OREANDA-NEWS. July 25, 2008. Financial Group Life was inducted to the BSC Hall of Fame at the awards ceremony at the Marriott Hotel, London, as the first Russian company named to the BSC Hall of Fame, reported the press-centre of Financial Group Life.

The official induction ceremony was held in the framework of the annual European Strategy Summit, attended by over 400 leaders of the largest companies of Europe. 

Sergey Leontiev, FGL President and CEO, was presented with the award, equivalent to the Oscar  in the world of management, by David Norton and Robert Kaplan, founders and authors of the Balanced Scorecard System. Five points of the award, designed in the form of a pentagon Steuben crystal, symbolize five key principles of the Balanced Scorecard system, which are used for the evaluation of contestants.

Sergey Leontiev, President and CEO of the Financial Group Life: "We see the Balanced Scorecard System as much more than just a goal-setting and measurement device – it’s a common language and an element of our corporate culture. The implementation of this system and realization of the long-term strategy of our Group are enhanced by the inspiration and involvement, demonstrated by our strategic management team".

According to the press release of Palladium, "Financial Group Life is a customer-oriented company and an innovator in retail banking products. In four years, the Group’s assets grew  329%, and operating income more than sixfold. With strategy formulated at the top and executed from the bottom, FGL has made strategy everyone’s job, enjoying growth rates exceeding the overall market". 

For reference:
Balanced Scorecard System (BSC) is the world’s predominant strategy execution frame work, used by many leading global corporation. The Balanced Scorecard Hall of Fame for Executing Strategy  recognizes organizations that have achieved an outstanding execution premium in the following areas: getting the strategy on the operational level, strategy-focused staff motivation, introducing the strategy into the processes of planning, financing, reporting, setting up the principle of the goal-oriented approach for all business-units of the company. The BSC implementation makes the strategy everyone’s job.

The Balanced Scorecard Hall of Fame for Executing Strategy has been existing since 1998, and today it includes 106 companies. Among them are BMW Financial Services, Canon, Chrysler, Hilton, HSBC, Dupont, LG-Philips, Motorola, Nordea, Siemens and many others. Following the Financial Group Life, Russian URALSIB company got a pentagon Steuben crystal too.  Bord Gais, Dubai Electricity and Water Authority, The University of Leeds and the Defense Ministry of France were inducted into the BSC Hall of Fame on June 18, 2008 as well.