The Western Balkans ESG Foundation is the 1^st non-profit organization solely dedicated to ESG in this region, headquartered in Belgrade, Serbia.

Our Honorary Member is OTP Group, one of the fastest growing and leading banking groups in Central and Eastern Europe, with unique knowledge of the region and a lasting commitment to it. OTP Group, present in 11 countries of the CEE and Central Asian region provides us with the invaluable institutional support for our work throughout the Western Balkans region.

About us

The Foundation strives to incorporate sustainability targets into businesses and public policy, as well as contribute to transparent reporting and education.

The WB ESG Foundation has unique resources and expertise, including scholars, top-notch specialists, and experienced professionals, collaborating to guide the Western Balkans towards sustainability.

Mission & vision

The Western Balkans ESG Foundation aims to become the leading voice for sustainable integration in everyday business, public policy, and local communities. While advocating for equal opportunities, transparent reporting and equitable communication, we strive to help drive countries’ economies towards sustainable transitions.

The WB ESG Foundation serves as a competence center where all stakeholders can delve into the core of ESG requirements and opportunities. It aims to be the ultimate hub for connecting Western Balkans leaders, businesses, and academia, fostering ESG development, empowering education, and promoting professional growth.

Founders and members

Management

Advisory Board

Our experts

Milena Laković

Milena Laković is founder and CEO of Minted advisory, boutique integrated communication and marketing firm, strongly focused on business development and public affairs and passionately supporting clients in setting the standard for sustainability, CSR and ESG integration.

Milena Laković is experienced professional in the financial industry, with focus on ESG, business development, access to finance, marketing, online sales, CX, corporate affairs, PR and communications, crisis management, CSR and sustainable business. Commitment to responsible business, green transition and execution of ESG principles were on several occasions awarded and recognized. She has developed successful and award-winning projects in the field of socially responsible business, brand development and communication.

In her professional career, Milena devoted herself to corporate affairs, business development models and financing approaches, as well as cooperation with the start-up community, which she continues to nurture today.

Before founding the Western Balkans ESG Foundation, Milena was director for Communications and Public affairs in OTP banka Srbija, one of the leading financial institutions in Serbia, and previously she was in charge of setting up and running the Innovation Fund as a Deputy Managing Director for international cooperation and financing, while her professional career started in M&A financial advisory industry. By education Milena is Bachelor of Laws with MBA.

Tatjana Papić

Tatjana Papić (LL.B. Belgrade, LL.M. Connecticut, PhD Union Belgrade) is a professor of International Law and International Human Rights Law at the Union University Belgrade Law School and a visiting research fellow at the University of Reading School of Law (UK) and the Center for Law and Pluralism of the University Milano-Bicocca (Italy).

She is an expert in curriculum development, legal obligations reporting, and has extensive teaching experience, both in Europe and the US. Tatjana was a Visiting Professor at the University of Münster Faculty of Law and the Washington and Lee University School of Law, as well as a Senior Grotius Research Scholar at the University of Michigan Law School.

Tatjana was also a consultant for UNDP, CoE, OSCE and FRA – EU Fundamental Rights Agency, and provided expert legal advice in different investment arbitrations. Before joining the Union Law Belgrade, Tatjana was a head of the legal department of the Belgrade Centre for Human Rights: the chief editor of the annual human rights reports and in charge of overseeing all legal activities of the Centre, fundraising and legal training curriculum development.

Vojislav Lazarević

Vojislav Lazarević is the Chairman of the Executive board of Addiko bank Serbia since 2018.

In his professional career, Vojislav held several C level positions in the banking industry. Before joining Addiko bank, he was the President of the Executive Board and General Director at Piraeus Bank in Belgrade, managing the bank's strategic and organizational activities. In the period from 2009 to 2016, he was a member of the Executive Board of Vojvodjanska banka NBG Group, in charge for the corporate business, financial markets, brokerage and financial consulting.

Previously, Vojislav gained diverse range of banking experience as deputy director and Executive board member in NBG bank in Serbia overseeing investment banking and financial markets, retail and corporate business and business development. His career started in Societe Generale bank in Athens on currency trading on the interbank market. He earned a diploma in the field of business administration, accounting and finance sector from Deree College, Athens, Greece, and then a master's degree in economic sciences from Union University in Belgrade.

Dušan Basalo

Dušan Basalo is the founder of several companies in the field of Organization and People Development: Talks and Folks, Atria Group, Generation Zeal.

