Baltic Institute of Corporate Governance

05/06/2026

A Board discussion about a potential investment in a new factory was held on Thursday in Riga, as a part of the program Good Corporate Governance and Board Work Essentials by the Baltic Institute of Corporate Governance (BICG).

Taking on the roles of the Board members who are urged by the CEO to promptly give their approval, the participants explored the elements of the Boardroom dynamics, decision-making process, Board responsibilities and other good corporate governance principles.

Good Corporate Governance and Board Work Essentials is a two-day program, which discusses key good corporate governance and board work guidelines, outlining how to implement them in practice and what value can be created by following them.

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 next session will be held in Vilnius in November.

Photos: Māris Arbidāns

04/06/2026

📌New vision statement

‘To advance Baltic corporate governance into becoming a global role model’ was defined as the new vision statement of the Baltic Institute of Corporate Governance (BICG).

“The new vision statement is meant to inspire not only the team of the BICG but also our members, partners and allies to lead by such an example that it would become an inspiration to others,” says Rytis Ambrazevičius, President of the BICG.

While significant progress has been made in corporate governance across the Baltics since the BICG began promoting best practices nearly two decades ago, considerable potential remains for further advancement toward becoming a global role model.

“Although the principles of good corporate governance are now much more widely recognised in Lithuania, Latvia and Estonia, many more opportunities remain to embed them more deeply into everyday practice. Having an ambitious shared vision that inspires others is also a commitment to keep improving ourselves,” says Rytis Ambrazevičius.

ALL DETAILS | https://bicg.eu/new-vision-statement-of-the-bicg/

‘To advance Baltic corporate governance into becoming a global role model’ was defined as the new vision statement of the Baltic Institute of Corporate Governance (BICG). “The new vision statement is meant to inspire...

28/05/2026

Chair of the board should make sure that the board has open and honest discussions and that every board member contributes their view to the meeting. The key arguments that lead to a specific decision need to be concisely reflected in the meeting minutes and easily understood even years after, especially if any disputes arise later. The board is responsible for its decisions, therefore it should ensure that an effective mechanism is created to oversee their implementation, including the creation and monitoring of the decision registry with the information about the persons in charge and related deadlines.

How to effectively run a board meeting, how to ensure the quality of the meeting minutes and how to oversee the implementation of board decisions was the topic of the quarterly Baltic Institute of Corporate Governance (BICG) Lithuanian members‘ breakfast in Vilnius on Wednesday.

Many thanks to Renata Damanskytė-Rekašienė, Head of Legal at Gijos, for sharing advice, together with Rytis Ambrazevičius, President of the BICG.

26/05/2026

The role of the Chair in ensuring effective work of the board remains much underappreciated in the Baltics. Therefore, anyone taking over such a leadership role should be ready to challenge themselves, even if (and especially when) the board or the company itself do not challenge them enough.

These and other insights were shared at the conference Effective Board, held by the business news publisher Verslo žinios, together with the Baltic Institute of Corporate Governance (BICG), NOOR law offices and the company Vilniaus vandenys in Vilnius on Tuesday.

„Chairs of the board make nearly no decisions on their own, but must understand that they are the first person responsible that every decision is made on time and benefits the company. While many in the Baltics still see them as simply persons running the meetings, the true role of the Chair is infinitely bigger, starting from being the mentor to the CEO and advisor to the shareholders; the one person who ensures that all board members contribute to the best of their ability and that the board properly fulfills all of its responsibilities; the leader who sets the organisational culture and tone for the entire company, etc.,“ says Rytis Ambrazevičius, President of the BICG and one of the speakers of the conference, who has also moderated one of its panel discussions, focused on the role of the Chair.

Joined by Jurgita Petrauskienė, Jūratė Stanišauskienė and Nerijus Datkūnas, the panel emphasised that an excellent Chair is not unlike a conductor for an orchestra, who leads not only the baord but the entire organisation.

25/05/2026

May session of the Board member education by the Baltic Institute of Corporate Governance (BICG) concluded with the graduation of in Riga on Friday.

Many thanks to Valdis Vancovičs, Board member of the BICG, who joined us to celebrate, highlighting the importance of good corporate governance and effective board work in his congratulatory words.

Board member education program is designed to introduce business owners, board members and top executives to the principles of good corporate governance, including the best practices in separating and fulfilling their respective responsibilities to ensure long-term resilience and success of Baltic companies and economies.

The next session will be held this autumn.

Photos: Māris Arbidāns

19/05/2026

A brief look at the new, ongoing and upcoming activities of the Baltic Institute of Corporate Governance (BICG) is now available in the latest newsletter.

“Active policy advocacy for good governance of state- and municipality-owned companies, publication of the Guidelines for Integrating Artificial Intelligence into the Board Agenda, first session of the signature Board member education program, creation of the podcast focused on ongoing corporate governance issues in the Baltics and the return of the Baltic Corporate Governance Conference to Vilnius were among the highlights of the BICG activities during the first four months of this year,” says Rytis Ambrazevičius, President of the BICG.

Newsletter |https://bicg.eu/wp-content/uploads/2026/05/Newsletter-January-April.pdf

18/05/2026

In the world of state-owned companies, "the bench" is often remarkably short and while the state is generously appointing officials intended to act as owner representatives, the heavy lifting falls on the shoulders of the professional board members, who have to safeguard the company while running a high-stakes professional marathon.

These and other thoughts were shared by Helo Meigas, professional board member (former Chair of Omniva, etc.), at the Estonian members' breakfast in Tallinn last week.

Our thanks to everyone who joined!

12/05/2026

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 |https://bicg.eu/wp-content/uploads/2026/06/Workshop.pdf

07/05/2026

May session of the Board member education by the Baltic Institute of Corporate Governance began in Vilnius today, with business leaders from Lithuania, Latvia and Estonia coming together to learn more about the best corporate governance practices.

One more intensive day in Vilnius tomorrow, a stop in Tallinn and finish in Riga next!

Board member education program is designed to introduce business owners, board members and top executives to the principles of good corporate governance, including the best practices in separating and fulfilling their respective responsibilities.

05/05/2026

While making progress in some areas (such as diversity), European boards must continue to strengthen their capacities, especially in overseeing technology, geopolitics and other fast-moving strategic risks.

These findings were shared as a part of the European Corporate Governance Barometer 2026, published by the European Confederation of Directors Associations (ecoDa) and the advisory firm Ethics & Boards.

📌Among the findings:

📍The share of independent members in European boards grew from 65,3% to 71,9% within a year (independent members also now chair the majority of boards, with this indicator moving from 49,3% to 56,3%);
📍Women steadily hold over 40% of board seats (but still chair only 11.8% of boards);
📍Only 10% of European boards have a dedicated innovation and technology committee (additional 24% manage these topics through other committees or at the full Board level);
📍Only around 1 in 5 boards include a director with formal geopolitical expertise.

"While diversity remains essential, it is simply a tool for board effectiveness and not a result in itself; the future of boards will depend on whether they can truly assemble the right set of skills, ensure information flows and agenda discipline to oversee emerging risks and long-term strategic transformation. A key question to ask is always: "Does our Board composition reflect the future challenges of the company?"," says Rytis Ambrazevičius, President of the Baltic Institute of Corporate Governance.

First published in 2025, European Corporate Governance Barometer aims to offer transparency and practical guidance regarding the corporate governance landscape in Europe. It uses STOXX Europe 600 companies as the reference point.

FULL FINDINGS |https://ecoda.eu/wp-content/uploads/2019/08/ecoDa-EB-Barometer-2026-1.pdf