Forum's News

Bahrain: IFC Supports Bahrain in Drafting a Corporate Governance Code — The IFC's Global Corporate Governance Forum (GCGF) and PEP-MENA supported a conference organized by the Center for International Private Enterprise (CIPE) and the Bahrain Accountants Association to launch a consultative process for the country's first corporate governance code, the Gulf Daily News Reports. Ken Rushton, a member of GCGF's private sector advisory group attended and gave feedback to the task force. After the event, Marie-Laurence Guy, the Forum's Senior Projects Officer commented: " A national code is a key step forward towards further corporate governance reforms in the country. A code will raise awareness and make companies more willing to implement international best practices which will ultimately increase their access to international financial markets."

Bangladesh: IFC Pioneers Corporate Governance Education Workshops for Directors — The IFC Corporate Governance Forum and the Bangladesh Enterprise Institute sponsored a Corporate Governance Board Leadership Program to help spread awareness of corporate governance best practices in Bangladesh by strengthening trainers’ capacity as change agents of corporate management, Independent Bangladesh reports. The trainers will lead corporate director education programs at the regional level to share their knowledge and skills on par with international standards. Related stories, New Nation, BSS News. Croatia: IFC and World Bank Assist Development of Corporate Governance in Zagreb----IFC Global Corporate Governance Forum disseminated its new publication on European Union Corporate Governance Standards in the joint dissemination of the Accounting and Auditing and Corporate Governance ROSCs for Croatia at a meeting held at the Zagreb WB office. "At the high level event, which received extensive coverage in the national media", David Robinett from the IFC/WB CG and Capital Market department emphasized that while Croatia had made substantial progress since the 2001 ROSC, significant challenges remain, including weak regulation of conflicts of interest and inadequate implementation of key EU requirements. Zagreb Reports.

IFC Assists Business Directors with New Corporate Governance Toolkit — The IFC Global Corporate Governance Forum brought together senior representatives of established director training institutions and leading corporate governance experts from four continents for a week-long workshop last month in Washington, D.C., as the first step of launching the Corporate Governance Board Leadership Resources, the Dnevnik Daily reports. Bulgarian Professor Bistra Boeva said, “The new manual will ease the work of the management of global companies when tackling problems related to strategic management, professional ethics and leadership, disclosure of information, and quality of financial spreadsheets.” English translation.

IFC Brokers Dialogue on Corporate Governance Reform for Indian EnterprisesIFC-IFSB Seminar Participants Discuss Governance Issues for Institutions Offering Islamic Financial Services

Morocco: IFC Helps Government Develop a Corporate Governance Code of Best Practices — IFC's Global Corporate Governance Forum helped the Moroccan national private-public commission develop and launch the country’s first corporate governance code, Aujourd’hui reports. IFC Senior Projects Officer Marie-Laurence Guy said, "The adoption of this first code is an important step in helping companies improve their governance." Minister of Economic and General Affairs Nizar Baraka said, "The code is vital to support development and economic growth." Related stories, Le Matin, Le Reporter, Al Ahdath, Al Haraka, Al Maghribia, Attjdid.Bahrain: IFC Global Corporate Governance Forum Sponsors Islamic Finance Seminar — The IFC Global Corporate Governance Forum, the World Bank Corporate Governance Policy Unit, and the Islamic Financial Services Board (IFSB) organized a seminar in Bahrain on implementing corporate governance in Islamic financial institutions, Gulf News reports. IFC Senior Projects Officer Eugene Spiro said, "The IFSB has drafted a series of principles on Islamic finance and this event was designed to raise awareness of these issues.”

DR Congo: IFC Offers Corporate Governance Seminars for Local Directors — The IFC Global Corporate Governance Forum sponsored a seminar for 20 directors of Congolese banks to address the need for greater understanding of market expectations of corporate governance, Le Potentiel reports. At another Forum event, 250 newly appointed directors from 55 state-owned enterprises participated in a two-day induction program, during which the country’s portfolio minister agreed to work closely with two state-owned enterprises to set an example in implementing corporate governance best practices. Related stories, L’Avenir, Agence France Presse, L’Observateur, Radio Okapi, Le Soft, Grands Reporters.