With international experience and large number of complex projects for top tier companies, Dušan brings amazing insights into Social and Governance areas and strategies that organizations should implement in order to get high level results, both for themselves and for the society Through one of his companies, Talks and Folks, which is a leading public speaking managerial agency for the most successful experts and leaders from different areas, Dušan builds an inspiring network of amazing people that have the possibility to influence society, especially the business community towards good practices in ESG area.

Dušan is a member of the Board of directors of the Serbian Association of Managers for the last five years and the creator of the SAM (Serbian Association of managers) mentoring program for the last seven years, as well as the SAM Academy.

Milena Laković is the Director of the Foundation. The Board of Directors consists of: Chairman of the Board Vojislav Lazarević and members Tatjana Papić, and Dušan Basalo.

Chief Strategic Advisor

Dr. Dragan Lončar

Dr. Dragan Lončar is a full professor at the Faculty of Economics of the University of Belgrade and vice dean for teaching and cooperation with the economy. He is a leading expert in the areas of strategic planning and management, risk management and corporate governance. He is the author of many scientific and professional works in these fields. In addition, Professor Lončar deals with issues of corporate finance and competition protection.

Graduated from the Faculty of Economics, University of Belgrade, and received his master's degree from the University of Cambridge (UK). As a Fulbright Foundation scholar, he completed postdoctoral research studies in the field of financial management at the University of Chicago. He holds the prestigious CFA license in the field of finance.

Professor Lončar on many occasions worked as a consultant on the projects of domestic and foreign companies (NIS, OMV, Lafarge, VIP Mobile, Knjaz Miloš, 4 Novonordisk, Nectar, KWS, Coca Cola, Roche, Victoria Group, Frikom, JTI, Keprom, Philip Morris, DHL, Carnex, etc.) and institutions (World Bank, UNDP, USAID, GIZ, etc).

He is a member of the Supervisory Board of the company Metalac, a member of the Board of Directors and the Audit Committee of Banca Intesa and the chairman of the Audit Committee of the Wiener Stadtische. He is the founder of Peterhof Consulting.

Professor Lončar is a member of several academic and professional bodies in the country and abroad (Serbian Association of Economists, US Academy of Management, CFA Institute, European Association of Competition Economists, Cambridge Alumni, Fulbright Alumni).

Strategic Environmental And Climate Change Advisor

Dr. Andjelka Mihajlov

Dr. Andjelka Mihajlov is a leading expert in the region in the field of environmental protection and climate change. She also deals with issues of sustainable development, especially policy development and management related to waste and the circular economy. She was a full professor at the Faculty of Technical Sciences of the University of Novi Sad - Department of Engineering Ecology, as well as the Minister for Natural Resources and Environment Protection in the Republic of Serbia from 2002 to 2004. She has extensive experience as a UN, EU and WB expert.

Professor Mihajlov has a degree in chemical engineering, and she has a master's degree and a doctorate in technical sciences at the University of Belgrade. She received additional education in chemical engineering in the USA. She has 20 years of experience in supporting the incorporation, implementation, enforcement and monitoring of EU regulations regarding environmental protection and sustainability in new EU member states, candidate countries, as well as potential candidates. He has over 15 years of experience in policy protection, environmental assessment, social assessment, environmental and social sustainability, resource efficiency and pollution prevention, stakeholder engagement and climate risk assessment. Areas of its activity in environmental protection and climate change include business and industry, energy, education, forests, poverty, sustainable consumption, urban environment. She teaches by invitation at various universities around the world.

Professor Mihajlov has authored over 300 publications, including a significant number in reference journals in the field of environment and climate change, thermodynamics of chemical engineering and materials science. She is also a reviewer for the COST, ERASMUS+, and HORIZON projects. She is a member of the Black Sea Leadership Advisory Board of the UN Network for Sustainable Development Solutions since November 2021.

From 2015 to 2021, she was a member of the negotiating team for negotiations on the accession of the Republic of Serbia to the European Union, responsible for the environment and climate change. From 2005 to 2010, Professor Mihajlov was a member of the EBRD Environmental and Social Responsibility Council.

In 2006, UNEP recognized her as the environmental leader of the Western Balkans.

Strategic Academic Advisor

Dr. Aleksandra Čavoški

Dr. Aleksandra Čavoški joined Birmingham Law School University of Birmingham in 2012. Previously, she was a Professor at Union University School of Law in Belgrade. Aleksandra also worked as a special advisor in the Ministry of Justice of Serbia.

Professor Aleksandra Čavoški’s research interests are in the field of environmental law, EU law and energy law, including certain aspects of public international law. Her research agenda is inter-disciplinary and explores the intersection of law and other disciplines, in particular politics, science, public policy and language. Aleksandra is the College of Arts and Law Director of Global Engagement. She is the editor-in-chief of the journal Environmental Law Review.

