Baltic Institute of Corporate Governance (BICG), together with the European Confederation of Directors’ Associations (ecoDa), is calling on all Baltic and other European Board members to question their mandates in Russian and Belarusian companies. European Board members should also reconsider their investment strategies as well as the operational processes in Russia and Belarus and in doing so check back with investors and owners in respect of such strategic moves. Businesses cannot be conducted as usual when the war in Ukraine violates international rules.
“We are confident that European Board members will rise to the occasion and question their mandates in Russian and Belarusian companies. Board members should feel a stronger moral duty to uphold the fundamental European values of freedom and democracy. Of course, it must be up to the individual director to decide, taking into consideration the situation of each company”, says Leena Linnainmaa, Chair of ecoDa.
Many European companies have already chosen to align their strategies with the unanimously agreed sanctions taken by the European Union, and ecoDa welcomes the strong signal given by those major companies.
“In this exceptional context of war, Board members must demonstrate responsibility – just as they have done during the Covid crisis. However, the stakes today are of a completely different dimension – and have profound implications for the sustainability of peace, democracy and economy in Europe”, underlines Michel de Fabiani, Chair of ecoDa’s Advocacy and Policy Committee.
Full statement can be viewed 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
