‘Better boards, companies, economies, and societies’ was defined as the purpose of the Baltic Institute of Corporate Governance (BICG), above the newly worded mission, vision and values.
“Purpose provides the reason a company or other organization exists, defining the core motive for being and the positive impact it aims to have on the world. For over a decade now, the BICG has set the agenda for corporate governance development in the Baltics, and in good corporate governance it all starts with the creation of effective boards, which then have transformative effects on their companies, helping to build better economies and societies,” says Rytis Ambrazevičius, President of the BICG.
Defining the purpose of an organisation is recommended as a basis for further strategic choices.
“Good corporate governance recommends that mission, vision and value statements should be made only after defining the purpose. While it is a relatively new practice, it can become a useful goalpost for value creation,” says Ambrazevičius.
Having defined the purpose, the Board of the BICG has updated the mission, vision and value statements as well.
Better boards, companies, economies, and societies.
To create an advanced ecosystem of good corporate governance in the Baltics.
To share the knowledge and be the voice of good corporate governance in the Baltics.
Wisdom | Knowledge and competence in good corporate governance.
Sharing | Readiness to share the know-how and initiate the necessary change.
Excellence | Highest standards are applied by us and for us.
Integrity | Honesty and high ethical principles in all we do.
“While the intent of all statements, including our commitment to creating change and the standard of excellence, remains the same, it now emphasises not only the BICG as the competence centre for good corporate governance but also the wider community of our members and partners, who continue to build a new corporate governance ecosystem in Lithuania, Latvia, and Estonia,” says Ambrazevičius.