How the Baltic Institute Became a Reality

Transcription

1 How the Baltic Institute Became a Reality Istanbul, May 13, 2014

2 Who we are BICG is a regional IOD that represents Estonian, Latvian and Lithuanian board professionals and their companies by: MISSION BICG delivers value to its stakeholders by promoting global competitiveness of Baltic companies through adoption of leading corporate governance practices VISION BICG is an internationally recognized driver of best practise corporate governance in the Baltic region. Values Trust, Integrity & Excellence

3 Structure

4 Board

5 Membership Structure Clear public bylaws/statutes must be NGO/non profit status No one have power of our IOD, we are open, transparent and democratic Individual members pay 100 Euro per year Corporate members pay or Euro per year

6 Financials 30 corporate and 70 individual members pay about Euro per year in membership fees Board Member education generate main income Ad hoc project financing from Banks, Embassies and major companies (from euro to euro per donation) Major pro-bono donations from law firms, accounting companies and more The Institutes accounts has been audited by a BIG 4 firm every year, with all numbers being made public this has strongly helped to attract support and funding

7 Turnover Year 2009 (only 5 months) Turnover (euro) Membership fees = 15% Education programs = 80% Remaining = Delegation fees etc

8 Annual reports

9 free stuff While on a business delegation abroad - a Bank invites our delegates on a sailing trip including dinner (saving us cost of dinner and entertainment) Direct cost to bank in excess of Euro An investment firm host one day of our Chairman's education in their HQ (saving us cost of hotel/lunch/dinner and more) (saving for the Institute in excess of Euro) A law firm on our behalf conduct a legal framework study this pro bono work would cost us at least euro if we had to buy the service A private company translates our policy document from English to local language (Cost saving of Euro plus saving us a major project administration internally) An Ambassador host a VIP dinner for our members/stakeholders A law firm provides office space for the Institute for first 3 years at no cost. (saving for the Institute in excess of Euro)

10 Policy, research and guidance Baltic Guidance on the Governance of Government-owned Enterprises (2010) Corporate Governance Guidance and Principles for Unlisted Companies in the Baltics (2011) Governance of State-owned Enterprises in the Baltic States (2012) CEOs in Lithuanian State-Owned Enterprises (2013) Guidance on Board Effectiveness, Handbook for State-Owned Enterprises (2013)

11 International support at our AGM US Secretary of State Hillary Clinton (2011) President of Lithuania H.E. Dalia Grybauskaite (2012) President of Latvia H.E. President Andris Berzins (2013) President of The European Bank of Reconstruction and Development EBRD, Sir Suma Chakrabarti (2014)

12 International missions 2010 Copenhagen with LT Prime Minister 2011 New York NASDAQ OMX closing bell 2012 Copenhagen with LV Prime Minister 2012 Singapore 2013 London with visit to the IOD 2013 London with LV Prime Minister FDI 2013 Stockholm Chairman Education 2014 Oslo

13 NEW YORK

14 Stay fresh Be targeted New logo/look and web Facebook +300 LinkedIn +600 Twitter s Communication

15 Strong lessons Get the fundament right from the beginning Good bylaws and stick to them Good Board of Directors and stick to the formalities Good morals and ethics and stick to them no matter what Be friendly with everyone and friends with no one Create a sense of urgency and importance Focus on the result more than on the process Focus on having participants rather than having events a fancy event with few participants has no value Have a clear written business plan

16 Why have a Institute of Directors? A good driver of corporate reform A valuable source of change A Lighthouse of national corporate values A great way to promote the country to FDI targets