Getting to know better : Irina Svinar
Irina Svinar is the Conducting Officer of the AIFM, the Chair of VIY Managers SA. (AIFM) Board. She started her career at PwC and worked for the BIG4 over 10 years. She has been working for over 5 years in the regulated Fund Industry in Luxembourg and she has more than 10 years of M&A expertise in PERE.
Irina is an ILA Certified Director and an INSEAD Certified Director (IDP-C). She is also a Member of the Association of Charted Certified Accountants (FCCA) and a Board member of Alternative Investments Fund Manager (AIFM, PERE).
What are in your opinion, the key attributes for a Director?
Knowledge, Expertise, Consistency, Transparency, Communication, Changeability, Culture and Ethics: all these characteristics developed during years of professional practice help the director to act effectively and efficiently on the Board.
It helps the board to be proactive in assessing the company’s goals and objectives, oversee and evaluate the progress, call for the appropriate actions and support the success of the CEO.
What do you think makes a great Board?
Fair Leadership Process* implemented by the Chair is what makes the Board so great. Engaging, Exploring, Explaining Executing, Evaluating are important professional techniques which help build a common value system on the Board and set an efficient communication environment and facilitate collective action for effective decision-making.
*INSEAD IDP best practices
What would you change to improve the effectiveness of Luxembourg Boards?
I personally believe in on-going education and constant innovation as the vehicle, which can improve effectiveness of the Board, support Directors within constantly changing environment, and assist in adopting new technology including artificial intelligence systems and in being open to new challenges supporting the interest of all stakeholders in the company.
What does the outlook of Luxembourg look like, 10 years from now?
In the next 10 years, Luxembourg will be presented with many opportunities to diversify the economy. In order to make the best of it we have to enhance the process of continuing professional development and raise the awareness of all the participants about new challenges in corporate governance, legislation, FinTech etc and to assist them to be prepared to adopt.
How can ILA contribute to the economy, better boards and society?
To answer this question I would like to quote ILA mission “The mission of ILA is to promote the profession of Directors by developing its members into highly qualified, effective and respected Directors. In parallel, it will promote best practices in Luxembourg in the field of Corporate Governance of companies and institutions by actively engaging with those institutions charged with the introduction, application and oversight of those Corporate Governance rules and practices. It will achieve this through high quality training, forum discussions, research, publications and conferences. ILA aims to be the premier interlocutor in Luxembourg on issues affecting Directors.” I am very proud to be an ILA member and an ILA Certified director.