Annual General Meeting
Baltic Institute of Corporate Governance (BICG) is an association governed by its members, who convene for an Annual General Meeting (AGM) by the 1st of May every year. AGM is the topmost decision-making body, approving annual activity reports, financial statements, electing Board members, etc. Each member of the BICG has one vote at the AGM.
External Auditor
Financial activities of the BICG are audited annually, by an independent auditor appointed by the Board. Independent Auditor's Report and Financial Statements are approved by the AGM. Currently, the independent auditor of the BICG is KPMG.
Nomination Committee
Nomination Committee makes recommendations for electing and re-electing Board members, based on the requirements set for the Board composition and rotation in the bylaws and best practice guidelines of the BICG, encouraging balance of competencies, equal country representation, etc. It is comprised of three members, elected by the AGM, for a tenure of 3 years. Chair of the Nomination Committee is elected by its members.
Aiga Ārste-Avotiņa
Chair of the Nomination Committee
Aiga Ārste-Avotiņa has been working in the executive search business since 1996, when she joined Amrop International in Latvia as their first local representative. She developed the company into the biggest player in the market for senior level recruitment in the Baltics. As of 2019, Aiga is the Managing Partner of Amrop Latvia as well as a Partner in Amrop Ukrainian and Estonian operations.
Since 1999, when she was first appointed as a Partner, she has been leading executive search assignments in the Baltics and Ukraine, in a range of sectors, including Infrastructure, Manufacturing, Retail, IT & Telecommunications and other industries, completing over 500 executive search projects for the leading international, state-owned and local companies. She has also been leading management assessment assignments in the Baltics and Nordics.
Aiga graduated from the University of Latvia with a Bachelor’s degree in Psychology and has an MBA from the Riga Business School. She has also studied Executive Development Business Programs at the International Institute of Management Development in Switzerland and the Baltic Institute of Corporate Governance.
Šarūnas Dyburis
Member of the Nomination Committee
Šarūnas Dyburis is Managing Partner at a retained executive search company AIMS International Lithuania as well as a Board member and Deputy Head of Board Services Practice at AIMS International.
He has over 15 years of experience in executive search, having worked and practiced in Lithuania, Latvia, Estonia, Finland, Czech Republic, etc.
He holds an EMBA in Business Administration from the Baltic Management Institute, an MBA in International Trade from Vilnius University and a BBA in Business Administration from Vytautas Magnus University.
Marja-Liisa Soone
Member of the Nomination Committee
Marja-Liisa Soone is at
Passionate about introducing and implementing good corporate governance in companies, Marja-Liisa has previously held the position of Senior Legal Counsel at Bolt, one of the fastest-growing startups in the world; she has also worked as the Head of Legal and Compliance at Ridango AS, a leading mass transport IT solutions provider in Northern and Eastern Europe, and at Tallinna Vesi AS, a listed and largest water utility company in Estonia.
She holds a law degree and a degree in financial management, both from Tartu University. She has also taken courses in Lund University in Sweden and Georgetown University in US.
Marja-Liisa is an alumnus of the BICG class of 2013.
Board
Board supervises the performance of the BICG, its management and guides the organization strategy. It consists of nine members, elected by the AGM, with the recommendation of the Nomination Committee, for a tenure of 3 years. Chair of the Board is elected by the Board, during the first meeting after the AGM.
Kārlis Danēvičs
Chair of the Board
Kārlis Danēvičs is a Management Board member of SEB in Latvia, having an overview of local and Baltic economies as well as businesses and their governance levels.
He has previously been CFO and Head of Client Relationship Management at SEB, having also worked for SEB in Sweden, covering other geographies besides the Baltics, and also for other financial institutions.
Kārlis serves as the Head of Lending Committee at Finance Latvia Association, Chair of the Supervisory Board at the SOS Children’s Villages Latvia and Senate member of SOS Children’s Villages International operating in over 130 countries.
He has been a member of the BICG Board since 2017, being re-elected for a third tenure in 2023 and holding the Chair position since 2022.
Ansi Arumeel
Member of the Board
Ansi Arumeel is a Strategic Advisor, with extensive background in logistics and e-commerce. He is also currently serving as a member of the Supervisory Board at Mobire Group, which offers car leasing and rental services across the Baltics.
