News

Policy Groups were established at the Baltic Institute of Corporate Governance (BICG), to support the development of good corporate governance in the Baltics by proposing initiatives, guidelines and recommendations as well as by being highly reactive to any proposals made by other parties in the field of corporate governance and company law.

Comprised of the members of the BICG who are experienced directors, managers, legal experts and corporate governance specialists, the Policy groups will be working closely with the management and reporting to the Board of the BICG.

“While the BICG has always been leading the way in advocating for good corporate governance across the Baltics, having Policy groups will help the Institute to make sure that we are as strong as possible”, says Rytis Ambrazevičius, President of the BICG.

In Lithuania, the Policy group was joined by Agnė Jonaitytė of Primus Derling, Gediminas Varnas of Nasdaq Vilnius, Ina Muckienė of PWC Legal Lithuania, Povilas Žukauskas of Walless, Renata Damanskytė-Rekašienė of EPSO-G Group, Simona Grinevičienė of Ignitis Group and Viktorija Trimbel of Quantum Capital.

In Latvia, the appointed members are Andris Lauciņš of Ernst & Young Baltics, Esmeralda Balode-Buraka of Latvijas Gāze, Gatis Flinters of COBALT Latvia, Gundars Bērziņš of Olainfarm, Jānis Vanags of Maxima Latvija, Juta Kaktiniece of SEB banka, Mārtiņš Bičevskis of Association of Technology and Startup Transfer, Rinalds Sluckis of Digital Mind, Uldis Biķis of Latvijas Finieris and Zane Kotāne of Olainfarm.

In Estonia, a Policy Group is set to be created in the future, as the member community continues to grow.

Appointed by the Board at the end of October, Policy Groups in Latvia in Lithuania have now held their first meetings and are working on their agenda for the upcoming year(s).

Ms Trimbel, one of the most experienced independent Board members in Lithuania, and Mr Biķis, an experienced Chair and formerly a Board member of the BICG, have been elected as Chairs of the groups by their members, in their respective countries.

Tenure of all Policy group members is three years, tenure of the Chair of a group is one year.

Appointed after an open call for applications, all members volunteer their time and expertise, and are engaged on a pro bono basis.

Baltic Institute of Corporate Governance (BICG) invites to attend the first program for corporate secretaries in the Baltics, to be held online on November 27^th and December 11^th of this year.

Highly practical, two-day program offers insight into the varied role and duties of a corporate secretary in ensuring excellence in Board work and improving overall corporate governance practices in a company.

“The role of a corporate secretary as an assistant and advisor to the Board as well as an advocate for good corporate governance in the company is becoming increasingly relevant in the Baltics, and it is necessary to make sure that everyone tasked with fulfilling these duties has the relevant knowledge and awareness of the best practices,” says Rytis Ambrazevičius, President of the BICG.

The course is based on the good corporate governance practice framework as well as practical advice by experienced corporate secretaries and Board professionals.

For more information about the course, please see:

INVITATION (EN)

Please note that the number of places in the program is limited, and registration is dependent on the approval by the BICG. The cost of participation is 550 EUR (and VAT).

For more information, please contact:

Rytis Ambrazevičius
President
Mob. +370 698 17011
E-mail rytis[at]bicg.eu

Andris Grafs
Vice President Latvia
Mob. +371 297 84407
E-mail andris[at]bicg.eu

Erik Sakkov
Country Manager Estonia
Mob. +372 502 1638
E-mail erik[at]bicg.eu

On June 11^th, the Board of the Baltic Institute of Corporate Governance (BICG) elected Lina Kapčinskienė as the Chair of the Board for the upcoming year.

Ms Kapčinskienė is the Managing director and Chair of the Management Board at Baltic Agro Machinery UAB, and has been an active ambassador of the BICG initiatives for over a decade.

“Knowing the difference the BICG has made in advancing good governance practices in the Baltics, I am looking forward to making sure that we both safeguard these achievements and build on them for further improvements. I am proud of the BICG mission and the vision we are heading towards. The Board of the BICG works according to the best professional standards and that’s what we all want to see in private and state-owned enterprises. It is a true honor and responsibility to take over the position of the Chair,” says Ms Kapčinskienė.

She is taking over from Daiga Auziņa-Melalksne the Head of Nasdaq Baltic Exchanges, who has stepped down after serving as the Chair of the Board since 2016, and now remains a member of the Board.

One of the first alumni of the BICG, Ms Kapčinskienė is serving on the BICG Board since 2019. Previously, she served on the BICG Nomination Committee between 2013 and 2016.

