8th Annual Meeting

Eighth Annual Development Finance Institutions Meeting on Corporate Governance

reunion anual gobernanza corporativa

In March 2014, the IIC hosted the Eighth Annual Development Finance Institutions Meeting on Corporate Governance at its headquarters in Washington, D.C.

Attendees reviewed the progress made in implementing the Corporate Governance Development Framework (the "Framework") and welcomed two new signatories: Mexico's Nacional Financiera and Russia's Vnesheconombank. With them, the number of signatory institutions grew to 33. The meeting was attended by 30 financial institutions from 24 countries, making it the largest and most diverse yet.

The information presented during the meeting demonstrated that the majority of signatories had made considerable progress toward implementing procedures to promote corporate governance. It was clear that the institutions are dedicating ever more resources to this objective, and more and more institutions have at least one staff member dedicated exclusively to corporate governance.

The importance of training those staff members who focus on the investments was mentioned throughout the meeting. The institutions explored the possibility of carrying out joint training activities, share information on suitable experts for delivering them, and open their training sessions to officials from other institutions wherever possible. A number of institutions have developed their own tools based on the shared methodology. This demonstrates the support the Framework enjoys from signatory institutions.

Looking Ahead

The attendees identified the following priority issues:

  • Continue to hold annual meetings as a forum for cooperation, communication, and exchange of knowledge among signatories.
  • Continue to study the process of nominating directors in investee companies.
  • Conclude examination of the business case for corporate governance made by a group of institutions that, with the coordination of the Black Sea Trade and Development Bank, is analyzing the interplay between corporate governance and financial performance, and present the practical conclusions.
  • Explore the relationship between business integrity and corporate governance and make recommendations on how to achieve greater synergy between the two.