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Corporate Governace Awards held in Latvia

Corporate Governace Awards held in Latvia
First Latvian Corporate Governance Awards were presented today at the Corporate Governance Forum in Riga, with members of the Baltic Institute of Corporate Governance (BICG) achieving wins in all three categories, and Andris Grafs, BICG Vice President Latvia, being recognised personally.     AWARD WINNERS: SCHWENK LATVIJA. Most successful experience in creating corporate culture - for demonstrating a systematic approach...

First Latvian Corporate Governance Awards were presented today at the Corporate Governance Forum in Riga, with members of the Baltic Institute of Corporate Governance (BICG) achieving wins in all three categories, and Andris Grafs, BICG Vice President Latvia, being recognised personally.

 

 

AWARD WINNERS:

  • SCHWENK LATVIJA. Most successful experience in creating corporate culture – for demonstrating a systematic approach to sustainability and responsible business conduct;
  • DELFINGROUP. Most successful selection of a Supervisory Board – for an open and transparent approach to the selection process in a privately held company when appointing Supervisory Board members, majority of them independent;
  • CONEXUS BALTIC GRID. Most successful shareholder involvement through digital format – for clearly demonstrating how shareholder participation in company affairs can be increased by using digital tools and ensuring user-friendly communication, in 3 languages.

 

“It is great to see the commitment these companies demonstrate to good corporate governance practices and as they are also active in sharing their experience, it has already become an example to other companies in Latvia and across the Baltics”, says Andris Grafs, who himself has received a surprise personal award for Contribution to Corporate Governance Development in Latvia during the ceremony.

“Such a personal award was completely unexpected, very humbling and very encouraging at the same time. It is very good to know that the work of the BICG is being valued in Latvia”, notes Andris Grafs.

Latvian Corporate Governance Awards were organized by the Latvian Corporate Governance Advisory Board, which brings together corporate governance experts from private and public sectors, who have authored the new Latvian Corporate Governance Code introduced earlier this year, including representatives of the Ministry of Justice, Financial and Capital Market Commission, Nasdaq Riga, law offices Cobalt, Eversheds Sutherland Bitāns, Baiba Strupiša, Walless, asset management company Alphinox Quality and the BICG.

As discussed during the forum, there are a number of areas where further progress should be achieved in governance policies and company practices in Latvia.

“It is clear that in upcoming years we need to strengthen responsibilities of Supervisory Boards in privately held businesses, to increase capacity of independent Supervisory Boards and to introduce shareholder’s expectation letters in state- and municipality-owned companies (SOEs and MOEs), etc.”, says Andris Grafs, who chaired the discussion on governance of SOEs and MOEs.

To watch both the forum and the award ceremony, please visit HERE.

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Chair Education 2021

Chair Education 2021
Baltic Institute of Corporate Governance (BICG) is happy to announce applications for the Chair education program set to be held in Stockholm on the 23rd-26th of November. The program will focus on an effective Board leadership, with the topics ranging from the Chair’s involvement in strategy and risk governance processes to their key relationships and role in the organisational Board...

Baltic Institute of Corporate Governance (BICG) is happy to announce applications for the Chair education program set to be held in Stockholm on the 23rd-26th of November.

The program will focus on an effective Board leadership, with the topics ranging from the Chair’s involvement in strategy and risk governance processes to their key relationships and role in the organisational Board work.

Mr Raoul Hasselgren, one of the most experienced corporate governance experts in Sweden, will be returning as one of the lecturers, to continue the Chair education program where the Board member education leaves off.

We are also looking forward to welcoming Mr Lars G Nordström, Chair of Vattenfall; Mr Harald Norvik, former President and CEO of Statoil; Mr Sören Mellstig, independent Chair of CellaVision and Ellevio, as well as others among our skilled speakers.

Among our hosts during the session will be East Capital and SEB.

To find more information about the program, please open the details below:

 

 

 

 

 

 

 

 

 

 

Please keep in mind that this course is open only to those who have already completed the BICG Board member education program, and that priority will be given to active independent chairs currently leading non-executive Boards.

