Vientiane, Lao PDR, February 24, 2015 -
IFC, a member of the World Bank Group, together with the Lao Securities Commission Office (LSCO), this week welcomed more than 50 people from the private sector and relevant agencies to its first seminar on corporate governance.
The event sought to introduce good corporate governance practices to small and large companies, groups, and entrepreneurs, and raise awareness about the benefits of enhanced practices. In the context of integration within the Association of Southeast Asian Nations’ (ASEAN), many countries in the region have launched initiatives to improve their regulatory framework in an effort to strengthen corporate governance practices, attract more investment, and foster competitiveness.
“Corporate governance brings a great many benefits to businesses and the economy in general, and we see this event as a great opportunity for increased cooperation between LSCO and market players in Lao PDR, especially as ASEAN integration will open up opportunities for well-run companies and promote more competitive business environments,” said Phongsavanh Phomkong, Head of Office, IFC Lao PDR.
Established in 2010, the Lao Securities Exchange currently lists four companies. Following official promulgation of the Law on Securities in December 2012, the LSCO has been working to formulate implementing legislations, including corporate governance practices.
“This event offers an excellent opportunity to learn more about corporate governance in the ASEAN context,” said Soulysak Thamnuvong, Deputy Secretary General of the Lao Securities Commission Office. “We think the ASEAN scorecard is an interesting regional benchmark and we look forward to cooperating with IFC and the World Bank Group in this area in order to help boost the competitiveness of companies operating in Lao PDR.”
Since 1998, IFC has been helping the Lao government improve infrastructure, streamline business start-up procedures, and simplify its tax regime in order to make the country a better investment destination.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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