Previously, Ansi has held top management positions at Retail Robotics, the largest automated parcel machine manufacturer in Europe, and Omniva, postal and e-commerce delivery service provider.
He is a graduate of Chalmers University of Technology as well as Tallinn University of Technology (TallTech).
Ansi is serving on the BICG Board since 2023.
Daiga Auziņa-Melalksne
Member of the Board
Daiga Auziņa-Melalksne is an independent member of the Supervisory Board at Citadele.
She is also chairing the Latvian Corporate Governance Advisory Board under the auspices of the Ministry of Justice and is a member of the Advisory Board at Riga Business School.
Previously, Daiga was the Chair of the Management Board of the Nasdaq Riga stock exchange and a member of the Management Board of Nasdaq Tallinn. She has been responsible for the development of Nasdaq Baltic markets for over a decade, since 2012.
An experienced financial services executive with over 20 years of leadership and management experience at international financial services companies, she is passionate about capital markets and believes in good corporate governance and accountability as drivers of growth and economic prosperity.
Daiga holds an Executive MBA from the Riga Business School and a Master’s in Economics from the University of Latvia.
Since 2010, she has been a Board member of the BICG, including serving as the Chair in 2012-2014 and in 2016-2020.
Vita Balode-Andrews
Member of the Board
Vita Balode-Andrews is CFO and member of the Management Board at Latvian Railway JSC, the Latvian state-owned operator of rail infrastructure and provider of freight transport, which is engaged in other activities connected to the sector as well.
With over 25 years of diverse management experience, she is committed to promoting and advancing sound environmental, social, and governance (ESG) practices.
Vita also serves as a member of the Council at the Daugavpils University.
Previously, she has worked at Swedavia AB, which is the Swedish state-owned operator of all major airports, for 12 years. Her positions included leading Parking, Entry & Mobility and Retail Food Beverage & Advertising as well as serving as the top financial person addressing those areas.
She holds a Licentiate degree in Accounting and Management Economics from the Stockholm School of Economics.
Vita is serving on the BICG Board since 2022.
Kristjan Endrikson
Member of the Board
Kristjan Endrikson is Renewable Energy Product Lead at Sunly, an independent energy producer developing renewable energy projects in the Baltics and Poland.
Previously, he has held the positions of the Head of Legal at Bondora Group, a financial company, and General Counsel at Eesti Energia Group/Enefit. He has also worked as General Counsel and member of the Management Board for a telecommunications operator Tele2 in Estonia as well as a member of the Supervisory Board for the Estonian Broadband Development Foundation.
Kristjan has a Bachelor’s and Master’s degrees in European and International law from TalTech Department of Law (former Concordia International University Estonia) in Estonia and a Bachelor’s degree from the University of London (former College of Law).
He is serving on the BICG Board since 2021.
Kati Kusmin
Member of the Board
Kati Kusmin is the CEO of Riigi Kinnisvara AS, a state real estate development and management company, owned fully by the Estonian state. She is also an independent member of the Supervisory Board at Klaasimeister AS, a growing glass processing business active in the Nordic and Baltic region as well as in the UK.
Previously, Kati has been a member of Management Boards or management at several listed companies, such as Silvano Fashion Group AS, Baltika AS, Kalev AS, Tallinna Kaubamaja AS; and has worked as the CEO of Estonia’s largest fast-moving consumer goods retail company ETK (now Coop Estonia).
She has applied her diverse experience in various fields, including as a member of the Council at the Estonian Employers’ Confederation and Chair of the Estonian Traders’ Association.
Kati studied Economics and Organization in Service Industry at the Tallinn University of Technology.
She is serving on the BICG Board since 2022.
Irmantas Norkus
Member of the Board
Dr Irmantas Norkus is the Managing Partner of COBALT Lithuania and Chairman of the Pan-Baltic Board of COBALT, one of the leading law firms in the region. Apart from these roles, he is a practicing lawyer advising a wide range of clients, both local and international, on high-profile and complex legal matters and focusing, among other things, on transactional and corporate governance matters.