Aleksandra Čavoški is also a part of the Birmingham Plastics Network, an interdisciplinary team of more than 40 academics working together to shape the fate and sustainable future of plastics. This unique team brings together chemists, environmental scientists, engineers, philosophers, linguists, economists, artists, writers, lawyers, and experts in many other fields, to holistically address the global plastics problem.

Strategic Advisor for Governance and Regional Development

Dr. Milica Delević

Dr. Milica Delević is the Director for Governance and Political Affairs at the European Bank for Reconstruction and Development (EBRD). She is a leading expert in European integration and enlargement, governance reform in transition economies and politics and political economy of Western Balkans and Turkey.

Dr. Delević holds a BA from the University of Belgrade, a MA from the Central European University and a PhD from the University of Kent, Canterbury.She was a Chevening Scholar.

Prior to joining the EBRD in 2013 as Deputy Secretary General for Shareholder Relations, Dr. Delević served as the Director of the European Integration Office of the Serbian Government, Assistant Foreign Minister and chaired the Committee for European Integration in the Parliament of the Republic of Serbia. She served as a board member of Serbia’s Open Society Foundation and is a member of a number of professional organisations, including the Balkans in Europe Policy Advisory Group (BiEPAG).

Dr. Delević also lectured on foreign policy and European integration at the University of Belgrade and the Central European University and was Deputy Director of the Diplomatic Academy of the Serbia and Montenegro Ministry of Foreign Affairs. Her publications include book chapters and articles on the EU enlargement process, regional cooperation in the Western Balkans as well as on political conditionality and economic sanctions in international relations.

Balázs Balogh

Balázs Balogh graduated from the Budapest University of Economic Sciences (Corvinus) at Finance major (Master of Science) in 2001 with an inter-state scholarship at the Maastricht University in the Netherlands. After 3 years at the Hungarian Development Bank he joined OTP Bank Hungary in 2004 where he held expert and various managerial positions throughout the years. His international career started in 2012 when he was appointed to the Chief Risk Officer and Executive Board Member position at Crnogorska Komercijalna Banka, Montenegro.

At the beginning of 2017 he moved to Croatia to join the OBH-Splitska integration project as Chief Risk Officer and Management Board member at Splitska Banka being in charge of the risk management integration. Balázs was appointed as Chief Risk Officer and Member of the Executive Board of Vojvodjanska banka in late 2018 where we contributed to 2 consecutive successful integration projects on the Serbian market (first Vojvodjanska-OTP banka Serbia in 2019 and later Vojvodjanska-Societe Generale Serbia in 2021). From 2021, he holds the position of the Member of the Executive Board in charge of Risk management in OTP banka Srbija a.d. He is also a member of the BoD of both OTP Leasing and OTP Lizing Srbija since 2021.

Kosta Andrić - Executive Director, ICT Hub

Igor Anić - Chairman of the executive board and CEO ProCredit Bank

dr Jelena Arsić - Associate Professor, Union Law Belgrade

Goran Banduka - Climate Risk Specialist, Climate Lens Advisory

Jelena Basarić - Economist for monitoring monetary movements at NBS (National bank of Serbia)

Ines Borčić - Head of Sustainable Development Department at OTP bank, Croatia

Biljana Dakić Đorđević - Chief of Party, "For a Stronger Civil Society" , USAID

Will Dow - ESG Consultant UK-Expert ESG Risk Rating, Morningstar Sustainalytics

Kaja Grujić - Independent Communications Consultant

Tobias Hejdenberg -Head of Nordics/DACH/Italy, Morningstar Sustainalytics

Andrew Johnson - regional commercial lead, Morningstar Sustainalytics

Katarina Kulić - senior consultant, Deloitte

Jelisaveta Lazarević - Assistant Professor and Vice Dean at FEFA Faculty

Neda Lazendić - director for Srbiju, WV International

dr Jernej Letnar Černić - Full Professor in Constitutional and Human Rights Law, Faculty of Government and European Studies of the New University, Slovenia