As the number of seats is very limited, we kindly invite to apply through the 31st of August, with application results to be known in the beginning of September.

BICG Chair education is held in Stockholm every two years.

A flashback to the first BICG Chair education held in 2013 can be found by visiting: goo.gl/3kh6Qo.

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

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ESG as the New Strategy and Business Model for Baltic Companies

ESG as the New Strategy and Business Model for Baltic Companies
Environmental, Social and Governance (ESG) principles can and should become integral to the strategies and business models of the Baltic companies, as their implementation does not only reflect the overall need for sustainability for the benefit of all stakeholders, but already offers wider financing opportunities, helps attract best employees, find new as well as retain old markets and ensure long-term...

Environmental, Social and Governance (ESG) principles can and should become integral to the strategies and business models of the Baltic companies, as their implementation does not only reflect the overall need for sustainability for the benefit of all stakeholders, but already offers wider financing opportunities, helps attract best employees, find new as well as retain old markets and ensure long-term success of a business.

Respective insights were shared by the businesses already practicing ESG, business strategists, investors, bankers and policy makers at the Annual Governance Conference organized by the Baltic Institute of Corporate Governance on Thursday.

“Sustainability should be further embedded into the corporate governance framework, as many companies still focus too much on short-term financial performance compared to their long-term development and sustainability aspects”, noted Valdis Dombrovskis, Executive Vice President of the European Commission, in his welcome address.

The video recording of the conference is now available here.

All speakers were unanimous in that any potential short-term costs that might be associated with ESG implementation fade in comparison to the likely long-term effects of failing to do so.

“Banks and investors note that the financing for non-ESG businesses will continue to decrease; and the same applies to opportunities to attract clients, best employees and partners. At the same time, businesses already implementing ESG emphasize that it should not be regarded as an outside pressure or regulation, but rather as an opportunity. An opportunity that can create a competitive advantage for the company, for the country the company operates in, and for the entire Baltic region”, says Rytis Ambrazevičius, President of the BICG.

For companies only starting to think about environmental and social aspects, advice reitereated during the conference was that everyone can start small and build on it further – from ad-hoc ideas, such as car sharing; to broader roadmaps, such us commitmet to recycling; to full ESG integration into business strategies.

“Change cannot happen at once. But while it starts with a small step and a small team, it has to grow through the company and become a new culture. As it was reiterated during the conference, in terms of ESG, it is not something to be confined to the marketing or even to a dedicated ESG department. One quote that illustrates it beautifully is that it is not about creating a separate strategy for sustainability, it is about creating a sustainable strategy”, says Rytis Ambrazevičius.

Program of the conference: www.governanceconference.eu.

BICG

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Applications open for Latvian Corporate Governance Awards

Applications open for Latvian Corporate Governance Awards
Baltic Institute of Corporate Governance (BICG) invites all companies in Latvia to compete for the first Latvian Corporate Governance Awards, organized by the Latvian Corporate Governance Advisory Board. Aiming to highlight excellence in corporate governance and set a good example for other companies, the awards will be given in three categories: most successful experience in creating corporate culture; most successful...

Baltic Institute of Corporate Governance (BICG) invites all companies in Latvia to compete for the first Latvian Corporate Governance Awards, organized by the Latvian Corporate Governance Advisory Board.

Aiming to highlight excellence in corporate governance and set a good example for other companies, the awards will be given in three categories:

  • most successful experience in creating corporate culture;
  • most successful selection of Supervisory Board;
  • most successful shareholder involvement through digital format.

All companies are welcome to apply by the 20th of August, with the award ceremony set to take place on the 10th of September in Riga castle.

Latvian Corporate Governance Advisory Board brings together corporate governance experts from private and public sectors, who have authored the new Latvian Corporate Governance Code introduced earlier this year. Under the mandate of the Ministry of Justice, which is in charge of legal corporate governance framework in Latvia, it is now dedicated to promoting a wider understanding and application of good corporate governance principles.

