News

Board member education by the Baltic Institute of Corporate Goverance (BICG) was endorsed by the European Confederation of Directors’ Associations (ecoDa) for “meeting ecoDa’s high-quality criteria, including strong alignment with national and international governance codes, robust examination processes, and ongoing quality control”.

After reviewing the program, ecoDa concluded that it “follows international governance standards, combining expert-led sessions, real-world case studies and high-impact board simulations to provide all the participants with essential governance skills for board success”.

Based on the good practice recommendations by the International Finance Corporation of the World Bank Group (IFC), Organization for Economic Co-operation and Development (OECD) and ecoDa itself as well as on the real Baltic experience, the Board member education program by the BICG is designed to introduce business owners, board and supervisory council members as well as top executives to the principles of good corporate governance and effective board work, 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 resilience and success of a company. The endorsement by ecoDa is a significant milestone and a great confirmation that it meets the highest European standards and provides knowledge necessary for implementing the best corporate governance practices in today’s complex environments,” says Rytis Ambrazevičius, President of the BICG.

Organised since 2009, the Board member education program currently has over 1.400 graduates in Lithuania, Latvia, Estonia and elsewhere, fueling a movement towards better corporate governance across the Baltics.

For more details about the sessions to be held in 2026, please see here.

ecoDa is an organization that represents 24 national institutes of board members across Europe, advocating for the best principles in corporate governance and effectiveness of boards on the European level. Since 2025, national institutes are invited to submit their programs for a thorough ecoDa review and potential endorsement, aiming to ensure a high standard of education across the continent.

CONTACTS

Rytis Ambrazevičius
President
Mob. +370 698 17011
E-mail rytis[at]bicg.eu

Baltic Institute of Corporate Governance (BICG) invites to attend the Board member education program in 2026.

The program is designed to introduce business owners, board and supervisory council members as well as 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 resilience and 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).

It is endorsed by the European Confederation of Directors’ Associations (ecoDa) for “meeting ecoDa’s high-quality criteria, including strong alignment with national and international governance codes, robust examination processes, and ongoing quality control”.

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 2026 >>

First group
• March 5^th and 6^th – first part in Vilnius, Lithuania
• March 19^th and 20^th – second part in Tallinn, Estonia
• March 26^th and 27^st – third part in Riga, Latvia

Second group
• May 7^th and 8^th – first part in Vilnius, Lithuania
• May 14^th and 15^th – second part in Tallinn, Estonia
• May 21^st and 22^nd – third part in Riga, Latvia

Third group
• September 24^th and 25^th – first part in Vilnius, Lithuania
• October 1^st and 2^nd – second part in Tallinn, Estonia
• October 8^th and 9^th – 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 after the application interviews priority is given to the participants who are directly involved in planning and implementing good corporate governance practices in a company, at a senior level (shareholders, board members, C-level executives).

CONTACTS

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

Baltic Institute of Corporate Governance (BICG) invites to attend the program Good Corporate Governance and Board Work Essentials, which discusses key good corporate governance and board work principles, outlining how to implement them in practice and what value can be created by following them.

The two-day course offers an opportunity to learn about the most important steps in creating strong company governance foundations, practical frameworks for effective board decision-making, making strategy, navigating risk governance and building an efficient controls framework, etc.

It is a stand-alone course, but can also serve as the first step before entering the full Board member education program, which expands on the best corporate governance practices and effective board work further.

The course is organised in the English language.

Two separate sessions will be held in 2026 >>

First group

Time | June 4-5
Place | Riga, Latvia

Second group

Time | November 12-13
Place | Vilnius, Lithuania

For the full information about the program, please see >>

INTRODUCTION (EN)

CONTACTS TO APPLY

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

On Monday, the Baltic Institute of Corporate Governance (BICG) has launched the initiative “Lift the country, not taxes!” (“Celt valsti, nevis nodokļus!”) in Latvia, aiming to strengthen the governance and performance of state- and municipality-owned companies (SOEs and MOEs).

“While more than one billion euro of public funds is invested in SOEs every year, a better governance and listing of commercial SOEs could reduce the pressure on the state budget and free up resources for critical national priorities. If SOEs would use more capital market funding and less state budget allocations, hundreds of millions could be redirected to defense, healthcare and education sectors. The public is clearly calling for a better governance of SOEs to avoid stagnation and future tax increases as well,” says Andris Grafs, BICG Vice President Latvia.

According to a representative survey carried out by Norstat at the request of the BICG in October and November, 87% of the Latvian residents believe that SOEs should become more efficient, work more actively in export markets, and earn more in order to provide higher revenues for the state budget, reducing the need to raise taxes. Additionally, 62% of respondents support listing SOEs on the stock exchange.

📌Follow the BICG initiative (in Latvian)>>

🔗Facebook | https://lnkd.in/ddixJPmD
🔗LinkedIn | https://lnkd.in/diaEgmh5

CONTACTS 

Andris Grafs
Vice President Latvia
Mob. +371 297 84407
E-mail andris[at]bicg.eu

Baltic Institute of Corporate Governance (BICG) invites the graduates of the Board member education program to apply for the Chair education course that will be held in Stockholm on the 25-28 of November, 2025.

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

We are looking forward to welcoming Mr Staffan Bohman, former Chair of Electrolux; Ms Kathrine Löfberg, Chair of Löfbergs; Mr Lars G Nordström, former Chair of Vattenfall, as well as others among the experienced speakers of the course.

Among our hosts during the session will be SEB, Swedbank and Telia.

Please note that Chair education program is open only to the graduates of the BICG Board member education course.

Shareholders, Board members and top managers are all invited to apply, with the first priority to be given to active Chairs currently leading non-executive Boards (Padome in Latvia, Nõukogu in Estonia, Stebėtojų taryba or Valdyba in Lithuania).

