Xiamen, China, September 12, 2016
—IFC, a member of the World Bank Group, is helping Chinese professional institutions improve their capacity to provide corporate governance consulting services to their clients. Numerous studies show that companies with good governance typically make better decisions, perform better, and are more attractive to investors.
More than 30 executives from management consulting firms, law firms, investment funds, and state-owned companies participated in a two-day training program co-organized by IFC and the China (Xiamen) International Investment Promotion Center over the weekend. The program, held in Xiamen, explained the business case for good governance and how to conduct proper corporate governance assessment and improve existing practices.
“Chinese companies can stand to benefit from improving their corporate governance and sustainability practices in order to raise their competitiveness globally,” said IFC Corporate Governance Lead for East Asia and the Pacific Chris Razook. “Well-run companies can generate better returns for shareholders and attract more capital for growth.”
Many Chinese companies need to further strengthen their levels of transparency, board effectiveness, and financial reporting and control systems.
“I have learned from the training not only corporate governance developments but also a set of comprehensive and practical tools for advising our clients on how to improve their corporate governance practices,” said Zheng Anan, a partner of Fujian Qiusheng Law Firm. “I will adopt this methodology when providing such advisory services to my clients in the near future.”
Since 2003, IFC has supported China’s efforts to strengthen corporate governance among Chinese companies by offering advice to individual companies, building partner institutions’ capacity to offer corporate governance training, working with regulators to improve the regulatory framework, and organizing public seminars to share best practices. IFC’s Corporate Governance Program in East Asia and the Pacific is funded by the State Secretariat for Economic Affairs of Switzerland.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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