He has more than 15 years of extensive experience in private and public M&A, competition, banking and finance, and is constantly recognized as a leading lawyer in his practice areas by the most prestigious legal directories.
Irmantas has been a member of the Lithuanian Bar Association since 1999 and a member of the International Bar Association (IBA) since 2004.
He has a Doctor’s degree in Social Sciences (Law) from Vilnius University.
Irmantas is serving on the BICG Board since 2017, being re-elected for a third tenure in 2023.
Daiva Rakauskaitė
Member of the Board
Daiva Rakauskaitė, CFA, is a Partner at LLP Business angels fund I (since 2010) and a fund manager at LLP Business angels fund II (since 2018). She has more than 15 years of experience in private equity, and in the latter years is actively investing into start-ups and young businesses.
Daiva is Chair at Probiosanus UAB and Integrated optics UAB as well as Chair of Advisory Board at Mark ID.
Previously, she has served as a financial analyst at the Baltic Post Privatisation fund (1999-2006) and securities brokerage house Suprema (1994-1999). Daiva was also among the founders of Finance analytic‘s association in 1999. Since 2017, she is a member of the Investors’ association as well as the association ‘Lyderė’ for promoting women’s leadership and career striving.
Daiva’s basic education is in economics. In 1995, she received a diploma in Systemic Economic Analysis (Economic cybernetics) from the Vilnius University, and two years later obtained an MBA in finance from the same university. In 2003, Daiva earned the Chartered Financial Analyst (CFA) designation at CFA Institute.
Daiva is serving on the BICG Board since 2019, being re-elected for a second tenure in 2022.
Stepas Telešius
Member of the Board
Stepas Telešius is a Co-founder and member of the Board at ACME Grupė, which unites over 30 companies operating in such areas as manufacturing of electronic devices and home appliances, providing electronic equipment repair services, movie distribution, etc.
He is also a member at YPO, a global community of top executives operating in over 140 countries.
One of the earliest graduates of the BICG Board member education program, Stepas is serving on the BICG Board since 2024.
Policy Groups
Policy Groups support initiatives by the BICG by proposing guidelines, recommendations and being highly reactive to any proposals made by other parties in the field of corporate governance and company law. Working closely with the management, Policy Groups are designated by country and currently are established in Latvia and Lithuania. Members of Policy Groups are appointed by the Board, for a tenure of 3 years. Chair of a Policy Group is elected by the Policy Group.
Latvia
Zane Kotāne
Chair of the Policy Group
Zane Kotāne is the COO at Exante, a wealthtech company that provides centralised trading solutions and B2B financial infrastructure.
Having held various Management Board and Supervisory Council positions both in private and state-owned companies for the last 10 years, she is considered to be an expert in management, finance and corporate governance.
Zane is one of the early graduates of the Baltic Institute of Corporate Governance, having completed the Board member education course in 2011.
Mārtiņš Bičevskis
Member of the Policy Group
Mārtiņš Bičevskis is an experienced director, mentor, angel investor.
He serves as a Board member or Chair in various private and state-owned companies and organisations, including financial service company DelfinGroup, Latvian railway infrastructure manager LatRailNet, BA School of Business and Finance, etc.
Mārtiņš is also a startup ecosystem enthusiast and strong advocate of corporate governance as well as a mentor at Junior Achievement Latvia.
Previously, he has served as State Secretary of the Ministry of Finance and Ministry of Justice, member of the Board in large state-owned companies in the real estate and energy sectors as well as President of the Latvian Banking Association.
Uldis Biķis
Member of the Policy Group
Uldis Biķis is the Chair of the Supervisory Board and previously the CEO of plywood production and forest management enterprise Latvijas Finieris, having worked at the company since 1994.
He is a member of the Supervisory Board at the Employers’ Confederation of Latvia, also representing Latvijas Finieris in other professional organisations and NGOs.
Uldis has previously served as the Board member at the Baltic Institute of Corporate Governance as well.
He is Appointed Commander of the Cross of Recognition in Latvia, awarded for service to the country and outstanding merits in constitutional and public work, culture, science, sports, and education.
Honorary Doctor of the Latvia University of Life Sciences and Technologies.
Education and specialisation – forestry engineer.
