The prize money from Swedbank Baltic Sea Award 2009 goes to support improved governance of the Baltic state owned enterprises

Arminta Saladžienė, Chairman of the Executive Committee of the Baltic Institute of Corporate Governance (BICG), Chairman of the Management Board of NASDAQ OMX Vilnius, who received the Swedbank Baltic Sea Award 2009 has donated the prize money to the Baltic Summit on Governance in the State and Municipality-owned Enterprises.

The summit was held in the Lithuanian Parliament on March 19, 2010.

Governance of state-owned enterprises is a major challenge in many economies, including the three Baltic States. As the Baltic Governments seek higher economic efficiency and transparency in the public sector, governance of the state and municipality-owned enterprises is of primary importance. 

The Baltic Institute of Corporate Governance will develop “Baltic Guidance for Governance of State and Municipality Owned Enterprises” to aid the Baltic Governments assess and improve the way they exercise ownership of these companies, which constitute a significant share of the economy.

The summit featured high level international speakers like:

Dag Detter, Detterco; Richard Frederick, External Consultant for BICG; Chris Hodge, Head of the Corporate Governance Unit at the UK Financial Reporting Council; Pekka Timonen, Director General, Ownership Steering Department, Prime Minister’s office, Finland and Chairman of OECD Working Group of Privatisation and Corporate Governance of State-owned Assets. 

The summit was opened by the Lithuanian Prime Minister Andrius Kubilius with 150 participants including Ambassadors, Ministers, Vice Ministers, public servants and senior management from state-owned enterprises from all three Baltic countries. 

The summit was organized by the BICG together with the Lithuanian Ministry of Economy and Seimas of the Republic of Lithuania.