What’s new about this approach to helping companies meet their corporate governance obligations?

In designing a new corporate governance centre we have listened to the needs of our clients who often want support on a much broader range of issues than have traditionally been available through one firm. Typically, the market offers services to their clients that can be restricted – for example some law firms only offer legal advice but have to stop short of giving practical guidance and support in other key areas such as regulation, board composition or accountancy. Through conversations with our clients, we understand that they do not want to shop around for multiple governance partners. We have therefore decided to shake up the market by combining the expertise within the Arendt Group into one centre of excellence.

How does this differ from the governance support already offered by other law firms in Luxembourg?

Firstly, this new model is not solely focused on legal support and goes far beyond the boundaries of legal advice alone. We have accessed all of the governance expertise within Arendt’s regulating and consulting business (ARC), Arendt’s services business (AS) and Arendt’s business advisory group (ABA). This means we can offer a single service that incorporates taxation, training, compliance, consultancy, online tools and even the option to outsource or co-source the support required to run effective Board meetings to Arendt. We have set out to bridge the gap between effective governance advice and its implementation. This goes much further than ever offered before, even to the point of being able to provide access to Independent Board Directors and Compliance Officers for our clients.

Why launch this new offering to the market now?

Corporate governance has always been at the forefront of a Board agenda, but with the increase in regulation, obligations and penalties for those who get it wrong, as well as significant benefits for those who get it right, this is an area where outside help and guidance is often welcomed by clients. The market growth in Luxembourg has also created an environment that has seen companies investing in greater substance here; often with teams that are new to the region and need of assistance beyond traditional training or consultancy. We want our clients to be able to thrive within an environment where strong corporate governance is an essential part of their success. By combining the expertise within the Arendt group, we believe this addresses the needs of companies who want to embrace the benefits of exceptional governance without having to accept the constraints of working with several disparate advisors.

Which Sectors will you be focusing on?

Corporate Governance is largely sector agnostic and, whilst regulated and unregulated businesses have different issues, the areas governance seeks to address cover a broad range. That’s why we have explained these in a way that can be easily understood; splitting the areas of focus into seven main categories and showing clients how we can help them in each one. Many companies will already have established corporate governance, so they can select the areas where they need the most help. This modular approach allows companies to look at where they have governance blind spots and seek the specific help they require.  

Authors:

Carsten Opitz, Partner, Arendt & Medernach

Dr. Michael Daemgen, Partner, Arendt Regulatory & Consulting

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