AS LHV Group is the largest domestic financial group and capital provider in Estonia

LHV was established in 1999, relying on the long-term investment and business experience of its founders. LHV employs over 380 people. LHV offers banking services to more than 151,000 customers, and LHV’s pension funds over 178,000 customers.


LHV’s mission is to help raise Estonian capital. LHV’s vision is focused on Estonia where people and businesses dare to think big, engage in enterprise and invest in the future.

LHV values: simple, supportive, effective.

Long-term objectives of LHV

  • To be the best financial services provider for private individuals who are accumulating and investing in financial assets and companies in need of financing.
  • Be an attractive and recognised employer that offers development, self-actualisation and growth.
  • Conduct business so that the annual rate of return on equity committed reaches 20% of the pre-tax profit.
  • To be the most inclusive financial services provider for international financial intermediaries.
  • To become Estonia’s most valued publicly traded company.

LHV is the perfect place for safeguarding and growing your savings

LHV focuses on active and independent customers with an enterprising frame of mind. For private customers, LHV mainly offers services related to the safeguarding and enhancement of savings. For business customers, LHV offers smart, flexible financing, along with the management of daily financial affairs.

LHV’s products and services are simple, transparent and relevant. Modern-day electronic means of communication are used for customer communication. This allows to cut costs with the aim offering affordable prices for the everyday services of LHV.

Partnership is central to growing the business of LHV. New initiatives can be implemented much faster and more successfully if the parties involved have the same interests and each other’s long-term support. LHV is a publicly traded company. LHV would like as many clients and partners as possible to be shareholders and investors in LHV and to participate in the building of a shared business.


AS LHV Group has a total of 26,016,485 ordinary shares, with a nominal value of 1 euro. As at 30.11.2018, AS LHV Group has 5590 shareholders.

Breakdown of shareholders as at 30.11.2018

Number of sharesNumber of shareholdersProportion in the number of shareholdersNumber of sharesProportion in the number of shares
1 – 1 0004 98889,23%1 101 6404,23%
1 001 – 10 0004848,66%1 369 6845,26%
10 001 – 100 000861,54%3 204 92412,32%
100 001 – 1 000 000270,48%9 526 77136,62%
üle 1 000 00050,09%10 813 46641,56%
InvestorNumber of shareholdersProportion in the number of shareholdersNumber of sharesProportion in the number of shares
Private investors and their investment companies5 58699,93%25 928 21099,66%
Financial institutions10,02%71 1580,27%
Non-profit associations20,04%1 1020,00%
Insurance undertakings10,02%16 0150,06%

Top ten shareholders as at 30.11.2018

Number of sharesParticipationName of shareholder
3 357 92012,91%AS Lõhmus Holdings
2 538 3679,76%Rain Lõhmus
2 111 3448,12%Viisemann Investments AG
1 595 6206,13%Ambient Sound Investments OÜ
1 210 2154,65%Krenno OÜ
999 4563,84%AS Genteel
951 9783,66%AS AMALFI
722 2972,78%Kristobal OÜ
643 1652,47%SIA KRUGMANS
589 1772,26%Bonaares OÜ

Shares held by the shareholders do not grant any specific right of control, or voting rights. AS LHV Group is not aware of any shareholders’ agreements, concluded with the aim of coordinating the execution of shareholders' rights.

Supervisory Board

Rain Lõhmus

Management Board


Audit committee

The Audit Committee serves, above all, as an advisory body for the Supervisory Board in matters related to accounting, audit, risk management, internal control and internal audit, supervision, budgeting and compliance. The Audit Committee must be set up of at least three members.

The Audit Committee is charged with the task of monitoring and analysing

  • the processing of financial information within the scope required for the preparation of quarterly reports and the Annual Report;
  • the efficiency of risk management and internal control;
  • the audit of the financial statements or the Consolidated Annual Report, and
  • the independence of the audit firm and the authorised auditor representing the audit firm by law, and compliance with the requirements established in the Auditors Activities Act.

The Audit Committee is obliged to make proposals and recommendations to the Supervisory Board with regard to:

  • appointment or removal of the audit firm;
  • appointment or removal of the internal auditor;
  • prevention and elimination of problems and inefficiencies within the organisation, and
  • ensuring compliance with legal acts and best professional practice.

Remuneration committee

The Remuneration Committee is charged with the task of assessing the principles of remuneration within the LHV consolidation group companies, as well as the impact of remuneration-related decisions on adherence to the requirements established for the management of risks, own funds and liquidity. The Remuneration Committee is set up of at least three members of the Supervisory Board of AS LHV Pank.

The Remuneration Committee:

  • conducts supervision over the remuneration of the management board and staff members of companies incorporated in the LHV consolidation group;
  • assesses, at least once a year, the implementation of the remuneration principles and makes proposals for the updating of the remuneration principles, where necessary, and
  • prepares the draft remuneration decisions for submission to the Supervisory Board.

Madis Toomsalu
Töötasukomitee esimees

Risk and Capital Committee

The Risk and Capital Committee monitors the implementation of the risk management policy and the capital management policy by the companies in the LHV consolidation group. The Risk and Capital Committee reviews regular risk reports, the processes ensuring capital adequacy and capital plans. The Risk and Capital Committee has to include at least three members, including the Chairman of the Supervisory Board.

The jurisdiction of the Risk and Capital Committee includes

  • advising the Supervisory and Management Boards on the risk management principles and risk tolerance,
  • supervision of the implementation of the risk management principles by the Management Board in accordance with the instructions of the Supervisory Board,
  • checking of the accounting of business model and risk management principles in the fees set for clients and, in the event of any deficiencies, submission of an improvement plan to the Supervisory Board,
  • checking of the accounting of the likelihood and timing of risk, capital, liquidity and revenues in the principles of remuneration.

Rain Lõhmus
Riski ja kapitalikomitee esimees


In November 2017 the Management Board in cooperation with the Audit Committee conducted a selection process to determine the external auditor for the company. LHV requested submissions from four of the largest internationally renown audit firms and met with their representatives. As a result of the process AS PricewaterhouseCoopers was selected and nominated as the auditor at the annual general meeting of shareholders held on 11 April 2018. LHV concluded an agreement with AS PricewaterhouseCoopers for the financial years 2018 and 2019.