IIC and BAC team up to promote corporate governance in family business

02/23/2011

The event is part of a regionwide initiative launched by the IIC and sponsored by the Government of Spain

San Jose, Costa Rica – On February 24 and 25, 2011, the Inter-American Investment Corporation (IIC) and BAC San José, a member of the BAC|CREDOMATIC network, are joining forces to offer a workshop on good governance in family businesses. The workshop gives Costa Rican businesses an opportunity to learn about key aspects of family business governance with the objective of boosting their competitiveness and improving their chances at surviving generational transition. Good family business governance involves aligning ownership, business, and family interests.

The workshop addresses the three main challenges family businesses face: developing business ownership responsibly and jointly, preparing for succession, and keeping up an entrepreneurial spirit. The Spanish business school IESE, the consulting firm IKEI, and the Colombian school INALDE are facilitating the workshop. Similar workshops will be held in San Salvador and Tegucigalpa next week, as part of a regionwide effort. The IIC has already offered activities to promote family business governance in Colombia, Jamaica, Panama, and Trinidad and Tobago.

"Family businesses are tremendous powerhouses in the economy of the Central American region. This is why this kind of workshop, aimed at strengthening their longevity and their projection into the future, is an investment that yields extremely high returns," said Manuel Coronel Novoa, Chairman of the Committee of the Board of Executive Directors of the IIC and IIC Executive Director for Central America and Belize.

According to Javier Sancho, BAC San José corporate banking and leasing manager, "Developing and promoting family business governance is one of BAC's key initiatives for 2011. Family businesses are at the core of our business. Investing in their internal governance structure provides an opportunity for development and sustainability in the long term. We hope that this workshop will raise businesses' awareness of the importance of planning for succession, proactively managing any issues among family members, and providing appropriate training to the members that will be entrusted with working at the company or maintaining the founder's entrepreneurial spirit when the time of succession comes. The warm reception afforded to the initiative is very encouraging as it reflects our clients' farsightedness."

About BAC|CREDOMATIC

The BAC|CREDOMATIC financial network is a leading provider of financial services and payment and credit card services with a presence in all the countries in the region, from Mexico to Panama. For more than fifty years, it has offered innovative products to facilitate the exchange of goods and services for families and businesses across the region. In Costa Rica, BAC|CREDOMATIC subsidiaries offer such services as asset financing, stockbrokerage, investment funds, investment accounts, credit and debit cards, regionwide treasury services, guarantees, letters of credit, leasing, insurance, and pension plan management.

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int

Contact: Amparo de San José Riestra

Telephone: (202) 623 3921

Email: amparori@iadb.org