01
Strategy
I enjoy thinking ahead and out-of-the-box, anticipating a variety of scenarios and defining strategies to seize opportunities and to counter adversities. At micro-level, I also enjoy analysing and improving corporate processes.
Luxembourg — Est. board experience since 2014
Independent Director,
Luxembourg
Manuel Baldauff — non-executive and independent director serving the boards of banks, investment funds, family holdings, operating industrial and service companies, and non-profit organisations. Strategic catalyst and advocate of rigorous corporate governance.
About Me
An INSEAD-certified independent director based in Luxembourg
- Background in finance and industrial engineering
- Strategic and creative thinker
- Broad personal interests
- Skilled writer in 3 languages
- Proven ability to build consensus
- Strong personal values
- Highest integrity
- Immaculate reputation
I am a graduate of ETH Zurich and HEC Paris, and completed INSEAD's International Director Programme (IDP) in 2020 – one of the most reputable certifications for professional board directors. My career spans banking, corporate finance consulting as a partner at Deloitte Luxembourg, and, since 2014, a growing portfolio of board mandates across the banking, investment fund, family holding and non-profit sectors.
A fuller account of my mandates and approach is available on my page as an independent director in Luxembourg.
“Governance is not a checklist; it is a competitive advantage.”
How I make a difference in boards
I am a firm believer in collective intelligence. An effective board is more than the sum of its members' CVs, and it is fascinating to see how different backgrounds and angles of analysis can point to solutions that even the smartest people in the room had not seen on their own.
In my experience, the difference between a board that merely supervises and a board that creates value lies in the following: diversity in individual skills, preparation, independence of mind, and the ability to build consensus with a clear focus on duty of care.
I try to read the numbers behind the numbers and the words behind the words, while thinking ahead and anticipating impacts and consequences for the company. My engineering training and financial expertise let me constructively challenge business plans, valuations and strategies – asking the questions that management teams respect rather than resent. I enjoy distilling matters into clear terms so the board can decide on substance, not on noise, especially when discussions become complex or contentious.
As an independent director, I see my role as safeguarding the long-term interest of the company and all its stakeholders. That means having the courage to voice an unpopular view when it matters, the diplomacy to keep the boardroom collegial while doing so, and the discretion that families, entrepreneurs and institutions expect. Ethics and long-term thinking have shaped my judgement throughout my career.
The result, I am told, is a director who raises the quality of debate: boards make better-informed decisions, with genuine buy-in from all sides of the table.
Core Skills
Where I stand out
02
Numbers
My skills focus on valuation, financial modelling and financial analysis. Where others satisfy themselves by simply applying formulas they often barely understand, I acquired deeper skills from HEC in Paris, which I regularly refresh and update.
03
Words
I love the power of the spoken and the written word. I enjoy summarising complex matters in simple terms to convey clear, compelling and understandable messages able to be endorsed by the audience and win its buy-in.
04
Values
At board level, highest integrity and personal values are essential. It's about leading by example. Ethics and sustainability have always been a true part of my culture, rather than buzzwords imposed by a marketing department.
Professional Experience
Banking, consulting and boards
Since 2011
Owner, Value Associates SA
Value Associates serves (i) entrepreneurs and wealthy families, (ii) institutional clients and (iii) the Luxembourg government. Services provided focus on strategy, valuation, M&A assistance, family governance, financial modelling, process analysis and optimisation.
Since 2014
Board Roles
My board career started in 2014 with a family-controlled investment company. Since then I have been a director in several other family holding companies, as well as in the non-profit and institutional segments.
2001 – 2010
Partner, Deloitte Luxembourg
I joined the firm as a director in 2001 and was appointed partner in 2002. I was in charge of corporate finance, providing M&A, capital raising, due diligence and financial modelling services, as well as strategic advice to institutional and private clients, from Luxembourg and abroad.
1995 – 2001
Banque Générale
I started my career in asset management. I then moved to the office of the secretary general, where I got to know all layers of the Bank and learned corporate communication. Thereafter I worked in asset-liability management before heading the corporate finance department.
Board Roles
Board mandates in Luxembourg — banking, funds, family holdings and non-profit
01
Banque Raiffeisen
Non-executive director and member of the advisory board
Banque Raiffeisen is a cooperative bank, which means that its profit remains with the bank instead of being distributed to shareholders. As such, Raiffeisen has sustainability built into its DNA. I have honest admiration for Mr. Raiffeisen and his peers who fathered the cooperative model some 200 years ago.
02
BEMO Europe – Banque Privée
Non-executive director
Banque BEMO is a Luxembourg-based private bank specialising in wealth management, discretionary portfolio management and tailored financing solutions. The Bank serves an international clientele of entrepreneurs, families and institutional partners with a strong focus on relationships, long-term value creation and prudent risk management.
