured, as well as important steps forward towards the construction phase, with construction works already ongoing in Lithuania and starting in Estonia. 

After the approvals of the Supervisory Board and the Beneficiaries for the reviewed Grant Agreement under the Connecting Europe Facility, 2020 will begin with implementation actions ongoing throughout the whole Rail Baltica line in all three Baltic States.  

Chairman of the Supervisory Board on behalf of the Supervisory Board

Karolis Sankovski