Yemen: IFC Supports Local Corporate Governance Reform Initiative — The IFC Global Corporate Governance Forum supported a conference organized by the Center for International Private Enterprise (CIPE) and the Yemeni private sector to launch a string of corporate governance reforms, the Yemen Observer reports. Based on the Forum's toolkit on developing corporate governance codes, the Forum and CIPE are now providing private sector stakeholders led by the Yemeni Business Association with technical assistance to help craft the country's first corporate governance code. Related stories, Naba News, Saba, Kalimat al-Thawra, Al Ahali, Dar al Hayat, Al Sahwa, Saudi Press Agency, Maktoub, News Yemen.
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IFC Global Corporate Governance Forum Focuses on Alternative Dispute Resolution — A new study by the IFC Global Corporate Governance Forum, “Mediating Corporate Governance Conflicts and Disputes,” says that companies should consider alternatives to adjudication and voting contests to resolve disputes, Global Proxy Watch reports. The report advocates nonbinding mediation for arguments over anything from share valuation and director pay to takeovers and bankruptcy-related standoffs. “Although mediation is relatively new and limited in corporate governance practices, it can prove useful in preventing disputes,” the study concludes.


India: IFC Partners with Regulator to Promote Governance Reform — The IFC Global Corporate Governance Forum, in consultation with the Securities Exchange Board of India and the National Institute for Security Markets, is designing a program to address key elements of corporate governance reform, capacity building, and enhanced awareness in the country, The Hindu reports. The dialogue facilitated discussions among private sector companies, investors, and regulators and shed light on the state of governance in Indian companies. Related stories, Deccan Herald, Webindia123, Indiaenews, Netindia123.Media Advisory: Joint Seminar on Corporate Governance Issues in Islamic Finance
Panama: IFC Global Corporate Governance Forum Highlights Lessons Learned — The IFC Global Corporate Governance Forum is making headway promoting infrastructure in emerging markets, Global Proxy Watch reports. The debut issue of the Forum’s new publication series, Lessons Learned, tracks the establishment of the Institute of Corporate Governance-Panama, whose goal is to further best practices in one of Latin America’s largest offshore financial centers. The newsletter describes the challenges faced by the Institute in a country dominated by family-owned companies.


Tajikistan: IFC Helps Launch Campaign to Raise Awareness of Corporate Governance Issues — IFC and weekly magazine Biznes i Politka have launched a public campaign to raise awareness of the Central Asia Corporate Governance Project among Tajikistan's population, Asia Pulse reports. The project helps local joint stock companies and banks strengthen their corporate governance practices with a view to improving their operations and increasing their ability to attract investment and financing. IFC’s Vadim Nigmatov said that the campaign is aimed at a wide range of readers, including managers, board members, shareholders, and government institutions. Related story, Times of Central Asia.
Africa: IFC, AfDB Promote Corporate Governance — The IFC Global Corporate Governance Forum works closely with the African Development Bank to provide guidance and strategy in advancing the corporate governance agenda in Africa, All Africa reports. At the AfDB’s annual consultative meeting on corporate governance, key development players, such as the OECD and the World Bank, and representatives from business institutes and associations – in collaboration with the Forum – assessed progress in corporate governance in different regions of Africa.
IFC's Phil Armstrong Named Top Ten Corporate Governance Guru — Global Proxy Watch named IFC Head of the Global Corporate Governance Forum Phil Armstrong as one of the "10 people who did most to advance international corporate governance and shareholder value" in 2007. Armstrong is cited for kicking the Forum into high gear and "producing a fleet of practical resources to fuel governance change in emerging markets."

Pakistan: Companies Gained Awareness of Best Corporate Governance Practices, IFC Says — Pakistan has taken significant steps to improve corporate practices in 2007, writes IFC Operations Officer Kaiser H. Naseem in an op-ed in the Dawn. Several companies strengthened their corporate governance structures by improving board practices and improving transparency and disclosure. Naseem added that leadership on good corporate governance must come from a firm’s board of directors.