Stanislava Levačić - senior consultant, KPMG

Nina Mihajlović - manager – ESG & Sustainability Consulting, KPMG

Tijana Miković - senior manager, KPMG

Uroš Milosavljević - partner, KPMG

Miloš Mitrić - partner, Peterhof consulting

Nataša Mitrović - senior HR director

Maša Njegovan - Lead Corporate Sustainability Expert, Climate Lens Advisory

Ajdin Pašić - Business Development, Morningstar Sustainalytics

Aleksandra Petrović - human and labour rights expert, National Project Coordinator, ILO Serbia

dr Mila Petrović - associate professor, Faculty of Law, Union University Belgrade

dr Olivera Purić - Independent Consultant for Responsible Management

Nevena Ružić - Independent Consultant for Data Protection

Catalina Secreteanu - Head of Europe ESG Solutions, Morningstar Sustainalytics

Marjan Stojiljković - partner, Climate Lens Advisory

dr Boris Topić - Anti-Trafficking Officer, OSCE (organization for security and co-operation in Europe), Bosnia

Maja Vezmar Ristić - Head of Customer Experience department, OTP bank, Serbia

dr.sc. Silvija Vig - Compliance & Ethics Consultant, CODUPO Compliance

dr Jugoslava Vojnović - Head of Legal and Finance department, City of Belgrade

Relja Zambelić - Managing Partner & Sustainable Finance Specialist, Climate Lens Advisory

Why now & Why us

What is ESG?

In today’s world, environmental, social, and governance (ESG) are impetrative in running any business.

(E)nvironmental standards concern businesses’ impact on the environment, (S)ocial examines their impact on society, while (G)overnance refers to how the business is directed and controlled. They jointly serve to evaluate the sustainability of businesses.

The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared blueprint for peace and prosperity for people and the planet. At its heart are the 17 Sustainable Development Goals (SDGs), which embody the ESG principles.

In addition, the European Union (EU) is at the forefront of the transformation towards more sustainable future in Europe. It adopted different directives and regulations to guide the EU economies to meet 2020 European Green Deal objectives, creating a clear framework for the concept of sustainability, by defining criteria when enterprises, investors, and policymakers are operating sustainably. These criteria are relevant not only for EU companies, but also relevant for those who are doing business with them.

Incorporating ESG principles has become imperative for securing foreign investments, as investors are increasingly considering ESG standards when deciding where to invest. It is estimated that the ESG investing will double by 2025, to reach US$53 trillion by 2025.

Finally, consumers are becoming aware the importance of sustainability and are considering ESG standards when deciding how to spend their money.

Why us?

The Western Balkans ESG Foundation, we are pioneers in championing Environmental, Social, and Governance (ESG) standards across the region. With an international team across sustainability sectors – from tech, businesses, policy, and communication strategy – our unique position allows us to bridge the gap between local initiatives and global ESG standards. We offer unparalleled expertise, a deep understanding of the region’s unique needs, and a passion for driving impactful change.

Here is an overview of ESG related challenges relevant for all business:

High Pressure – Stakeholders, including regulators, investors and customers expect compliance of internal acts and business strategies with the ESG standards followed by transparent reporting.
Reporting & Data management – Proper collection and use of data is paramount, in order to meet both investors and regulatory requirements on ESG reporting.
Risk implications – A new set of risks for businesses and their operations in relation with ESG (reputation, supply chain management, transition to net zero, reporting etc.), resulting in advanced risk transfer products and financing products.
New business models financing – New business opportunities are arising from emerging industries and ecosystems, creating a need for sustainable financing and attracting new customers.
CO2 reduction – Decarbonization is underway as households and businesses transition to new operating models (renewable energy, water efficiency, circular economy, sustainable consumer habits).
Just Transition – This approach ensures that the substantial benefits of the green economy transition are widely and equitably shared.

Services

The Western Balkans ESG Foundation offers wide range of services including education, reporting, certification, communication, PR and networking.

Education

Reporting

Certification

Communication and Networking

A public forum educating businesses and civil society on sustainability topics to create greater awareness in the region. The WB ESG Foundation offers:

Expertise building in the application of the ESG principles in businesses.
Competence building in applying EU regulations for the implementation of the European Green Deal in the context of the Western Balkans’ countries.
ESG e-learning platform as a knowledge tool, enabling members to use all the existing professional, research and academia material which shall be daily serviced and updated by the Foundation.
Curriculum development on ESG for high education institutions.
Up to date information on state of play in the field of ESG in its monthly, quarterly, yearly newsletters.

The WB ESG Foundation provides expertise and tools for ESG, sustainability and non-financial reporting compliant as required by national and EU regulations.

With the purpose of creating a framework for enabling tangible ESG targets and transparent reporting, the WB ESG Foundation will develop certification system for business.

Upon successful completion of compulsory courses, participants will receive a Certificate in ESG practices.

