Today, Baltic Institute of Corporate Governance (BICG) and professional services company EY unveiled the first guidelines for Baltic Boards outlining good practices for effectively engaging with environmental, social and governance (ESG) factors in business.
“ESG is the area that is not only increasingly regulated but also increasingly full of opportunities to find new competitive strenghts and create long-term growth of a company. Leadership in taking an integrated approach to it should come from the Boards, as they are in charge of company strategy. While information on ESG is currently abundant, practical guidance for Boards in the Baltics and elsewhere is lacking. The new guidelines aim to provide an understanding of what ESG is, why it is important, and how to engage with it on a very practical basis”, says Rytis Ambrazevičius, President of the BICG.
A shift towards more sustainable business practices requires a significant involvement by the Boards in many areas, including reassessing company purpose, integrating ESG considerations into business strategies and monitoring them along the way, re-aligning company culture, etc.
Providing a practical step-by-step guidance for the process, the new guidelines encourage both Boards and companies to consider moving beyond tolerating minimum performance against consensus ESG benchmarks and to accelerate towards best-in-class ESG policies, identifying opportunities with unique worth of doing things differently.
While the new guide was created with the aim to promote change in the Estonian, Latvian and Lithuanian companies, it offers largely universal principles applicable in other companies beyond the Baltics.
LT: Rytis Ambrazevičius
Mob. +370 698 17011
LV: Andris Grafs
Vice President Latvia
Mob. +371 297 84407
EE: Erik Sakkov
Country Manager Estonia
Mob. +372 502 1638