News

Baltic Institute of Corporate Governance (BICG) invites company owners to attend a new workshop designed to explore what they can and should do to fully benefit from good governance practices and professional, empowered (supervisory) boards.

“Company owners across the Baltics still often see boards only as an extension of their own authority, and are left disappointed when such boards fail to add real value. The new workshop by the BICG challenges this perception and invites to take a closer look at how effective corporate governance really works and why professional, independent boards are powerful tools for value creation,” says Rytis Ambrazevičius, President of the BICG.

Delving into both owner and board roles in ensuring success of a company, the workshop is open to the private company owners as well as state and municipality representatives fulfilling the shareholder duties at state- and municipality-owned companies.

TIME | November 26, 13:00-19:00
PLACE | Tallinn, Estonia (Hotel Mövenpick)
SPEAKERS | Lasse Bolander, professional board member and chair & lead speaker of the Board member education program by the BICG; Lars G Nordström, professional board member and chair & key speaker of the Chair education program by the BICG.

FULL DETAILS >> WORKSHOP FOR OWNERS: BOARD AS A COMPETITIVE ADVANTAGE

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
Vice President Estonia
Mob. +372 502 1638
E-mail erik[at]bicg.eu

On April 23^rd, the Baltic Institute of Corporate Governance (BICG) held the Annual General Meeting (AGM) and Baltic Corporate Governance Conference 2026 in Vilnius.

While the AGM focused on the highlights of BICG activities during the previous year, the conference discussed why boards and companies should keep a long-term perspective in the world that is changing faster than ever.

AGM

Members of the BICG approved the annual activity and audited financial reports during the AGM, and the overall Annual Report 2025 is now available online here.

“Significant policy initiatives, such as already confirmed improvements in the company law in Lithuania and a promising campaign in Latvia for a more transparent and effective governance of SOEs and MOEs, were among the highlights of the year 2025. We have also led the drafting of the new corporate governance code in Estonia and contributed significantly to the updates of the corporate governance code in Latvia. More education opportunities than ever were offered by the BICG in 2025 as well. Besides the usual excellent evaluations of all the programs by the participants, the Board member education has also received the official endorsement by the European Confederation of Directors Association (ecoDa) for meeting the highest standards of education for board professionals,” notes Rytis Ambrazevičius, President of the BICG.

Board elections were held as well, with Ansi Arumeel, founder of CollabNet, re-elected for a second tenure of 3 years; while Simona Grinevičienė, Chief Organizational Development and Culture Officer at EPSO-G, and Ainārs Ozols, Chair of the Supervisory Boards at Rīgas Satiksme and Rīgas namu pārvaldnieks, are joining as new members of the Board.

The two new members are stepping in as Kārlis Danēvičs, CRO at SEB Latvia, and Irmantas Norkus, Managing Partner at COBALT Lithuania, are stepping down after having served on the Board since 2017.

“I want to sincerely thank Kārlis and Irmantas for their commitment. While having them on the leadership team, the BICG was able to thoroughly strengthen its activities in Lithuania, Latvia and Estonia, gaining a strong voice in policy advocacy, establishing itself as a sought-after advisor to companies that strive to improve their practices and maintaining the highest standard of corporate governance education. We are fortunate to continue having them as a part of our member community. At the same time, I want to welcome Simona and Ainārs, who are set to bring their own perspectives and ideas,” says Rytis Ambrazevičius.

The AGM has also elected the Nomination Committee, for a tenure of 3 years. Aiga Ārste-Avotiņa, Managing Partner of Amrop Baltics and Ukraine, as well as Šarūnas Dyburis, Managing Partner at AIMS Lithuania, were re-elected and continue their work, while Kairi Raudmets, Business Developmet Lead at Olvi Group, is joining for the first time. A new member was elected as Marja-Liisa Soone, Information Security Governance Officer at Swedbank, has stepped down, after having served since 2020.

