News

Baltic Institute of Corporate Governance Executive Education will be held again in May 2010.

You are very welcome to indicate your interest in participating in our spring 2010 session by pre-registering on http://corporategovernance.lt.

The education consists of 3 two day sessions.

• Session 1: TALLINN, Friday/Saturday May 7/8
• Session 2: VILNIUS, Thursday/Friday May 13/14
• Session 3: RIGA Friday/Saturday May 28/29

The cost of participation will be 2.000 Euro plus VAT, this does not include travel and accommodation.

This program showed practical ways to business owners, board members and top executives how by adhering to high corporate governance standards companies can get 10-40% valuation premiums, reduce their interest rates on loans by up to 0.5% and attract foreign investments. By adopting leading corporate governance practices like recruitment of independent professional board members or separation of management and steering roles, companies can strengthen their competitiveness on the global markets, increase their performance and transparency, and lower risk of corporate failures.

The focus of the program is Corporate Governance and the above objectives which are attainable only through adoption of leading governance practices. The program is particularly relevant to the Baltic business and especially today as it deals with issues like how to attract foreign investments, how to build better resilience to crises, how to raise competitiveness on the international markets. The speed and sustainability of recovery of the Baltic economies largely depends on how well the Baltic companies will address these challenges.

“Today the Baltic business needs not only look for what short-term recovery measures to adopt or where to borrow money,  but focus on the strengths supporting its long-term competitive edge on the global arena. I believe that adoption of high corporate governance standards is today of primary importance to large, medium and small, privately and state-owned companies in the Baltic region”, – says Arminta Saladžienė, Chairman of the Executive Committee of BICG and Chairman of the Board, NASDAQ OMX Vilnius.

Antanas Zabulis, President of Omnitel, BICG Board member and alumni, adds: „The program is very relevant and a must for every owner, board member and senior manager. I feel responsibility of a true Corporate Governance ambassador and recommend this program to all my colleagues”.

Tomas Kučinskas, President of Carlsberg Baltic, assesses his experience at BICG: “It is probably the best Institute in the region which teaches how to direct and control your company”.

At the same time the Baltic Corporate Governance Board gathered for the first time to approve the strategy of the BICG and discuss further initiatives. It was agreed to work actively also in Estonia and Latvia in 2010, to offer top class education on corporate governance for businesses, public sector, and media, as well as to develop and maintain corporate governance guidelines for Baltic companies.

BICG also aims to establish close relationship with international bodies active in the corporate governance area as well as peer organizations in other countries to bring up-to-date knowledge and experience to the Baltic’s. BICG will work for alignment of the Baltic corporate governance practices with the best international practice and will advocate the Baltic governments for professional independent directors in state controlled companies.

Baltic Institute of Corporate Governance – the first joint initiative to promote corporate governance in the Baltic countries. 

A group of business partners, namely Bonniers Business Press (Verslo žinios, Dienas Bizness and Äripäev), Ernst & Young, Glimstedt, ISM University, NASDAQ OMX Baltic stock exchanges and the Swedish Chamber of Commerce today announced a non-profit initiative to raise awareness of good corporate governance in the Baltic region and, for this purpose, the establishment of the Baltic Institute of Corporate Governance (BICG).

“We see a pressing need for advancing the corporate governance agenda in the Baltic region. A commitment to good corporate governance positively impacts a company‘s valuation, access to capital, operational performance and reputation.

During the economic downturn an effective control environment, high level of transparency and empowered and competent boards are more important than ever. Experience from advanced economies proves that sound corporate governance practices lead to better companies, and in turn, better societies”, – says Arminta Saladžienė, Chairman of the Executive Committee of BICG and Chairman of the Board, NASDAQ OMX Vilnius.

The Baltic Institute of Corporate Governance in Estonia, Latvia and Lithuania starts its activity with the first Executive Education programme for Professional Board Members‘ in the Baltic countries.

This Executive Education is aimed at developing top level professionals, who while serving on the boards will instill best governance practices and contribute to the sustainable development of the Baltic companies. The programme was prepared by the Stockholm Chamber of Commerce and will be delivered by distinguished experts in the field of corporate governance.

Further BICG will invite business owners, executives, media and the public at large to debate on relevant corporate governance topics for the Baltic companies like the appropriate management and control structures, relations between shareholders, boards and management, effective governance framework, relationship with stakeholders and other.

An authoritative Baltic Corporate Governance Board consisting of 9 Baltic business leaders is being established to promote corporate governance and provide guidance on best practice. 
More information about the BICG can be found on the web www.corporategovernance.lt.

The Corporate Governance Board consists of one Chairperson and 9 Members – 3 from each Baltic Country. 

The role of the Corporate Governance Board is to:

• Define Baltic Corporate Governance;
• Communicate Corporate Governance best practices to relevant stakeholders;
• Be role models within Corporate Governance 

The Chairman of the Baltic Institute of Corporate Governance Executive Committee is a member of the Corporate Governance Board. The Chairman of the Corporate Governance Board will rotate between the country members on an annual basis.

The Estonian members are:

• Ian Plenderleith, CEO of Tallinna Vesi;
• Veikko Sepp, CEO of Ericsson, Estonia;
• Heldur Meerits, Council member, at LHV Pank.

Baltic Institute of Corporate Governance is proud to announce that Mr Raoul Hasselgren will be the lead lecturer in our education in November 2009.

Mr Hasselgren is a very experienced senior executive and a professional board member who has worked in nearly 70 national and international companies, both private and public. During his extensive management career, he has worked as a CEO for such companies as Johnson&Johnson, Unilever and Nordiska kompaniet.

Mr Hasselgren is the main lecturer for the Stockholm Chambers of Commerce Board Member Education, and has educated more than 200 people as board members. He has an MBA as well as a PhD.

The Corporate Governance Board consists of one Chairperson and 9 Members – 3 from each Baltic Country. 

The role of the Corporate Governance Board is to:

• Define Baltic Corporate Governance;
• Communicate Corporate Governance best practices to relevant stakeholders;
• Be role models within Corporate Governance 

The Chairman of the Baltic Institute of Corporate Governance Executive Committee is a member of the Corporate Governance Board. The Chairman of the Corporate Governance Board will rotate between the country members on an annual basis.

The Lithuanian members are:

• Antanas Juozas Zabulis, President, UAB Omnitel;
• Rolandas Barysas, CEO & Editor in chief, Verslo Žinios;
• Prof. Viktoras Butkus, Chairman of the Board, Fermentas International Inc.

Baltic Institute of Corporate Governance is happy to announce that Mr Flemming Lindeløv will lecture in our education in November 2009.

Mr Lindeløv has been the senior executive of a number of largest companies in Denmark, including Carlsberg, FDB, Tulip Meatpackers and Royal Scandinavia. Over a period of 30 years in these positions, he has gained substantial management experience and been in charge of a number of successful acquisitions, mergers, rationalisation measures.

Mr Lindeløv is a very experienced board member of large companies. For more than 10 years, he has chaired the Board of the global pharmaceutical company Lundbeck. He continues to be a very active board member of key Danish and international companies, including chairing the Board of a private equity fund Deltaq.