Nasdaq Announces Winners of Nasdaq Baltic Awards 2019

01.02.2019 RIG, TLN, VLN

Tallinn/Riga/Vilnius, Nasdaq Baltic Market, January 31, 2019

Nasdaq (Nasdaq: NDAQ) today announced the winners of the Nasdaq Baltic Awards 2019, recognizing Nasdaq Baltic-listed companies for excellence in the areas of transparency, governance, and investors relations, as well as the most active and impactful stock exchange member. For the first time, other key stakeholders were also honored for their contributions to the sustainable growth of the Baltic capital markets.

The winners of the awards in six categories and one special recognition were announced via a live video-bridge during a biennial ceremony co-hosted by the Nasdaq Baltic stock exchanges and Nasdaq CSD in Tallinn, Riga, and Vilnius. To mark the occasion, Adena Friedman, the CEO of Nasdaq, invited the Nasdaq Baltic-listed companies LHV Group, MADARA Cosmetics, and Lietuvos Energija to ring the bell at the Nasdaq MarketSite in New York.

“We congratulate the first biennial Nasdaq Baltic awardees. These shining examples of sound corporate governance, investor relations and generation of returns for shareholders set the bar high for all the companies on both the regulated and alternative First North markets. That is the way to build trust for sustainable investments and economic growth,” said Indars Aščuks, the Head of Baltic Markets at Nasdaq. “Thanks are due to all stakeholders for their impressivecommitment to propelling investment culture and advancing the Baltics a market full of attractive opportunities.”

“The Nasdaq Baltic listed companies were assessed in terms of shareholder returns and trading activity, excellence in corporate governance and transparency, and how market participants and professional investors view them. Each of the three criteria groups is significant – furthermore, they complement each other well,” noted Geoffrey Mazullo, the Chairman of the Nasdaq Baltic Awards Committee, the Principal at Emerging Markets ESG. “A company that performs well according to all the criteria understands the importance of good governance and transparency – both in theory and in practice. And investors appreciate such a company’s efforts to keep them informed on an ongoing basis.”

LHV Group, the largest domestic financial group in Estonia, triumphed in the main categoryInvestor Relations of the Year”. The company was recognized for the best investor relations practices and the highest shareholder returns among Baltic listed companies over the past two years. LHV Group is a true pillar of the Baltic capital market, acting as a blue chip issuer, a pan-Baltic exchange member, and a manager of pension funds which invest in the Estonian economy.

MADARA Cosmetics from Latvia, one of leading European brands for organic products, with transparency and sustainability as core values, won the “Best Investor Relations on First North” award for its sound disclosure practices and efforts to attract investors and engage stakeholders on the alternative market.

Lietuvos Energija from Lithuania, a leading Baltic energy group, was awarded for the “Best Investor Relations by a Bond Market Newcomer”, in recognition of its quality relations with bond investors and contribution to creating opportunities for sustainable investments in the Baltics.

LHV Pank from Estonia was recognized as the “Stock Exchange Member of the Year”, noting its increasing trading activity, steady commitment to serving, educating and inspiring the investor community, acting as a liquidity provider on the market, and contributing to the organization of IPOs and SPOs.

Three remarkable debuts on the stock and bond markets were highlighted as the “Stock Exchange Event of the Year” in each of the three Baltic countries: Tallinna Sadam in Estonia, Novaturas in Lithuania, and ALTUM in Latvia.

A special Ally of the Year” award was presented to the European Bank for Reconstruction and Development, which has actively contributed to the development of the Baltic capital markets and has served as a strong partner anchoring investments in the Baltic region.

“Article of the Year” awards were given to a journalist in each Baltic country who helped raiseawareness, provide insights and spur debate about issues related to the capital markets. The winner in Estonia was Kaspar Allik of Äripäev, for the article “Waiting for new IPOs”; in Lithuania it was Paulius Čiulada of Verslo Žinios, for the article “Improving Lithuania’s market classification is a major challenge”; and in Latvia it was Mārtiņš Apinis of DIENA, for the best overall Baltic capital market coverage.

The Nasdaq Baltic Awards, launched in 2018, are a biennial initiative of the Nasdaq Baltic exchanges and Nasdaq CSD. The evaluation of Nasdaq Baltic market’s listed companies and exchange members is performed by local and international experts in capital markets, corporate governance and investor relations. For more information, visit:

Discover more about the awards on social media with the hashtag #NasdaqBalticAwards.

A complete list of the 2019 awards, including categories, winners and runners up, follows:

Investor Relations of the Year (TOP 3):

  1. AS LHV Group
  2. Šiaulių Bankas AB
  3. Klaipėdos Nafta AB

Best Investor Relations on First North (only first place winner announced):

AS MADARA Cosmetics

Best Investor Relations by a Bond Market Newcomer (TOP 3):

  1. Lietuvos Energija, UAB
  2. AS Attīstības finanšu institūcija Altum (ALTUM)
  3. Inbank AS

Stock Exchange Member of the Year (TOP 3):

  1. AS LHV Pank
  2. Swedbank AS
  3. AS SEB Pank

Stock Exchange Event of the Year (the event in each Baltic country):

  • IPO of Tallinna Sadam in Estonia
  • Debut of Novaturas on the Baltic Main market in Lithuania
  • Debut of ALTUM on the Baltic Bond market in Latvia

The Ally of the Year:

European Bank for Reconstruction and Development

Article of the Year:

  • “Waiting for new IPOs” by Kaspar Allik of Äripäev in Estonia
  • “Improving Lithuania’s market classification is a major challenge” by Paulius Čiulada of Verslo Žinios in Lithuania
  • Best overall Baltic capital market coverage in Latvian media by Mārtiņš Apinis of DIENA in Latvia


About Nasdaq 

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 100 marketplaces in 50 countries. Nasdaq is home to over 4,000 total listings with a market value of approximately $12 trillion. To learn more, visit:

Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius securities markets as well as Nasdaq CSD. To learn more, visit:

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Media Relations Contact:
Dace Bulte
+371 67 212 431

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