Members of the Latvian Corporate Advisory Board, which includes representatives of the BICG, Ministry of Justice, Financial and Capital Market Commission, Nasdaq Riga, law offices Cobalt, Eversheds Sutherland Bitāns, Baiba Strupiša, Walless and asset management company Alphinox Quality, will form the Latvian Corporate Governance Awards jury as well.

For full information and application rules (in Latvian), please follow >> HERE.

 

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Decisions of the Annual General Meeting 2021

Decisions of the Annual General Meeting 2021
On April 22nd, Baltic Institute of Corporate Governance (BICG) held the Annual General Meeting (AGM) 2021. Because of the ongoing quarantine measures in the Baltics and elsewhere, it was held in writing, with members submitting their voting ballots in advance. Members approved the annual activity and audited financial reports, and the overall Annual Report 2020 is now available online here. “While...

On April 22nd, Baltic Institute of Corporate Governance (BICG) held the Annual General Meeting (AGM) 2021.

Because of the ongoing quarantine measures in the Baltics and elsewhere, it was held in writing, with members submitting their voting ballots in advance.

Members approved the annual activity and audited financial reports, and the overall Annual Report 2020 is now available online here.

“While there are far too many reasons for the year 2020 to be remembered as a demanding time across the Baltics and worldwide, with the support of its ever-growing member community the BICG was able to be as active as ever. New Latvian Corporate Governance Code, ownership policy for municipality-owned companies in Riga city and assistance to the Organisation for Economic Co-operation and Development in evaluating governance progress in Lithuanian SOEs were just a few of the many items we worked on in policy. And while for the first time ever we had to hold our education programs and other events partially or fully online, we were able to do so not only with our signature Board member education program, but also with a newly created program for corporate secretaries and education of civil servants, which remains unique across Europe”, says Rytis Ambrazevičius, President of the BICG.

Board elections were held as well, with Daiga Auziņa-Melalksne, Chair of the Management Board at Nasdaq Riga AS, being re-elected for a new tenure of 3 years and Kristjan Endrikson, General Counsel at Eesti Energia AS, joining as a new member of the Board.

A new member is stepping in as Priit Lepasepp, CEO and Founder of Sunly OÜ, stepped down after having completed his tenure.

“I want to thank Priit for his contribution in strengthening operations in Estonia, and it is very good to know that he remains on our team as an individual member of the BICG. At the same time, I would like to welcome Kristjan and a new perspective he brings”, says Lina Kapčinskienė, Chair of the Board of the BICG.

The AGM has also re-elected the Nomination Committee, with Aiga Ārste-Avotiņa, Managing Partner at Amrop Latvia; Nijolė Kelpšaitė, Managing Partner at J. Friisberg & Partners Lithuania; and Marja-Liisa Soone, Head of Legal and Compliance at Ridango, set to continue their work for another 1-year tenure.

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

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Corporate Governance Conference 2021 to focus on ESG

Corporate Governance Conference 2021 to focus on ESG
Baltic Institute of Corporate Governance (BICG) invites to the annual Corporate Governance Conference 2021, which will be held online on the 22nd of April and focus on ESG as New Strategy and Business Model for Baltic Companies. “Environmental, social and governance (ESG) factors are rapidly gaining prominence across the world, and it is up to the Baltic businesses to make...

Baltic Institute of Corporate Governance (BICG) invites to the annual Corporate Governance Conference 2021, which will be held online on the 22nd of April and focus on ESG as New Strategy and Business Model for Baltic Companies.

“Environmental, social and governance (ESG) factors are rapidly gaining prominence across the world, and it is up to the Baltic businesses to make sure that it becomes a new way for growth and sustainable long-term success. A real shift in business mindset and upgrade in corporate culture can help Baltic companies to lead the way instead of falling behind, and to create stronger Baltic economies,” says Rytis Ambrazevičius, President of the BICG.

Valdis Dombrovskis, Executive Vice-President of the European Commission, will open the conference and further discussions by highly experienced strategists, investors and practitioners.

