Abidjan, June 8, 2017
– IFC, a member of the World Bank Group, worked in partnership with Cote d’Ivoire’s Institute of Directors (INADCI), to host a public seminar which focused on the sustainability of family-owned businesses. The event is part of IFC’s Corporate Governance Program.
Family-owned businesses are the most dominant form of enterprises in the world, but face specific governance issues, notably in terms of succession planning. Good governance practices would allow them to improve their performance and sustainability.
Corporate Governance remains scarcely known and applied in West Africa. This is even more the case in family-owned businesses. Who often lack the expertise and knowledge in corporate governance, succession planning and various other issues related to family governance. Those factors are important, as studies show that less than 5% of family-owned businesses survive beyond the fourth generation.
The public seminar is an opportunity to discuss major challenges related to the Governance of Family-Owned Businesses in Cote d’Ivoire and allows business owners and other key stakeholders to share experiences and knowledge based on recent global trends.
Cassandra Colbert, IFC Regional Representative, said “This Seminar is an opportunity for entrepreneurs and family business owners to share experience and address specific needs that may help them sustain their activity. She added “IFC works to promote good practices in family governance and offers a unique experience in this field. IFC invests in and works with family-owned business across the world.
Viviane Zunon-Kipre, Chairman of INADCI, said “This seminar features how International Finance Corporation (IFC), Ivorian Private Sector Confederation (CGECI) and Cote d’Ivoire’s National Institute of Directors (INADCI) deeply believe that capacity building and best practices in family governance are critical for the improvement of performance of family-owned businesses and in a long term contribute to the economic growth of Cote d’Ivoire”.
IFC’s Corporate Governance program works to improve African’s businesses’ performance and increase markets’ capacity to attract and retain investments. The program is supported by the Swiss State Secretariat for Economy (SECO), which works to promote good practice in Corporate Governance.
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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