03
Copenhagen Infrastructure Partners
Independent director in several Luxembourg-based managing limited partner entities
Founded in 2012, CIP is the world's largest dedicated fund manager within greenfield energy investments and a global leader in offshore wind. As of early 2025 CIP has raised approximately EUR 32 billion from more than 180 international institutional investors, with projects in more than 30 countries.
04
AEDIFICIA
Non-executive director in Luxembourg SPVs
Aedifica is a listed Belgian healthcare real estate company investing in sustainable care properties and elderly housing across Europe, having merged with Cofinimmo in 2026. I am a director in seven Luxembourg entities brought into the Group through the Cofinimmo merger.
05
Henderson Park Advisors (Luxembourg) Sàrl
Non-executive director / Manager
Henderson Park is a private equity real estate manager headquartered in London, with additional offices in Germany, Ireland, Luxembourg and New York. Its investment strategy focuses exclusively on real estate investments, primarily in Western European capital and gateway cities.
06
Fondation Peters
Independent director
The fundamental values of Fondation Peters are Human Development, Solidarity, Fellowship and Social Responsibility. Established by Jean and Hélène Peters in 2013, the foundation aims at making a difference to valuable causes selected with effort and care.
07
Santé Services SA
Non-executive director
An affiliate of Fondation Hôpitaux Robert Schuman, Santé Services is a specialist provider in the field of catering, logistics and consulting in the health sector.
08
Family Holdings
Non-executive director
I am a director in several holding companies managing family wealth. In most cases I am advising on underlying investments via Value Associates, my consulting company. Typical subjects include M&A, investment due diligence and financial modelling.
Academics
The foundation of everything
2020
INSEAD
INSEAD's International Director Programme is one of the most reputable certifications for professional directors. The programme took place in Fontainebleau over 3 sessions of 3 days each.
1994
HEC Paris
In-depth studies of corporate and market finance. 1-year Master in International Finance programme taught in Jouy-en-Josas near Paris.
1993
ETH Zurich
Industrial engineering studies over 5.5 years at one of the world's leading technical universities.
Projects
Selected achievements since 2000
01
Governance simplification at Banque Raiffeisen
In a two-year project, I advised Banque Raiffeisen in the complex restructuring of its cooperative network, whereby the bank absorbed its main shareholders, the Caisses Raiffeisen. The new structure preserves the cooperative spirit of the founders while saving costs and simplifying governance and regulation.
02
Acquisition of Post's CCP client base
I advised Banque Raiffeisen in the tender process launched by Post Luxembourg, which was seeking a banking partner for its financial services activity (CCP). As a result, Banque Raiffeisen gained access to ca. €1bn in client deposits.
03
Solving a shareholder dispute
I advised the private reference shareholder in a €200 million energy project in buying back the shares of his co-investor in a climate of dispute, restructuring the financing with the development banks involved and assisting in the negotiations with a private investment partner replacing the initial co-investor.
04
Launch of the Digital Fund
I advised the Ministry of the Economy in connection with the set-up and launch of the Digital Fund, aimed at strengthening the ICT start-up eco-system in Luxembourg.
05
Complex property redevelopment, London
I provided financial modelling and project management assistance from 2011 to 2019 on a complex £100m property development near Trafalgar Square, London. I was a director in the property holding company which carried out and financed the project from 2014 to 2020.
06
M&A assistance in the payment sector
I advised Cetrel, the card payment services cooperative owned by Luxembourg's universal banks as well as Post Luxembourg, in its sale process targeted to a larger international player as well as its conversion to a limited liability company. Cetrel was ultimately acquired by Six Group.
07
Bank restructuring during the 2008 crisis
Mandated by the interbank creditors of Kaupthing Bank Luxembourg, I provided evidence of several deficits in the initial restructuring plan on a €1bn loan portfolio, which led to a revised restructuring plan and an alternative buyer for the bank.
08
Insurance M&A and regulatory assistance
After coordinating a broad due diligence, I helped secure the first Luxembourg license ever granted to a non-insurance shareholder, allowing a private equity fund managed by J.C. Flowers to acquire and operate one of Luxembourg's largest life insurance companies.
More about me
Broad personal interests
Born in Luxembourg in 1968, I have kept eclectic interests outside the boardroom. They are not a footnote to my professional life: they train the same qualities a board expects — perspective, patience, anticipation and the ability to work well with others.
Golf
A lifelong lesson in patience, honesty and playing the ball where it lies.
Bridge
Probability, partnership and reading the table — boardroom skills in disguise.
Sailing
Reading the wind, planning ahead and accepting that conditions change.
Yoga & fitness
Discipline and clarity of mind, kept up as a matter of routine.
The arts
A constant source of perspective, curiosity and different ways of seeing.
Languages
English, French and German – and Luxembourgish.