Professional Documents
Culture Documents
What is CG
Corporate governance includes all types of firms whether or not they are formed under civil or common law, owned by the government, institutions or individuals, privately or publicly traded. Turnbull The Board of Directors is the epicenter of corporate governance, the arena in which all of the mechanisms of governance are required to respond to market signals and institutional pressures in order to secure the commercial viability and accountability of the business. Clarke
Who we are
BICG represents Baltic 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
Executive team Management Board or Executive Board, i.e. managers employed by the company and responsible for running its day-to-day business; reporting to the Board or directly to the shareholders
Baltics
Norway
Finland
OECD
OECD
Setting objectives Reviewing performance Auditing performance Reporting on Performance Ensuring full disclosure and transparency at the company level
Alternative
Alternative?
BICG members
Guidance
Some Basics
14 February 2013
What is CG
The Board is one part of the Management The most important task is to stimulate the CEO/Managing Director to do the Right things
A competent Board
Takes active responsibility besides what is expected by a pro-forma-board
Why a Board
The broad judgment, experience and network in a well composed competitive Board has a great value This could be one of the most valuable assets in a company as advisor and speaking partner
A Board functions if it is
well informed works well has right composition has good coordination
Works well
Every month the Board should have the following reports P&L statement Balance sheet (liquidity) Management accounts/Dashboard In a letter from the CEO covering reports, changes, important issues and other news
Works well
Every year the Board should make a working plan
Works well
4-5 meetings planned One important theme per meeting Documents in due time Decisions summarized to avoid misunderstandings Minutes approved and distributed a.s.a.p.