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

 

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Annual General Meeting & Conference 2021 to be held remotely

Annual General Meeting & Conference 2021 to be held remotely
Baltic Institute of Corporate Governance (BICG) invites all members to note that the Annual General Meeting will take place on the 22nd of April this year. Taking into account the Resolution No. 207 by the Government of the Republic of Lithuania, which establishes a quarantine regime in Lithuania with continuous extensions, the Association informs that the Meeting will take place, but...

Baltic Institute of Corporate Governance (BICG) invites all members to note that the Annual General Meeting will take place on the 22nd of April this year.

Taking into account the Resolution No. 207 by the Government of the Republic of Lithuania, which establishes a quarantine regime in Lithuania with continuous extensions, 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 written 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 in April.

Preliminary Agenda of the AGM (EN)

Preliminary Agenda of the AGM (LT)

UPDATE, 1st of April, 2021:

Final Agenda of the AGM (EN)

Final Agenda of the AGM (LT)

Draft decisions (EN)

Draft decisions (LT)

Voting ballot (EN)

Voting ballot (LT)

Nomination Committee Proposal (EN)

Nomination Committee Proposal (LT)

Activity Report 2020 (EN)

Independent Auditor’s Report and Financial Statements 2020 (EN)

The filled in ballots to be transferred to the Association by means of electronic communication, provided that the security of information thus transmitted in ensured and it is possible to establish the member’s identity, and at least 1 hour to the beginning of the Meeting.

/END UPDATE

Annual Corporate Governance Conference 2021 will be held on April 22nd as well, with all members invited to join online, via a video link.

It will focus on ESG as the new strategy and business model for Baltic companies.

For more information:

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

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Board Member Education 2021

Board Member Education 2021
Baltic Institute of Corporate Governance (BICG) invites to attend the Board Member Education program 2021. 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...

Baltic Institute of Corporate Governance (BICG) invites to attend the Board Member Education program 2021.

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.

Three separate sessions will be held in 2021.

First session:
• May 6th and 7th – first part in Vilnius, Lithuania;
• May 13th and 14th – second part in Tallinn, Estonia;
• May 20th and 21st – third part in Riga, Latvia.

Second session:
• September 23rd and 24th – first part in Vilnius, Lithuania;
• September 30th and October 1st – second part in Tallinn, Estonia;
• October 7th and 8th – third part in Riga, Latvia.

Third session:
• October 14th and 15th – first part in Vilnius, Lithuania;
• October 21st and 22nd – second part in Tallinn, Estonia;
• October 28th and 29th – third part in Riga, Latvia.

For the full introduction to the program, please see >>

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

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New logo

New logo
Baltic Institute of Corporate Governance (BICG) is excited to introduce a new logo that both offers simplicity and echoes key ascpets in the BICG activities. „BICG is a Baltic organisation promoting good corporate governance across private and state-controlled businesses with emphasis on the importance of professional and independent Boards. And the triple „B“ in our new logo reflects just that...

Baltic Institute of Corporate Governance (BICG) is excited to introduce a new logo that both offers simplicity and echoes key ascpets in the BICG activities.

„BICG is a Baltic organisation promoting good corporate governance across private and state-controlled businesses with emphasis on the importance of professional and independent Boards. And the triple „B“ in our new logo reflects just that – Baltic, Business, Boards“, says Rytis Ambrazevičius, President of the BICG.

New logo is a minimalistic design in an understated golden color with dark grey lettering on preferred white background, with colors chosen both for their classic simplicty and association with long-term value.

Good corporate governance creates long-term value by encouraging competent oversight, transparency and accountability in all companies and organisations, which, in turn, builds trust, helps attract the best talent and better financing opportunities, resulting in improved effectiveness, competitiveness and sustainable value creation.

Established in 2009, the BICG is setting the agenda for corporate governance development in Lithuania, Latvia and Estonia for over a decade.

Such initiatives of the BICG as increased transparency and efficiency in state-controlled companies, including advocacy for independent Boards, as well as good governance guidelines for private businesses are now acknowledged for their benefit in creating better Baltic business environment.

“While change is sometimes hard to achieve, focusing on long-term perspective helps to ensure the progress towards a permanent improved corporate governance culture”, says Mr Ambrazevičius.

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.

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