For many years, she has also been active in such organizations as Junior Chamber International (JCI), the Finnish-Lithuanian Chamber of Commerce (FLCC), the Association of Responsible Business Companies in Lithuania (LAVA) and the association ‘Lyderė’ for promoting women’s leadership and career striving.

Board of the BICG is appointed by the members of the BICG at the Annual General Meeting (AGM), and establishes the strategies, goals and business procedures for the association.

Members of the Board elect the Chair in their first meeting held after the AGM.

More information about all of the BICG Board members can be found online here.

BICG is the competence center for creating well-governed businesses and stronger economies in the Baltics. It is an association working to ensure that private and state-owned companies are governed competently, transparently, with a high standard of accountability and are successful long-term. It is achieved through policy advocacy, best practice recommendations, education programs and other initiatives.

For more information:

Rytis Ambrazevičius
President
Baltic Institute of Corporate Governance
Phone: +370 698 17011
Email: rytis[at]bicg.eu

Baltic Institute of Corporate Governance (BICG) invites to attend the Board Member Education program in autumn 2020.

Background of the Education

The program is designed to introduce Board and Supervisory Council members, shareholders and top executives to the best principles of corporate governance, providing a strong basis for their implementation in practice.

“It offers an opportunity to learn about the best practices in separating and fulfilling their particular responsibilities, to ensure long-term success of a company,” says Rytis Ambrazevičius, President of the BICG.

Topics of the education program are compiled based on the principles and recommendations on corporate governance by the International Finance Corporation of the World Bank Group (IFC) and Organization for Economic Co-operation and Development (OECD).

Education is held in the English language, it consists of three parts (two days each, six in total) and final examination.

Two separate sessions will be held in autumn 2020.

First session:
• September 17^th and 18^th – first part in Vilnius, Lithuania;
• October 1^st and 2^nd – second part in Tallinn, Estonia;
• October 8^th and 9^th – third part in Riga, Latvia.

Second session:
• November 12^th and 13^th – first part in Vilnius, Lithuania;
• November 19^th and 20^th – second part in Tallinn, Estonia;
• December 3^rd and 4^th – third part in Riga, Latvia.

To see the full introduction to the program, please follow the link below >>

INTRODUCTION (EN)

Please note that the number of places in the program is limited and priority is given to participants who are directly involved in planning and implementing good corporate governance practices in a company.

For more information, please contact:

Rytis Ambrazevičius
President
Mob. +370 698 17011
E-mail rytis[at]bicg.eu

Andris Grafs
Vice President Latvia
Mob. +371 297 84407
E-mail andris[at]bicg.eu

Erik Sakkov
Country Manager Estonia
Mob. +372 502 1638
E-mail erik[at]bicg.eu

On April 30^th, Baltic Institute of Corporate Governance (BICG) held the Annual General Meeting (AGM) and Governance Conference 2020.

Because of the ongoing quarantine measures in the Baltics and elsewhere, both events were held remotely.

The day started with the AGM, where decisions were taken by recording the votes received via advance voting ballots, while the afternoon was dedicated to the Governance Conference 2020, which was held online and focused on such topics as changing definition of the purpose of a company and advanced stakeholder relationships.

AGM

Members of the BICG approved the annual activity and audited financial reports during the AGM, and the overall Annual Report 2019 is now available online here.

Board elections were held as well, with Kārlis Danēvičs, Management Board member of SEB in Latvia; Kaarel Ots, CEO of Nasdaq Tallinn; and Irmantas Norkus, Managing Partner of COBALT Lithuania, re-elected for their second tenure of three years.

„Kārlis, Kaarel and Irmantas have all contributed their expertise to the success of the BICG during the last three years, and it is great that we will be able to continue to rely on them,” says Daiga Auziņa-Melalksne, Chair of the Board of the BICG.

The AGM has also elected the Nomination Committee, for a tenure of 1 year.

Aiga Ārste-Avotiņa, Managing Partner at Amrop Latvia and Amrop Estonia, and Nijolė Kelpšaitė, Managing Partner at J. Friisberg & Partners Lithuania, were re-elected to continue their work, while Marja-Liisa Soone, Head of Legal and Compliance at Ridango, is joining for the first time.

More information about the BICG leadership can be found online here.

Governance Conference 2020

Annual Corporate Governance Conference moved online this year, as speakers connected from France, Netherlands, Finland and Belgium, while participants joined from Estonia, Lithuania, Latvia and Belarus.

“Estonia, Latvia and Lithuania are now all members of the Organization for Economic Co-operation and Development (OECD), but this achievement is not a finish line, it is a new space for further improvement. That is why this year we have focused on what can the Baltic countries learn from the best practices of other OECD countries,” says Rytis Ambrazevičius, President of the BICG.

