IIC Continues to Support Corporate Governance Development Framework
Development finance institutions committed to promoting good corporate governance
Washington, D.C., May 3, 2013 — The Inter-American Investment Corporation (IIC) and partner institutions from the development sector have renewed their commitment to jointly improve corporate governance at companies in which they invest. The pledge comes in the context of the seventh meeting of development finance institutions on corporate governance, hosted by the Asian Development Bank in Manila.
Participating institutions reviewed the implementation progress of the Corporate Governance Development Framework, a set of robust guidelines signed by 31 development finance institutions that integrates good corporate governance into investment operations. The IIC was invited to join a working group in charge of leading the initiative vis-à-vis the remaining signatory institutions and facilitating the framework agreement.
“The IIC has taken its corporate governance commitment very seriously,” noted Rebeca Sanchez de Tagle White, senior corporate governance specialist at the IIC. “In the last 14 months, we have offered three seminars and workshops on corporate governance to small and medium-sized enterprises from the entire region. We have also trained our own staff on how to better detect corporate governance weaknesses among existing and prospective clients, teaching them about measures to help these companies improve.”
In the coming months the working group will develop a governance charter to further coordinate and drive the implementation of the Framework. In addition, the initiative’s website will be upgraded to improve knowledge sharing and networking. Signatories will continue to work together on training matters and will come up with a business case study that examines the possible linkages between corporate governance practices and the financial performance of banks and financial institutions.
Good corporate governance encourages effective succession planning and ensures quality decision-making. It also contributes to economic sustainability by improving company performance and increasing access to sources of capital.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Rebeca Sanchez de Tagle
Telephone: +1 (202) 623-3636