For full information about the program and for how to apply, please see HERE:

Contacts

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

On April 24^th, Baltic Institute of Corporate Governance (BICG) held the Annual General Meeting (AGM) and Baltic Corporate Governance Conference 2025 in Tallinn.

While the AGM focused on the highlights of BICG activities during the previous year, the conference discussed the pathways for further progress of corporate governance practices in the Baltics.

AGM

Members of the BICG approved the annual activity and audited financial reports during the AGM, and the overall Annual Report 2024 is now available online here.

“Among the significant policy projects of the year 2024, we have o­fficially proposed an overhaul of the outdated company law in Lithuania, were able to ensure the preservation of the independent board member institute in Latvian state- and municipality-owned companies, and started the review of the Estonian national corporate governance code. At the same time, our education programs continue to be recognized for the topmost standard across the Baltics and beyond, while the number of our members surpassed 400 for the first time, too,” says Rytis Ambrazevičius, President of the BICG.

Board elections were held as well, with Kati Kusmin, member of the Supervisory Board at Glassene, re-elected for a second tenure of 3 years; Lina Kapčinskienė, CEO at Baltic Agro Machinery; returning as a member of the Board after having served previously, between 2019 and 2022; and Valdis Vancovičs, CEO of Tele2 Latvia, elected for the first time.

Two new members are stepping in as Vita Andrews, professional CFO, and Daiva Rakauskaitė, CEO of Aneli Capital, have completed their tenures.

“I thank Vita and Daiva for their commitment to advancing good corporate governance practices in Latvia, Lithuania and Estonia. Their leadership and insight have helped to make BICG as effective in fulfilling its mission as it is today. At the same time, I want to welcome Lina and Valdis, who will contribute their own perspectives,” says Ambrazevičius.

More information about the BICG leadership can be found here.

Baltic Corporate Governance Conference 2025

The Baltic Corporate Governance Conference 2025 spotlighted the question of how further progress in corporate governance practices can be achieved in Lithuania, Latvia and Estonia, emphasizing that trust is the real capital needed in the Baltic economies and how good corporate governance is a key tool to build it.

Over 130 participants had a chance to hear from Kersti Kaljulaid, President of Estonia (2016-2021); Riho Terras; Vice Chair of the Committee on Security and Defense of the European Parliament and former Commander of the Estonian Defense Forces; Krišjānis Kariņš, former Prime Minister of Latvia; Taavi Rõivas, former Prime Minister of Estonia; Arvydas Sekmokas, former Minister of Energy of Lithuania, and Risto Siilasmaa, former Chair of the Board at Nokia, who led the company during its incredible transformation period.

Full program of the conference | https://www.governanceconference.eu/2025/

VIDEO | https://www.youtube.com/live/hY3DDkKeUtM

Baltic Institute of Corporate Governance (BICG) invites to attend a new course developed for the earliest graduates of the Board member education program, to bridge the differences in the knowledge about the best corporate governance practices as they were at the time when the program first started and as they are now.

Focusing on the board’s role in creating value for an organization, the continuous professional development course includes such topics as the changing scope of board responsibilities, effective governance of strategy and risks, questions of sustainability, etc.

“The list of board responsibilities is constantly expanding, same as the list of competences needed to fulfill them, and the only way to address this change is continuous professional education,” says Rytis Ambrazevičius, President of the BICG.

The new course will be held on October 22-24, in Vilnius.

For the full details, please see:

INVITATION (EN)

The cost of participation is 2.500 EUR (and VAT).

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

Baltic Institute of Corporate Governance invites to attend the Baltic Corporate Governance Conference 2025 | How Can We Aim Higher?, to be held on April 24^th in Tallinn.

While a good progress has been achieved in the corporate governance practices in Estonia, Latvia and Lithuania within the last fifteen years, there are still many improvements to be made, both by the Baltic governments and businesses.

Among the seasoned speakers, who will share their insight and advice:

• Riho Terras | Vice Chair, Committee on Security and Defense of the European Parliament, former Commander of the Estonian Defense Forces
• Krišjānis Kariņš | Senior Adviser at Kreab, former Prime Minister of Latvia
• Taavi Rõivas | Professional board member, former Prime Minister of Estonia
• Arvydas Sekmokas | Adviser, former Minister of Energy of Lithuania
• Risto Siilasmaa | Professional board member, former Chair of the Board at Nokia, who led the company during its incredible transformation period
• Vita Andrews | Board member, Baltic Institute of Corporate Governance

Time | April 24, 13:00-17:00

Place | Mövenpick Hotel, Lembitu str. 12, Tallinn, Estonia

PROGRAM & REGISTRATION | https://www.governanceconference.eu/2025/.

Contacts

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

Baltic Institute of Corporate Governance (BICG) invites all members to the Annual General Meeting (AGM), to be held on the 24^th of April in Tallinn.

Please find the preliminary agenda of the meeting below and please note that the voting ballots and other related information will be available in the beginning of April.

Preliminary agenda of the AGM (EN)

Preliminary agenda of the AGM (LT)

UPDATE, 9^th of April, 2025:

Final Agenda of the AGM (EN)

Final Agenda of the AGM (LT)

Activity Report 2024 (EN)

Independent Auditor’s Report and Financial Statements 2024 (EN)

Nomination Committee Proposal (EN)

Draft decisions (EN)

Draft decisions (LT)

Voting ballot (EN)

Voting ballot (LT)

Voting ballot as an e-document should be signed by the member’s qualified e-signature (and returned via e-mail). Alternatively, paper copy can be signed by hand (and returned via registered mail by post). All ballots have to be received not later than 1 (one) hour before the start of the Meeting. /END UPDATE

For any questions, please contact Rytis Ambrazevičius, the President of the BICG.

Contacts

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