To promote best corporate governance practices among the Baltic companies, Baltic Institute of Corporate Governace (BICG) has developed a practical Corporate Governance Assessment Tool that allows us to assess company`s corporate governance practices against international benchmarks and best standards. As a result, companies have an opportunity to identify their strengths, weaknesses and develop comprehensive plans for improvement.
“Corporate governance should not be understood as simply a checklist of various policies, it is an organizational culture and appropriate daily practises. Corporate Governance Assessment Tool offers an in-depth check of corporate governance state of play within companies and a chance to improve their competitiveness in the future,” says Rytis Ambrazevičius, President of BICG.
- To assess current implementation of CG principles and compliance against given benchmarks,
- To indicate opportunities in CG development,
- To track the evolution of governance practices both for individual companies and for countries over time,
- To educate companies on the essential elements of good governance,
- To promote global competitiveness of Baltic companies through adoption of leading CG practices.
The Assessment Tool is based upon 3 internationally recognised benchmarks: G20/OECD Principles of Corporate Governance, OECD Guidelines on Corporate Governance of State-Owned Enterprises and ecoDa Corporate Governance Guidance and Principles for Unlisted Companies in Europe.
It groups 58 indicators into five CG categories: shareholder protection and rights, board of directors, transparency and reporting, control environment, stakeholders.
All companies are to be assessed depending on their types: listed, state-owned and unlisted/closely-held companies.
Assessment benefits for the company:
- Detailed analysis of individual company governance practices,
- Evaluation of the level of compliance against the best practice standards,
- Evaluation of the level of compliance against the aggregate performance of all participating companies,
- Identification of both strengths and areas for improvement in the company’s governance practices,
- Opportunity for the company to develop a well-rounded and complete agenda, remedial plans and close gaps with best practice standards,
- Data collection for tracking the evolution of governance practices within the company over time.
For more information, please visit here.
If your company might be interested in identifying its corporate governance strengths and weaknesses, and in developing comprehensive plans for improvement, please contact us.
While a specific timeline for conducting an assessment is to be agreed with all companies on individual basis, all assessments (up to 15 companies during the year 2017) are expected to be finalised by the end of autumn.