Culture as a Long-Term Investment

A conversation with Sandis Voldiņš, Chairman of the Board of the Latvian National Opera and Ballet, and Ineta Done, Member of the Management Board at Signet Bank, on culture, patronage, long-term investment, and creating value that endures for future generations.

Not everything that has value can be measured in numbers.

Ineta Done, Member of the Management Board, Signet Bank.

1. In your opinion, can the value of culture be measured at all?

I: We can measure culture’s economic impact, but that is only its outer layer. We can quantify ticket sales, audience numbers, and the revenue generated by performances or museums. However, its true value is intangible – it lies in fostering empathy, critical thinking, and national identity.

S: Exactly. We can measure its impact through visitor numbers, socio-economic contribution, and similar indicators. But the essence of culture – its emotional, symbolic, and identity-forming dimensions – cannot truly be quantified. Its real significance often becomes apparent only over time.

I: I believe we live in an era where we try to convert almost everything into data. That is understandable – numbers provide a sense of certainty. Yet culture reminds us that not everything of value can be measured. No formula can capture how a single book, painting, performance, or piece of music changes a person’s perspective, and yet those very changes are what ultimately transform society.

S: Culture’s impact is defined not by quantity but by quality. The influence of an author, a particular book, a cultural figure, or a performance on major societal developments can often only be appreciated decades later.

2. What does patronage mean in the 21st century? Is it a responsibility, a privilege, or an investment?

S: It is a strategic investment rooted in social responsibility. Its returns are reflected in reputation, relationships, and the creation of long-term value – for both culture and those who support it.

I: I agree, and it is worth remembering that patronage has a long history. The term originates from Ancient Rome and Gaius Maecenas, adviser to Emperor Augustus, who supported poets and artists. His name became synonymous with individuals or institutions that provide financial and moral support to the arts, science, and culture. Historically, patronage was a privilege of the elite. Today, it is undoubtedly a conscious investment in the future. It is a privilege to have the financial means and intellectual capacity to enable others to create. I also see it as a responsibility towards the country and society in which your business has grown and prospered.

S: And it is an investment whose results are not always immediately visible.

I: Exactly. Patronage reflects one’s attitude towards time because it rarely delivers instant returns. Genius cannot be planned – you can only create the conditions in which it has the opportunity to emerge.

3. Why is it important for a company to be present in cultural life, not only in business?

I: A company is not merely an economic entity – it is part of society. Being involved in culture is therefore a natural extension of its role. It demonstrates that a business has reached a stage where it thinks not only about profit and growth but also about sustaining the cultural environment of the society in which it operates. As Friedrich Schiller once said, “If you wish to educate a person, educate their aesthetic sensibility.” By supporting culture, businesses help create a more creative, resilient society. It is also a form of dialogue and a shared commitment to shaping the future.

S: Precisely. Culture forms the fabric of society – it strengthens belonging, creativity, and diversity of thought, all of which ultimately benefit the economy and social stability. For a company, engaging with culture means investing in the quality of our shared environment, strengthening its reputation, and inspiring its employees.

4. What does culture offer businesses, and what can business offer culture?

S: Partnership is about creating value together. Culture brings creativity, empathy, and the ability to think beyond conventional boundaries – qualities that benefit every business. In return, business can provide stability, resources, and professional management, helping cultural projects become more sustainable and accessible.

I: Business can also provide funding, stability, and a structured approach to turning ideas into reality. Equally important is its expertise in governance, long-term thinking, and the ability to bring ambitious ideas to a wider audience. In return, culture offers businesses creative inspiration, broader perspectives, and the courage to think differently. It helps people become more empathetic and build stronger connections with society. I believe the most meaningful partnerships emerge when both sides learn from one another. Business enables culture to flourish, while culture gives that partnership purpose, meaning, and emotional value.

5. What would you like Latvia’s cultural landscape to look like in five years?

S: I would like to see a dynamic and inclusive cultural environment where classical heritage and contemporary creativity thrive together, and where future generations of talented artists have every opportunity to develop. A cultural sector that looks beyond the next performance or season and consciously builds a lasting legacy – developing talent and creating solutions that stand the test of time.

I: Building on that, I would like to see a cultural landscape that is confident, ambitious, deeply rooted in Latvia’s identity, and open to the world. An environment where emerging talent has the opportunity to grow, feels supported rather than isolated, and is encouraged to be bold. I would like cultural institutions to feel secure and for public and private funding to complement one another. I am convinced that improvements to Latvia’s tax policy would encourage greater private investment in culture. I would welcome new and modern cultural venues, as well as a growing community of entrepreneurs eager to support the arts. Above all, I hope Latvian culture continues to achieve the highest standards and gains increasing international recognition.

6. What would you like society to understand about patronage?

I: I would like us to think less about patronage as giving, and more about trust. Patronage is not charity in the traditional sense – it is an investment in society’s future. I believe it should become a natural part of business culture, not merely a reputational initiative, but a conscious responsibility for the environment in which we and our children live.

S: That is why patronage is much more than a sponsor’s logo in a flyer. True patronage is an investment in oneself – in one’s character, values, and future. Its return extends far beyond financial value.

I: Because every investment in culture is, first and foremost, an investment in people.

True patronage is an investment in oneself.

Sandis Voldiņš, Chairman of the Board, Latvian National Opera and Ballet.

Supporting Those Who Inspire Through Culture

Signet Bank is proud to be a partner of the Latvian National Opera and Ballet.

As a local bank, we believe it is important to support initiatives that enrich Latvia’s cultural life, strengthen our national identity, and inspire society. For more than a century, the Latvian National Opera and Ballet has stood as a symbol of excellence, bringing together talent, craftsmanship, discipline, and creativity.

We believe that investing in culture is an investment in society’s future. That is why we are proud to support an institution where art is created that connects generations and continues to carry Latvia’s name onto the international stage.