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.
- 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.