The WB ESG Foundation offers:

Developing innovative media strategies;
Implementing media strategies;
Connecting businesses with local governments and communities;
Organising conferences, workshops, webinars and roundtables to connect business, civil society, local governments and media.

Academy

ABOUT THE ACADEMY:

The environmental, social, and governance (ESG) framework is a set of metrics used to assess a company’s environmental and social impact. Besides the growing ESG trend in business, the European Union has enacted legislation that require companies in different ways to include ESG in their business practices and to report on it.

This program equips your company with the understanding of:

the ESG principles;
the ESG-related EU and global regulatory requirements;
how to align business operations with the ESG standards; and
how to comply with the ESG reporting requirements.

DURATION:

Our ESG Academy offers two enrolment periods per year with total of 14 days of training sessions within 4 months.
Modules include compulsory and elective courses covering E, S and G standards and special modules on finance and ESG risk management. In addition, we offer shorter formats for specific topics.
Lecturers are high-profile professionals with hands-on experience and extensive knowledge.
For C level managers we offer executive and strategic overview.

CERTIFICATION:

Upon successful completion of compulsory courses, participants will receive a Certificate in ESG practices.

DELIVERY METHODS:

Live Workshops: Interactive sessions with case studies, group discussions, and role-playing.
Guest speaker sessions: Insights from industry experts and thought leaders.
Action learning projects: Applying learned concepts to real-world business challenges.
Online learning: Self-paced learning with interactive exercises.

EVALUATION:

Knowledge checks and assessments throughout the program.
Quizzes
Self-assessment
Surveys and questionnaires

COMPULSORY COURSES

COMPULSORY COURSES E PILLAR:

COURSE 1: Introductory course

COURSE 2: Climate change and greenhouse gases (GHGs)

COURSE 3: Pollution and resource management

COURSE 4: Waste management and fundamentals of circular economy

COURSE 5: Sustainability and environmental regulation

COURSE 6: Clean energy systems

COMPULSORY COURSES S PILLAR:

COURSE 1: Human rights due diligence

COURSE 2: Engaging with local communities

COURSE 3: Health & safety: fundamental rights

COURSE 4: Building a rewarding and equitable workplace: wages, benefits, and non-discrimination

COMPULSORY COURSES G PILLAR:

COURSE 1: Fundamentals of corporate governance

COURSE 2: The Board's role in effective governance

COURSE 3: Risk management in corporate governance

COURSE 4: Compliance and ethics in corporate governance

COURSE: ESG risks and compliance

SPECIAL MODUL ON FINANCE:

COURSE 1: Overview of the global, regional and national financial markets and financial instruments from the perspective of ESG and investor expectations

COURSE 2: Greening of global, regional and national financial instruments regarding the NGFS (Network for Greening the Financial System) and expectations of the regulator

COURSE 3: Green and sustainable financing

COURSE 4: Example of a green credit

COURSE 5: Project financing in Serbia and in the region and opportunities for the economic sector in Serbia: Large companies, SME sector, ESG rating and index - external data and internal methodologies

SPECIAL MODUL ON RISK:

COURSE 1: Introduction to ESG for Financial Institutions:

COURSE 2: ESG Prudential Norms and Supervisory Expectations

COURSE 3: ESG Risk Management for Banks

COURSE 4: ESG Risk Management from the Banks' perspective

ELECTIVE COURSES

ELECTIVES E PILLAR:

COURSE 1: Environmental management systems (ISO 14001) and other certification

COURSE 2: Supply chain sustainability, life-cycle assessment and sustainable procurement practices

COURSE 3: Green Public Procurements and PPPs

COURSE 4: Energy Efficiency and Energy Consumption Management

ELECTIVES S PILLAR:

COURSE 1: Mechanisms for Grievance Redress and Remedy

COURSE 2: Customer & Product Responsibility

COURSE 3: Inclusive and Respectful Workplace

ELECTIVES G PILLAR:

COURSE 1: Deep Dive: Board Effectiveness and Dynamics

COURSE 2: Corporate Governance in the Digital Age

COURSE 3: Leading Ethical and Sustainable Organizations

COURSE 4: ESG Communication and Stakeholder Engagement

COURSE: Data Collection and Management relevant to all 3 ESG pillars

ELECTIVE FINANCE:

COURSE 1: Integration of climate and social risks into the Regular Credit Process

COURSE 2: Construction and financing of a solar power plant

COURSE 3: Construction and financing of a wind farm

COURSE 4: Construction and financing of a biomass plant

COURSE 5: ESG Reporting under the CSRD Directive and GRI Standards

OUR EXPERTS