“I thank Marja-Liisa for her significant contribution, especially as it was made during the time crucial for the expansion of the BICG operations in Estonia, and also want to extend a warm welcome to Kairi,” says Rytis Ambrazevičius.

More information about the BICG leadership can be found here.

Baltic Corporate Governance Conference 2026

The Baltic Corporate Governance Conference 2026 spotlighted the importance of having a long-term perspective in business, and discussed why companies should keep setting long-term horizons in the world that is changing faster than ever.

Over 120 participants had a chance to hear from Staffan Bohman, professional board member & chair (Electrolux, Inter-IKEA, Vattenfall, etc.); Päivi Marttila, professional board member & chair (Savox Communications, Business Finland, Aspocomp, etc.); Colin Mayer, Professor Emeritus of Management Studies, Saïd Business School, University of Oxford; and Justin Robertson, Head of Nominee Director Board Practice at the European Bank for Reconstruction and Development.

Full program of the conference | https://www.governanceconference.eu/2026/

A comprehensive system of corporate governance education for all key roles within an organisation has been created by the Baltic Institute of Corporate Governance (BICG).

In addition to the signature Board member and Chair education programs as well as the Program for corporate secretaries, a Course in good corporate governance and board work essentials as well as Continuous professional development program for former graduates have recently been introduced.

“The two new programs have been offered as pilot projects last year. But after receiving a lot of interest and excellent feedback, they have now become fully integrated into the BICG education system – with the content aligned according to the needs of specific audiences,” says Rytis Ambrazevičius, President of the BICG.

Course in good corporate governance and board work essentials is designed for those not yet familiar with the corporate governance fundamentals (owners, board members, top managers of smaller companies or start-ups, middle managers in large companies with advanced corporate governance systems, etc.) and can also serve as the first step before considering Board member education.

Board member education is at the core of the system, providing owners, board members and top managers with extensive knowledge of their respective roles, etc.

Continuous professional development program is offered to those who have graduated from the Board member education five or more years ago, to bridge the differences in the knowledge about the best corporate governance practices as they were then and as they are now.

Chair education is the last step, offering advanced knowledge for those who lead company boards, while Program for corporate secretaries is considered complementary for all levels of education, providing insight into how a professional corporate secretary can support all corporate governance systems within an organization.

Additionally, those interested in learning more about the board practices across Europe, can also enter the education program by the European Confederation of Directors’ Associations (ecoDa), where the BICG is a member.

“The best results of running a successful company or another organisation are achieved when good corporate governance principles are understood and implemented at all levels within it. The integrated education system by the BICG can support full-scale development of corporate governance professionals in the Baltics, at any level,” says Rytis Ambrazevičius.

CONTACTS

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

Baltic Institute of Corporate Governance (BICG) invites to attend the Baltic Corporate Governance Conference 2026 | The Long Game, which will be held on April 23^rd in Vilnius.

“In an age of geopolitical shifts, technological breakthroughs and other external pressures, the instinct might often be to focus only on the immediate future. Yet the very speed of change makes long-term thinking essential. By only reacting to the present, we would risk building systems, policies and strategies that quickly become obsolete. Baltic Corporate Governance Conference 2026 invites to explore how setting long-term horizons in a rapidly changing world helps navigate uncertainty, align short-term actions with enduring goals and create resilient companies,” says Rytis Ambrazevičius, President of the BICG.

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

• Staffan Bohman | Professional board member & chair

Widely experienced non-executive director, who most recently served as the Chair of the Board of Electrolux, the second largest appliance maker in the world. During the last two decades he has also served as the Chair, Vice Chair or Board member at such companies as Atlas Copco, Scania, Trelleborg, Boliden, Inter-IKEA Holding, Radisson Hotels, Vattenfall and others.

• Päivi Marttila | Professional board member & chair

Päivi Marttila has extensive board experience across the Nordic and other industrial and technology-driven businesses, including electronics manufacturing services as well as defense & security. She is currently the CEO of Edina, a family-owned private equity company, and a Board member of Savox Communications, a mission-critical communications provider for defense and security. 

