IIC to Strengthen Good Corporate Governance for SMEs in Barbados

05/13/2013

Washington, D.C., May 13, 2013 — The Inter-American Investment Corporation (IIC) is partnering with the Barbados Manufacturers’ Association (BMA), the Barbados Investment and Development Corporation (BIDC), and the Cave Hill School of Business to train Barbadian family-owned small and medium-sized enterprises (SMEs) on corporate governance, boosting their competitiveness and ensuring their longevity.

The training session is part of the IIC’s FINPYME Family Business program and will be held on May 29, 2013 at the Cave Hill School of Business in St. Michael, Barbados. Participants will learn about tools that help family businesses build long-term success, communication strategies for a functional corporate governance system, and succession planning.

“Maintaining good relationships in the work environment is a critical element for family businesses and one of the key aspects to ensuring continuity of the company for generations,” noted Sonja Trotman, director of the BIDC’s Export Development and Promotion Division. “As companies and families grow, family businesses need to create internal mechanisms to address key business decisions, including the roles of individual family members, succession planning, rewards and incentives, and general long term survival of the business.”

Through its FINPYME Family Business program, the IIC seeks to disseminate good governance practices and put effective and affordable governance tools and structures in the hands of family-owned businesses. Under the program, the IIC organizes governance workshops, promotes relevant research, and offers one-on-one technical assistance to small and medium-sized enterprises.

“FINPYME Family Business arose from the need to promote good corporate governance among family-owned SMEs. It facilitates decision-making processes and strategic planning at the company, family, and ownership levels and helps businesses grow strong and resilient,” said Trotman.

The workshop in Barbados is possible thanks to the generous support from the Korea-IIC SME Development Trust Fund, established by the Republic of Korea in 2005.

For further information or to register for the workshop, please contact Tamara Francis at the BMA’s secretariat at +246 426-4474 or Junette Skeete at the BIDC at +246 427-5350 or business@bma.bb.

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. 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: Jorge Roldán

Telephone: +1 (202) 623-3948

Email: jorgero@iadb.org