Washington, D.C., September 11, 2015 – IFC, a member of the World Bank Group, hosted this week the annual meeting of the Latin American Companies Circle, marking the group’s tenth anniversary, at which members reaffirmed their commitment to higher standards of corporate governance practices.
The Companies Circle is a unique group of 13 prominent Latin American companies recognized as thought leaders and agents of corporate governance change in their markets and the region.
Drawn together a decade ago, Companies Circle members have made a strong contribution to the region’s corporate governance agenda by sharing their experiences with other companies to increase awareness about how corporate governance can drive value creation.
In her opening remarks, Saran Kebet-Koulibaly, IFC Vice President for Corporate Risk and Sustainability, acknowledged the valuable work of the Companies Circle. She emphasized that good corporate governance can add sustainable value, helping to attract investment; increase the efficiency, functionality and productivity of internal operations; enhance reputation; and reduce risk. These improvements enable growth, expansion and job creation, yielding broader economic benefits for the region as a whole.
The companies convened at a time of regional economic uncertainty and regulatory change. In addition, a new regional common market—the Mercado Integrado Latinoamericano—will require listed companies to adhere to a common set of governance standards, even as new corporate governance challenges have emerged. Meeting sessions addressed these developments and explored the links between ethics, compliance and corporate governance.
“These diverse and market-leading companies have been key influencers of change in the private sector, as they continue to advocate for corporate governance best practices, share knowledge and experiences, and demonstrate the business value of good governance. The message is of particular importance in light of everything happening in the region right now,” said Claudia Drago, Chair of the Companies Circle.
The Companies Circle is an initiative of IFC and has the support of Switzerland, through its State Secretariat for Economic Affairs (SECO) and OECD.
About the Latin American Companies Circle
Launched in 2005 with the support of IFC and OECD, the Companies Circle includes member companies from several Latin American markets—Argentina, Brazil, Costa Rica, Colombia, Mexico, and Peru. Current members include Algar, Buenaventura, CPFL Energia, Embraer, Ferreycorp, Florida Ice & Farm Company, Gentera, Graña y Montero, Grupo Argos, ISA, Los Grobo, Natura, and Ultrapar,
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 more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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