Baltic Institute of Corporate Governance

26/08/2026

The seventh annual forum dedicated to the corporate governance of Riga city-owned enterprises was held on Tuesday, 25 August, hosted by Riga City Council in cooperation with the Advisory Council on Governance of Riga City-Owned Enterprises, chaired by . The forum focused on good governance and ethics, the prevention of conflicts of interest, and other current governance issues.

The forum was opened by Viesturs Kleinbergs, Chairman of Riga City Council; Jānis Lange, Executive Director of the City of Riga and the representative responsible for exercising shareholder rights in municipality-owned enterprises (MOEs); and Andris Grafs, Chair of the Advisory Council on Governance of Riga City-Owned Enterprises and Vice President Latvia of the BICG.

Key takeaways:
➡️ In times of , what matters most is how well a company is prepared beforehand. Critical processes, resources and the allocation of responsibilities must be regularly tested in practice.
➡️ MOEs must be able to operate as entities. The municipality, as the owner, must not become an obstacle to commercial thinking, competition, efficiency and the ambition to grow.
➡️ Effective municipal and national is usually shaped by the experience of professionals. MOEs should actively propose improvements and drive change. Riga has such experience in this area.
➡️ Decisions must be -driven. Whether managing crises, improving services or changing societal behaviour, companies need to know what they are measuring and what results they aim to achieve.
➡️ Zero tolerance for is a choice made by the company’s board and management and must become part of employees’ everyday practice. An ethical culture is built through appropriate processes, a clear stance from company leadership, and the ability to resist both conflicts of interest and undue political pressure.
➡️ Good governance means clear objectives, clear accountability and in professionals serving on boards and management teams. As the owner of the enterprises, the municipality should set strategic objectives (shareholder expectations) and monitor results, while operational decisions should be left to professional management.

“Riga’s MOEs are capable of making significant progress in improving governance and delivering results. At the same time, several MOEs are facing governance-related crises, which is why key stakeholders must also make time to analyse these challenges openly and work together to find the best solutions,” says Andris Grafs, Vice President Latvia of the BICG.

20/08/2026

A potential board member’s reputation should be the very first thing considered during the appointment process, because if there are any questions about it, there is no point in discussing the candidate’s level of competence, especially when considering companies of strategic significance.

The importance of having an impeccable reputation while striving to work on company boards was emphasized by Rytis Ambrazevičius, President of the Baltic Institute of Corporate Governance, while commenting on the elections of the new Board at the Lithuanian state-owned company Lithuanian Airports.

After various questions raised about his past actions in the media, one of the appointed new independent Board members of the company has now resigned.

Opozicijai keliant klausimus dėl naujai paskirto Lietuvos oro uostų (LTOU) valdybos nario Oleksandro Laneckio sąsajų su Rusija ir Baltarusija bei bendravimo su prorusiška žiniasklaida, Valstybės saugumo departamentas (VSD) per artimiausias dienas pateiks papildomą vertinimą dėl jo atitikti...

17/08/2026

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

Organised every two years, this 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 practices 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. With properly assigned responsibilities, this role can be crucial in ensuring effective governance, compliance, and transparent decision-making,” says Rytis Ambrazevičius, President of the BICG.

📌 FULL DETAILS AND REGISTRATION | https://bicg.eu/corporate-secretary-program-2026/

06/08/2026

The recent series of CEO changes at the Lithuanian state-owned companies (SOEs) operating in the transportation sector (Lithuanian Airports, Lithuanian Railways, etc.) that were made after the appointment of the new Minister of Transport and Communications raise significant questions both about an undue political interference and the susceptibility of Boards to give in to political pressure.

What should be the right division of responsibilities between the shareholding ministries and Boards of SOEs and why hiring or firing the CEO is one of the crucial decisions the Boards should make independently was discussed during the podcast by the Baltic Institute of Corporate Governance (BICG) 'CEO dismissals in SOEs: Board or political decision?'.