• Colin Mayer | Professor Emeritus of Management Studies, Saïd Business School, University of Oxford

One of the widely respected good corporate governance voices across Europe and elsewhere, Colin Mayer was among the earliest advocates for defining a clear company purpose. He advises companies, governments, international agencies, and regulators around the world, while his most recent book ‘Capitalism and Crises: How to Fix Them’ was published by the Oxford University Press in 2024. 

• Justin Robertson | Head of Nominee Director Board Practice, European Bank for Reconstruction and Development

Justin Robertson is an experienced search and qualified assessment practitioner with a proven track record in appointing board chairs, non-executive directors and chief executives into a wide variety of organisations. He has operated across all industries and geographies, with diverse shareholders and stakeholders, ranging from venture capital funds and private equity houses to public and private companies, sporting bodies, government departments and other high-profile organisations.

Time | April 23, 13:00-17:00

Place | Courtyard by Marriott, Rinktinės str. 3, Vilnius, Lithuania

PROGRAM & REGISTRATION | https://www.governanceconference.eu/2026/.

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 23^rd of April in Vilnius.

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, 10^th of April, 2026:

Final Agenda of the AGM (EN)

Final Agenda of the AGM (LT)

Activity Report 2025 (EN)

Independent Auditor’s Report and Financial Statements 2025 (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

Baltic Institute of Corporate Governance (BICG) invites to attend the program for corporate secretaries, to be held in Tallinn on October 29^th & 30^th.

Highly practical, two-day program offers insight into the varied role and duties of a corporate secretary of non-executive (supervisory) boards in ensuring excellence in board work and improving overall corporate governance in a company.

“The efficiency of a value-creating board relies significantly on the support and expert advice provided by a highly professional corporate secretary. As good corporate governance practices keep evolving, more regulations come into play and other stakeholder demands keep growing, this role is crucial in ensuring effective governance, compliance, and transparent decision-making,” says Rytis Ambrazevičius, President of the BICG.

Held every two years, the program for corporate secretaries is based on the good corporate governance practice framework as well as practical advice by experienced corporate secretaries.

For full information about the program and profile of an ideal participant, please see >>

INVITATION (EN)

Please note that your registration is dependent on the confirmation by the BICG.

The cost of participation is 1200 EUR (and VAT).

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
Vice President Estonia
Mob. +372 502 1638
E-mail erik[at]bicg.eu

Baltic Institute of Corporate Governance (BICG) has published the Guidelines for Integrating Artificial Intelligence (AI) into the Board Agenda to support boards in overseeing AI as a strategic topic.

The guidelines provide recommendations across key areas that require board attention, including:

• Strategic alignment and business impact: clarifying where AI can strengthen competitive advantage and where it may disrupt the business model;
• Investment evaluation: setting expectations for the business case, KPIs, resources and delivery approach;
• Risk, compliance and assurance: ensuring appropriate controls for data, cyber security, ethics, legal and reputational risks supported by internal and external audits where relevant;
• Implementation and monitoring: defining what management reports to the board, how outcomes are tracked, and how lessons learned are captured;
• Talent, strategic partnerships and education: strengthening capabilities and setting expectations for responsible use.

“AI is increasingly shaping how organisations compete, serve customers, run internal processes and manage risk. Therefore, many boards are asking the same questions — what is our AI ambition, where will value come from, what risks are we creating, who is accountable, how do we monitor progress and controls over time, etc. The new guidelines by the BICG are designed to help boards address these questions in a practical way, using clear board-level prompts and a simple structure that can be integrated into the board calendar as well as board committee work,” says Rytis Ambrazevičius, President of the BICG.

Outlining how to establish board oversight that is proportionate, practical and focused on outcomes, the new guidelines are now available online, HERE.

For the webinar introducing the guidelines, please visit HERE.

CONTACTS

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