Jānis Butkevičs
Member of the Policy Group
Jānis Butkevičs is the Head of Corporate Governance and Compliance at RB Rail, the central coordinator of the Rail Baltica project.
Having served in various other management positions for the last 10 years, he is passionate about strategic advisory, stakeholder relations, and corporate governance. Jānis has also worked on international projects as a lecturer and team leader.
He holds a Master’s degree in law (LLM) and a Master’s degree in European Studies from the University of Latvia. He is also a graduate of the Baltic Institute of Corporate Governance and continues to participate in the Institute’s training programs as a guest lecturer.
Gatis Flinters
Member of the Policy Group
Gatis Flinters is a Partner at COBALT Latvia, with over 20 years of relevant experience and a proven record in large-scale investment projects, while advising local and foreign companies.
He is the Head of Corporate & Commercial Law practice group at COBALT Latvia and the Co-Head of the Corporate & Employment Law practice group of COBALT pan-Baltic offices.
Gatis is a member of Corporate Governance Advisory Board at the Ministry of Justice and a member of the permanent Commercial Law Working Group.
Anrī Leimanis
Member of the Policy Group
Anrī Leimanis serves as a member of the Supervisory Board at Latvijas Pasts, with a focus of corporate governance and strategy.
He also chairs Latvian Public and Private Partnership Association and is active in several other NGOs.
Previously, Anrī has held various top positions at RB Rail, the central coordinator of the Rail Baltica project.
With over 25 years of experience in senior management, he has worked in telecoms, logistics and infrastructure industries. Anrī has also worked with corporate governance, both as an external consultant as well as in executive and non-executive roles in major companies.
In addition to his two masters’ degrees in transnational business law and business administration, he continues to work towads a Ph.D related to international regulatory framework for artificial intelligence.
Ģirts Rūda
Member of the Policy Group
Ģirts Rūda is Legal and Administrative Director at State Real Estate, the largest manager of state-owned real estate in Latvia.
He has been practicing law for over 25 years, and has previously been a Board member at the Financial and Capital Markets Commission of Latvia and Head of Legal Service at RB Rail, the central coordinator of the Rail Baltica project.
Ģirts has also worked in the largest Latvian and regional law firms, earning extensive experience in Latvian as well as international law in real estate, finance, corporate governance and matters of commerce.
Toms Siliņš
Member of the Policy Group
Toms Siliņš is a member of the Supervisory Board and Audit Committee at Latvenergo, one of the leading green energy producers in the Baltics.
He also holds the position of Managing Partner at Helvetica Green Investments.
With over 25 years of international experience in finance, banking, and investment management in the three Baltic countries as well as Switzerland, Toms has held various management positions, including multiple years as a CFO at Swedbank Latvia, Sberbank and elsewhere. More recently, he has worked as a consultant and investor.
Toms holds an MBA from New York University Stern School of Business and is a CFA charter holder.
Jānis Vanags
Member of the Policy Group
Jānis Vanags is the CCO and member of the leadership team at Repharm, which leads a group of five companies working in Latvian healthcare industry.
He has over 15 years of experience in senior management positions in aviation, service, retail and health-care industries spanning over 30 markets in the EU, CIS and Middle East.
Jānis is also an advisor and trainer in emergency management for major international organizations and companies in Europe, Asia and Africa (United Nations, IATA, etc.). He also currently liaises with NATO and national defence bodies on resilience issues (strategic reserves, business and military synergies for resilience, hybrid/greyzone threats).
Andris Vilcmeiers
Member of the Policy Group
Andris Vilcmeiers is an experienced executive with a track record of driving significant change across diverse industries.
Currently a member of the Board at the Latvian Athletic Association, Andris has previously led the food retailer SPAR Latvija, construction business Skonto Group, etc.
His experience spans from effectively adapting and localizing international franchises to enhancing customer engagement, executing strategic transformations, establishing robust corporate governance, and fortifying financial management.
Andris is a graduate of both Board member and Chair education programs by the Baltic Institute of Corporate Governance.
Lithuania
Simona Grinevičienė
Chair of the Policy Group
Simona Grinevičienė is Head of Organizational Development and Culture at Lithuanian state-owned holding company EPSO-G, which controls a group of energy transmission and exchange companies.
