A group of business partners, namely Bonniers Business Press (Verslo Å¾inios, Dienas Bizness and Äripäev), Ernst & Young, Glimstedt, ISM University, NASDAQ OMX Baltic stock exchanges and the Swedish Chamber of Commerce announced a non-profit initiative to raise awareness of good corporate governance in the Baltic region and, for this purpose, the establishment of the Baltic Institute of Corporate Governance (BICG).
“We see a pressing need for advancing the corporate governance agenda in the Baltic region. A commitment to good corporate governance positively impacts a company‘s valuation, access to capital, operational performance and reputation. During the economic downturn an effective control environment, high level of transparency and empowered and competent boards are more important than ever. Experience from advanced economies proves that sound corporate governance practices lead to better companies, and in turn, better societies”, - says Arminta SaladÅ¾ienÄ—, Chairman of the Executive Committee of BICG and Chairman of the Board, NASDAQ OMX Vilnius.
The Baltic Institute of Corporate Governance in Estonia, Latvia and Lithuania starts its activity with the first Executive Education programme for Professional Board Members’ in the Baltic countries. This Executive Education is aimed at developing top level professionals, who while serving on the boards will instill best governance practices and contribute to the sustainable development of the Baltic companies. The programme was prepared by the Stockholm Chamber of Commerce and will be delivered by distinguished experts in the field of corporate governance.
Further BICG will invite business owners, executives, media and the public at large to debate on relevant corporate governance topics for the Baltic companies like the appropriate management and control structures, relations between shareholders, boards and management, effective governance framework, relationship with stakeholders and other. An authoritative Baltic Corporate Governance Board consisting of 9 Baltic business leaders is being established to promote corporate governance and provide guidance on best practice.
The BICG Executive Education includes three sessions that focus on practical workshops in each Baltic capital. The programme will cover such topics as responsibility and roles of the shareholders, executive and non-executive board members, directors’ responsibilities, laws and regulations, risks and crises, sustainability and stakeholders and other. The education will end with a written examination and certification of Professional Board Members.
The first session will take place in Tallinn on 6/7 November, followed by a session in Riga on 13/14 November to be completed in Vilnius on 27/28 November.
The key lecturer of the programme will be Mr. Raoul Hasselgren, a highly experienced senior executive and the main lecturer of the Stockholm Chamber of Commerce Board Member Education. The programme will be enriched by outstanding guest speakers from Scandinavia who come to share their practical experience as board members.