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The business management system at VKG enables the Group to adhere to the principles of sustainable development at all stages, starting from the development of the business strategy and up to actual business activities.

The system of business management corresponds to legal standards and requirements as well as to in-house standards of the company. In this respect, the company is using the best global practices and experience.

Management Board

The Management Board of Viru Keemia Grupp AS consists of five members: Chair of the Management Board, Deputy Chair of the Management Board and Technical Director, Financial Director, Management Board Member of VKG Kaevandused and Management Board Member of VKG Oil.

Three Management Board Members – Ahti Asmann, Meelis Eldermann and Jaanis Sepp – manage the activities of the Group as a whole and are also Supervisory Board Members of subsidiaries. Two Management Board Members – Margus Kottise and Nikolai Petrovitš – are the Managers of the strategically most important subsidiaries of the Group.

The duties of the Management Board include everyday management of VKG’s economic activities and representing the business association.

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In all legal procedures of the Group, an enterprise is always represented by two Management Board Members together, whereas one of them must be the Chair or Deputy Chair of the Management Board.

The Management Board Members are paid a monthly remuneration consisting of the pay for performing the duties of a Management Board Member and the pay for keeping business secrets and for respecting the competition prohibition. The duties of the Management Board Members are stated in service contracts signed with the Management Board Members. According to the service contracts, the Management Board Members can get additional monetary remuneration which is paid according to the relevant decisions of the Supervisory Board.

Supervision over the Management Board's acitvities

Supervision over the activities of the Management Board is done by the Supervisory Board, consisting of

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Toomas Tamme

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Priit Piilmann

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Margus Kangro

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Ants Laos

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Elar Sarapuu

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Jaan-Mihkel Uustalu
(Till 31.12.2018)

Within the reporting period, one change took place in the composition of the Supervisory Board: at the end of the year, Jaan-Mihkel Uustalu was recalled. From now on, the Supervisory Board consists of five members.

The meetings of the Supervisory Board take place once a month, as a rule, on the last Wednesday of the month. Urgent decisions that require coordination with the Supervisory Board, are made by means of electronic communication channels.

Audit Committee

Pursuant to the Authorised Public Accountants Act of the Republic of Estonia, VKG is considered to be an entity subject to the public interest and is thus required to have an Audit Committee. The members of the Audit Committee of VKG are Ants Laos (Chair of the Committee), Priit Piilmann, Margus Kangro and Elar Sarapuu. According to the Statutes, the Audit Committee is an advisory body for the Supervisory Board of VKG in the fields of accountancy, auditing, risk management, internal audits, supervision and budgeting and the legality of activities.

Shares and share capital

As of 01.01.2019, the nominal value of the share capital of VKG was 6,391,164.21 euros. There were no changes in the share capital in the years 2008– 2018. VKG’s shares are not noted on the securities market.

The Group has four shareholders with the following holdings as of 01.01.2019:

  • OÜ Tristen Trade 38,91%,
  • OÜ Alvekor 25,49%,
  • Ants Laos 19,53%,
  • OÜ Sergos Invest 16,07%.
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The Group´s structure by 31.12.2018

  • Viru Keemia Grupp AS
    • VKG Oil AS 100%
      • VKG Energia OÜ 100%
    • VKG Kaevandused OÜ 100%
    • VKG Logistika AS 100%
    • Viru RMT OÜ 100%
    • VKG Soojus OÜ 100%
    • VKG Elektrivõrgud OÜ 100%
    • VKG Diisel OÜ 100%