Previously, Simona worked as the Head of Legal and Prevention Division Baltics at Gjensidige, a leading Nordic insurance group, and as the Legal Office Director at Ignitis grupė AB, one of the largest energy companies in the Baltic region.
During 20 years in both public and private sectors, she gained considerable expertise in various areas from law making to ensuring compliance to law.
Simona holds a Master’s degree in Law from Vilnius University and Business Management degree from the International Business School at Vilnius University. Simona is also a graduate of the BICG, having completed Board member education course in 2018.
Irmantas Beržauskas
Member of the Policy Group
Irmantas Beržauskas is the Chief Legal & Governance Officer at the Lithuanian Railways, the national state-owned railway company in Lithuania.
Previously, he has worked as the Head of Legal at KN Energies, listed stated-owned company operating oil product and liquefied natural gas terminals.
Irmantas has extensive experience in supporting organizations in developing and implementing governance structures that promote transparency, accountability, and sound decision-making processes.
Vytautas Bradauskas
Member of the Policy Group
Vytautas Bradauskas is a Senior Associote and Attorney at Law at TGS Baltic in Lithuania.
As an in-house corporate lawyer and while working in law firms, he has accumulated more than 15 years of experience, mainly in corporate and commercial law, tax law, as well as judicial and extrajudicial disputes.
Vytautas has also previously worked in compliance at one of the largest credit institutions.
Renata Damanskytė-Rekašienė
Member of the Policy Group
Renata Damanskytė-Rekašienė is the Head of Legal at Maxima Grupė, which owns Maxima retail chain in Lithuania, Latvia and Estonia as well as other businesses.
Previously, she held the position of the Chief Legal Counselor at Lithuanian state-controlled holding company EPSO-G UAB, being in charge of good corporate governance. Renata also has over 8 years of experience at TGS, one of the largest law firms in Lithuania, with focus of capital markets, restructuring and insolvency as well as corporate and commercial law. She was a leading contributor from jurisdiction of Lithuania to the Studies for the European Parliament regarding Corporate Social Responsibility.
Renata has been a member of the Lithuanian Bar Association since 2014.
She has a Master’s degree in commercial law from Vilnius Law University.
Robertas Degesys
Member of the Policy Group
Robertas Degesys is the Founding Partner at Degesys & Partners, a specialized business law firm.
He has previously held the positions of a Partner at TGS Baltic and Baltic Legal Solutions in Lithuania.
Having actively participated in the work of the Baltic Institute of Corporate Governance for over a decade, Robertas currently lectures on corporate governance at Vilnius University Business School as well.
Evaldas Dūdonis
Member of the Policy Group
Evaldas Dūdonis is a Partner at Sorainen in Lithuania, with primary focus on corporate law and significant experience in the field of M&A.
He has been practicing law since 2004, achieving considerable experience in projects covering all three Baltic countries.
Evaldas has previously served on a steering committee formed by the Ministry of Economy in Lithuania to advise the government on improving the country’s legal landscape in company law.
Agnė Jonaitytė
Member of the Policy Group
Agnė Jonaitytė is a Partner with Primus law firm, where she heads finance and capital markets team.
She has been working with corporate, M&A and finance law for more than 18 years, and her extensive corporate governance knowledge has been built up by advising clients on various corporate governance issues as an external legal adviser as well as inhouse of a Nasdaq and Warsaw SE listed Lithuanian entity, where she acted in various positions, i.e. as a Board member responsible for corporate governance, investor relations and sustainability matters, Head of Legal and Corporate Affairs and later on as a Corporate Secretary.
Agnė continues to advice clients on various corporate governance issues on a daily basis as an external legal adviser and provider of professional corporate secretary services.
Agnė is also a graduate of both BICG Board member and Chair education programs.
Gintarė Šerėnaitė-Vaitekaitienė
Member of the Policy Group
Gintarė Šerėnaitė-Vaitekaitienė is the Head of Corporate Law at Ignitis Group, the listed parent company of one of the largest energy groups in the Baltic region consistently acknowledged among the best governed state-owned companies in Lithuania.