Michel de Fabiani, professional Board member from France, opened the event, by sharing the French experience and his insights into re-defining the purpose of companies.

“Raison d’être (reason for being) is becoming much wider, it covers not just producing and selling, but contributing to the wellbeing of society. What is very important, is that it is not just a marketing tool, it is a long-term strategy, which has to be reflected in your strategic plans, financials, etc.“ noted Mr de Fabiani.

Jan Wesseldijk, Chair of the European Confederation of Directors Associations (ecoDa) from the Netherlands, discussed best stakeholder relationship and engagement practices; Sandra Gobert, Executive Director at GUBERNA, the Institute of Directors in Belgium, explored the advanced new Belgian corporate governance code; and Leena Linnainmaa, Secretary General, Directors’ Institute Finland, shared insights into environmental, social and governance (ESG) related challenges and opportunities.

Full program of the conference

Baltic Institute of Corporate Governance (BICG) invites to the annual Corporate Governance Conference 2020, which will be held online on the 30^th of April.

Focusing on advancing corporate governance in the Baltics, the conference will provide insight into what Lithuania, Latvia and Estonia can learn from the best practices of other countries, including France, the Netherlands, Finland and Belgium.

“While Estonia, Latvia and Lithuania are now all members of the Organization for Economic Co-operation and Development (OECD), it would be a mistake to think of this achievement as a finish line in advancing good corporate governance practices. First and foremost, it provides us with more access to knowledge and tools used by other countries and businesses in moving beyond the basic standards to be more competitive and to create sustainable, long-term success. What can the Baltic countries learn from the best practices of other OECD countries? That is what we will discuss,” says Rytis Ambrazevičius, President of the BICG.

Among our speakers, we will welcome Mr Michel de Fabiani, a professional non-executive director from France, who will discuss how to better define a company’s purpose.

We will also be joined by Mr Jan Wesseldijk, Chair of the European Confederation of Directors Associations (EcoDa) from the Netherlands, who will share his insights into best stakeholder relationship and engagement practices.

Ms Sandra Gobert, Executive Director at GUBERNA, the Institute of Directors in Belgium, is set to discuss advanced value creation principles reflected in the new Belgian corporate governance code.

And Ms Leena Linnainmaa, Secretary General of Directors’ Institute Finland, will speak about environmental, social and governance (ESG) related challenges and opportunities, as Finland has a long track record in incorporating ESG elements into everyday business and the Board’s role there is crucial.

All speakers will also join the panel discussion at the end of the conference, with all questions most welcome.

To register, please visit: www.governanceconference.eu.

Registration is mandatory, participation free of charge.

Baltic Institute of Corporate Governance (BICG) invites all members to vote at the Annual General Meeting, which will be held on the 30^th of April.

Taking into account the Resolution No. 207 by the Government of Lithuania, which foresees a quarantine period in Lithuania until the 13^th of April with a possibility of a further extension, the Association informs that the Meeting will take place, but members of the Association shall participate in the Meeting through voting in advance by submitting voting ballots.

Please find the preliminary agenda of the meeting below, and please note that the voting ballots and other related information will be sent to all members on the 9^th of April.

Agenda of the AGM (EN)

Agenda of the AGM (LT)

Annual Corporate Governance Conference 2020 will be held on the April 30^th as well, with all members invited to join remotely, via a video link. We will have an opportunity to hear from expert international speakers who will discuss what can the Baltic countries learn from the best practices of the developed OECD countries. Further details of the conference will follow soon.

For more information:

Rytis Ambrazevičius
President
Mob. +370 698 17011
Email: rytis[at]bicg.eu

Baltic Institute of Corporate Governance (BICG) is happy to announce further strengthening of the leadership team, with Erik Sakkov joining as Country Manager Estonia on March 2^nd.

The new role is designated to actively promote good corporate governance in Estonia by initiating public policy changes, developing member network, engaging directors, shareholders and top managers into BICG education programs as well as other projects and initiatives.

“Our members in Estonia have always been active ambassadors for good corporate governance, but now we will have a leader for the team, and there is still a lot of work ahead of us in improving corporate governance in Estonia and the Baltics,” said Rytis Ambrazevičius, President of the BICG.

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.

“Being familiar with usual corporate governance practices in numerous Estonian companies, I can see a lot of room for improvement. This gives me a feeling that I have a mission to do my best in helping to achieve higher standards. I look forward to working with my new team,” says Mr Sakkov.

BICG promotes global competitiveness of Baltic companies and economies through adoption of leading corporate governance practices, uniting over 200 of individual and corporate members in Lithuania, Latvia, Estonia and Finland.