Baltic Institute of Corporate Governance (BICG) invites companies to register for an assessment of their corporate governance practices, which allows to identify their strengths, weaknesses and develop comprehensive plans for improvement.
Depending on company type (listed, state-owned or unlisted/closely held), all assessments by the BICG are based upon 3 internationally recognised benchmarks: G20/OECD Principles of Corporate Governance, OECD Guidelines on Corporate Governance of State-Owned Enterprises and ecoDa Corporate Governance Guidance and Principles for Unlisted Companies in Europe.
Five corporate governance categories with the total of 58 indicators are evaluated during the assessments: shareholder protection and rights; Board of directors; transparency and reporting; control environment and stakeholders. All findings and respective recommendations are then provided in a detailed report for the company.
As the number of assessments that can be carried out each year is very limited, to provide equal opportunity for all businesses the BICG invites companies that might want to start their own evaluation this year to register their interest by the 15th of March.
Testimonials from Latvia, Lithuania and Estonia
“Latvenergo has been working persistently on improving its corporate governance. We saw the BICG proposed assessment as an excellent tool to identify additional activities so that we are in line with international best corporate governance practice. The assessment provided valuable findings and allowed us to broaden our horizons. As a result, we formalised some of our already established practices, introduced new ones, in some areas reviewed the distribution of responsibility among governance bodies, and extended the scope of publicly disclosed information. We strongly believe that all of this has made our company better governed and more attractive to investors and other stakeholders!”, Latvenergo, leading energy supplier in the Baltics.
“The main result of the BICG assessment was an amendment of the management structure of the company under recommendations issued by the BICG, i.e., the company changed to a one-tier Board structure instead of a two-tier structure, with the independent Board taking over the functions of the previous Supervisory Council. These changes simplified and made the management structure of the company more transparent and more efficient”, AUGA group, organic food company listed on Nasdaq stock exchange.
“Operail’s intention is to pursue best management and corporate governance practises. Company wanted a professional evaluation and got a comprehensive assessment of its corporate governance practises’ strengths, weaknesses and improvement plan. In long term, the enhanced management practises and increased transparency will translate into improved effectiveness, competitiveness and sustainable value creation”, Operail, international group of railway logistics companies.
Assessment fee varies from 5.000 to 10.000 EUR (and VAT), depending on the size of the company.
For more information, 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