Her expertise encompasses general corporate and company law, regulation of state-owned enterprises as well as governance of listed companies.
Gediminas Varnas
Member of the Policy Group
Gediminas Varnas is the Legal and Compliance Officer at Nasdaq Baltic business unit. In addition to his relevant duties and position of a Member of the Management Board at Nasdaq Vilnius AB (stock exchange), he works with Nasdaq CSD SE (CSD) and Nasdaq Vilnius Services UAB (competence center).
Providing legal support to Nasdaq group entities since 2005, Gediminas holds legal and compliance responsibilities, which include corporate governance matters.
Gediminas graduated from the University of Konstanz (Germany) in 2004 with a Master’s degree in Law. He has been teaching various business law subjects to students at the Business School of Vilnius University since 2006.
Povilas Žukauskas
Member of the Policy Group
Povilas Žukauskas is a Partner at Walless (Lithuania), one of the leading B2B law firms in the Baltic region.
He has over 15 years of experience representing private entities and persons in connection with mergers and acquisitions, shareholders‘ relations and shareholders‘ disputes, general corporate matters, corporate governance issues, restructuring and insolvency cases.
Povilas is a member of the Lithuanian Bar Association since 2012 and a member of the Association of Financial Analysts (Lithuania; FAA) since 2020.
Povilas graduated from Mykolas Romeris University (Master of Law 2008) and received Master of Business Administration at Baltic Management Institute (BMI) in 2018.
Management
Management of the BICG is responsible for daily operations and is supervised by the Board.
Rytis Ambrazevičius
President
Rytis Ambrazevičius has 20 years of experience in top level positions at various international and local companies, including Omnitel (now Telia Lietuva, part of the Telia group), Mandatum Life Baltics, Sampo Life (Lithuania), Falck Security (now G4S) and SBA Group.
During the last decade, he held different positions in the Boards of directors at numerous businesses, including Sampo group companies and such Lithuanian state-controlled companies as Klaipėdos nafta and EPSO-G. Currently, he is chairing the Board of Topo grupė, owner of the largest household appliances and electronics retail chain in Lithuania, as well as serving on the Board of Vilniaus vandenys, the largest water supply company in the country.
Rytis graduated with honours from Kaunas Technology University (Mechanical engineering), from International Business School at Vilnius University (BSc Management and Business Administration and MBA International trade). He also graduated from the BICG in 2012 (board member certificate) and in 2013 (chairperson’s certificate).
Andris Grafs
Vice President Latvia
Andris Grafs is experienced in various corporate governance matters, especially from the shareholder perspective in state-owned enterprises (SOEs). He has acted in several leading positions in public policy institutions and non-profits, thus obtaining practical experience and competences in strategic planning, management and advocacy at a senior level.
Andris is a co-author of the Latvian Government’s concept of reforms on the governance of SOEs and respective national legislation (approved in 2014, 2015, 2019, and 2021), a co-author of the Latvian Corporate Governance Code (2020) and one of the authors of a binding ownership policy on how Riga city-owned companies are governed (2020). He has also been involved with the Organisation’s for Economic Co-operation and Development (OECD) Working Party on State Ownership and Privatisation Practices (2011-2014).
Currently, Andris is the Chair of the Advisory Council for improving governance of companies owned by the Riga city and also represents BICG in the Corporate Governance Advisory Council under the Latvian Ministry of Justice that is responsible for developing and updating the Latvian Corporate Governance Code as well as promoting its implementation. Previously, Andris has also chaired the Supervisory Board at Liepāja University, before its merger with the Riga Technical University in 2024.
He holds an EMBA focusing on the embedding of ESG in the company’s business model from Riga Business School, where he is now a guest lecturer.
Erik Sakkov
Country Manager Estonia
Erik Sakkov has 25 years of experience working in top management positions in Estonian companies, including Union Bank of Estonia (now SEB), Port of Tallinn, NT Marine, Tallinn Airport and Nordica.
As a volunteer, he acts as an Honorary Consul of Belgium in Estonia and chairs the Supervisory Board of the cancer treatment foundation The Gift of Life.
He graduated the Estonian Business School with an Executive MBA degree in 2003.
