The aim of FICIL Conduct Guidelines (hereafter – Guidelines) is to set unified principles and working rules for all FICIL representatives, including Board members, work group leaders and members, FICIL members and associate members, as well as other representatives. These guidelines are based on FICIL statutes, FICIL strategy and best practice. FICIL strives to maintain high ethical standards and integrity. The organisation operates in full accordance with its vision, mission and values.
As an advocate for overall improvements of the business environment and investment climate in Latvia, FICIL raises key issues and concerns with the Government of Latvia and other state institutions. FICIL works with members in work groups to develop position papers with specific recommendations to share with government officials. FICIL works with such officials by participating in dialogues and roundtable discussions to provide information on matters impacting the business community, including regulatory policies, and other issues of concern.
FICIL should not be placed in, or assume the role of a “lobbyist” on behalf of a particular member or narrow interest by taking a stand on an issue of concern only to a specific member or narrow interest.
FICIL members and FICIL Board members shall:
- Support the goals of FICIL
- Act according to the highest ethical standards and with honesty, fairness, respect, and integrity;
- Recognise and comply with applicable laws and standards;
- Act professionally and uphold the reputation and good standing of FICIL;
- Meet commitments towards FICIL including the prompt payment of membership fees and maintaining membership information current;
- Not place FICIL in the role of lobbyist for a narrow topic or interest;
- Avoid conflicts of interest with respect to FICIL;
- Never take part in bribery or other corrupt activity;
- Ensure FICIL speaks with one voice, and coordinate in advance with the FICIL Office any external representation of FICIL and its viewpoints through interviews, events, discussions, meetings, debates or publications (whether in print, media, digital social media and other methods of information dissemination);
- FICIL members and representatives maintain confidential information concerning other FICIL members business and staff.
Principles for FICIL work groups:
- FICIL addresses issues affecting investors across a broad range of sectors in Latvia. A work group should address important concerns that affect the economy as a whole, and not reflect a narrow interest of a select group of market players. Members of a FICIL work group identify problems, seek solutions, recommend to the government legislative and policy proposals that improve Latvia’s investment climate.
- Successful activity of a work group results in a position paper to be presented before the FICIL High Council meeting (usually taking place in the end of May). A position paper is drafted according to the FICIL position paper guidelines. A position paper should be aligned with the results of other work groups and position papers, the results of FICIL sentiment index and other research carried out by FICIL.
- A position paper consists of three parts–an executive summary (should not exceed 300 words), recommendations and the rationale for the recommendations. Position papers highlight the main topics a work group has discussed during the course of the year, with recommendations aimed at improving the overall investment climate which are compiled by work group members. Work group recommendations should not contradict FICIL values, objectives or other work group positions or recommendations.
- Executive summary – Assessment of the current situation/problem topics in the respective area being reviewed (and if applicable, a brief overview on progress achieved since the last Position Paper) and why it is a concern for foreign investors. Provides clear and concise summary of key recommendations (approx.300 words).
- Recommendations – Provide specific recommendations (not more than five) for improving or changing identified issues. If the recommendation includes amendments to a specific legal act, the precise wording of the amendments can be formulated in the Annex (e.g. see Position Paper on Availability and Quality of Labor Force) (500 words).
- Rationale for recommendations – This part provides evidence and arguments supporting the specific recommendations and providing explanations how the desired results can be achieved. Should include analytical basis such as statistics and references to experience in other countries to back up the position and recommendations. Any longer material (e.g. results of member survey) that is important to include can be attached to the Position Paper in the Annex (800 words).
- All position papers must be summarised in a summary paragraph of a few sentences with the main message of this particular work group.
- If in a particular area the current policies/legislation or other developments do not require a position paper, a work group leader together with the FICIL Office and other members of the work group can decide to opt-out from drafting a position paper.
- If a work group decides to draft a progress report, it should reflect developments and government’s achievements in the policy field since the last FICIL position paper in the respective policy field.
- Work group leader and members are responsible for ensuring that their analysis is based on the best foreign experience and in-depth evaluation. The analysis of work group should be grounded by reliable facts and research.
FICIL participation in external projects:
- All external projects must be approved by the FICIL Board;
- FICIL only participates in projects that address improvements of the business environment in Latvia, as emphasised by FICIL membership;
- External projects should be in line with FICIL work group goals and cover relevant topics, with the overall aim to promote FICIL positions and recommendations;
- FICIL shall only undertake external projects for which it has the capacity to participate in by delivering the highest quality contribution to the project realisation process.
Should a member fail to meet the conditions in these FICIL Conduct Guidelines, FICIL may, at its sole discretion, decide on the appropriate action to take. FICIL reserves the right to revoke membership that has been granted, in the event that a member violates the Conduct Guidelines. FICIL reserves the right to update these Conduct Guidelines.
By applying for membership to FICIL you confirm that you have accepted and will abide by the FICIL Conduct Guidelines as published.
Foreign Investors’ Council in Latvia
Ph. +371 25606800