Remarks to Baltic Institute of Corporate Governance Professional Board Member Education Program
October 5, 2017,
Ladies and gentlemen, honored guests, I am pleased to join you today as you take an important step toward becoming a professional board member. The Baltic Institute for Corporate Governance’s Professional Board Member Education program will equip you with the skills and knowledge necessary to make this region a true global leader in corporate governance. The U.S. Embassy in Lithuania enjoys a strong relationship with the Baltic Institute for Corporate Governance and it is a true pleasure for me to witness the Institute’s continued contribution to the education of the next generation of world class leaders in corporate governance.
As we saw during the global financial crisis, effective corporate governance plays an essential role in attracting and retaining the domestic and international capital needed for investment, job creation and economic growth. Companies with sound corporate governance perform better and serve their communities and countries better. We believe that strong governance not only increases transparency, accountability and ethics in the business environment, but it is also the foundation for financial market stability and sustainable economic growth. Adopting sound corporate governance practices will certainly increase the global competitiveness of Baltic companies.
The United States adheres to the OECD Principles of Corporate Governance as the international standard in this important field. The OECD Principles represent the first initiative by an intergovernmental organization to develop core elements of a good corporate governance regime. As the OECD principles are non-binding, the U.S. strongly supports international and regional efforts, such as BICG’s training programs, to develop appropriate methodology to apply the principles. As you know, Estonia and Latvia are already members of the OECD and Lithuania is preparing to join this organization. Adhering to the principles that the OECD Corporate Governance Committee establishes shows a commitment that will help keep the Baltic economies transparent, stable, and growing.
I wish you great success as you take on this excellent training and apply it in your activities as board members. The U.S. strongly supports your efforts and applauds your leadership on establishing sound corporate governance in the Baltic region.