Erik Sakkov, Vice President Estonia of the BICG 🎤 Replacing a CEO without a transparent reasoning and credible, independent Board process is a real problem. Governments come and go, but SOEs work on long-term projects, and good governance exists precisely to protect the long-term value these companies create from the short-term political interests. It is perfectly fine to fire the CEO, even if you want to change such a thing as the company culture, but it should come from the independent thinking by the Board, and Boards should not transmit political wishes. The company will be perpetually hurt by it, because the best CEOs simply do not apply for positions where they believe their future depends on political change and not the actual work they do. And the Boards who let these things happen are doomed as well, they are not real Boards anymore.

Andris Grafs, Vice President Latvia of the BICG 🎤 If a Board is established, it is the Board responsibility to hire or fire the CEO. But we have similar cases from time to time, and that is the reason why, especially in SOEs, the governance processes are quite fragile. Because politicians, who have quite narrow time horizons, want to give orders. It is a global standard that the political involvement in such aspects as trying to dictate who is the CEO or who should win the procurements is a bad practice that makes good governance and long-term success of the company itself quite impossible. On the other hand, if you are a Board member and feel pressure that goes against the interests of the company, your duty is not to agree and not even to quietly vote against it, but to speak up, even publicly, or resign your position.

Rytis Ambrazevičius, President of the BICG 🎤 The good practice is for the shareholder to prepare a shareholder’s letter of expectations that defines what activities are expected of the company. The Board then uses this letter to create a strategy, appoints and supervises the management who implements it.

FULL PODCAST | https://www.youtube.com/watch?v=0hAk4h4OOz4

Meant to highlight ongoing corporate governance topics in Lithuania, Latvia and Estonia, the podcast will return ad hoc.

15/07/2026

How effective leaders balance formal authority with human relationships while navigating change and/or conflict was the topic analysed by the Baltic Institute of Corporate Governance (BICG) at the annual conversation festival LAMPA held in Cēsis (Latvia) last week.

"A leader's role is not to be the smartest person in the room, but to create an environment where others feel safe to challenge assumptions, voice different perspectives and contribute openly to ensure the long-term success of a company", says Andris Grafs, Vice President Latvia of the BICG, who moderated the discussion, together with Daiga Auziņa-Melalksne, Board member of the BICG.

Joined by Baiba Zūzena (CEO, Latvian Public Service Media), Katrīna Ošleja (organizational psychologist and executive coach), and Jānis Lucaus (CEO, Balcia Insurance), the conversation panel explored what happens beyond the meeting room - where the actual change is either resisted or embraced, unresolved conflicts become costly, and silence creates space for rumors instead of clarity.

🖊️ Key take-aways:

📍Change is inevitable, but people embrace it only when they understand its purpose and their role in it;
📍Great leaders do not need to have all the answers – they need to create an environment where people feel safe to speak up and disagree;
📍Most conflicts stem not from facts, but from unmet needs for clarity, recognition, and respect;
📍Middle-level managers are the driving force behind a successful change; if they are not involved and supportive, company will feel it quite soon.

Our thanks to LAMPA and Swedbank Latvia for providing a platform to bring the conversation to a wider audience.

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📢 In your experience, what is the hardest part of leading through change and conflict? Share your thoughts in the comments. 👇
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03/07/2026

The Board of the Baltic Institute of Corporate Governance (BICG) elected a new Chair of the Board, with Ansi Arumeel, a strategic advisor with extensive background in technology, e-commerce and logistics, having stepped into the role since June.

It is the first time the chairship of the BICG is rotating to Estonia from Latvia and Lithuania, highlighting the recent years of growth of the BICG presence and impact in the country.

“It is a privilege to take on this role at a time when the BICG is already well-acknowledged as the competence center for good corporate governance, instrumental in creating better boards, companies, economies and societies across the Baltics. By ensuring that the businesses and policy makers in Lithuania, Latvia and Estonia continue to have access to the best practice advise and education, we will keep working towards advancing Baltic corporate governance into becoming a global role model,” says Mr Arumeel, who is serving on the BICG Board since 2023.

FULL DETAILS | https://bicg.eu/new-chair-of-the-board-elected-2/

The Board of the Baltic Institute of Corporate Governance (BICG) elected a new Chair of the Board, with Ansi Arumeel, a strategic advisor with extensive background in technology, e-commerce and logistics, having stepped into...

25/06/2026

Welcome, Miesto gijos, a new corporate member!

17/06/2026

Welcome, INVL Šeimos biuras, a new corporate member!

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...