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Manila, the Philippines, July 29, 2016
—IFC, a member of the World Bank Group, and the Institute of Corporate Directors are introducing effective corporate governance practices to Philippine reporters and editors to help them better monitor the performance of public companies and raise market transparency.
Around 20 journalists are attending the one-day training in Manila today to learn about key corporate governance issues including company structure, board leadership, and governance of family-owned firms.
“The media plays a critical role in improving the accountability of listed companies,” said Chris Razook, IFC Corporate Governance Lead for East Asia and the Pacific. “If they have a more in-depth understanding of what good corporate governance is, they will be better able to spot bad practices and uncover corporate scandals, which will help raise market transparency and enhance the sustainability of the private sector.”
Last year’s establishment of the Association of Southeast Asian Nations (ASEAN) Economic Community is expected to boost economic integration in the region. Philippine companies need to bring their corporate governance practices in line with international standards to raise their performance and competitiveness. Numerous studies show that investors are more willing to invest in companies with good corporate governance practices.
“Business journalists need a good understanding of how modern companies are run as well as the challenges and issues that confront them,” said Ricardo Nicanor N. Jacinto, Chief Executive Officer of the Institute of Corporate Directors. “The training will improve the journalists’ ability to disseminate information on corporate governance to the business community and the wider public in ways that can have a significant impact not only on their shareholders but on society.”
IFC works with the private sector in developing countries to build sustainable businesses. IFC’s East Asia Pacific Corporate Governance Program helps businesses adopt good practices and standards to mitigate risk, prevent mismanagement, and attract the investment and capital needed to fuel their growth. The program is delivered in partnership with the Australian Department of Foreign Affairs and Trade, the State Secretariat for Economic Affairs of Switzerland, and the U.K. Department for International Development.
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.
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About the Institute of Corporate Directors
The Institute of Corporate Directors is a non-stock, non-profit organization dedicated to the study and professionalization of Philippine corporate directorship, with the objective of raising the level of the country’s corporate-governance policy and practice to world-class standards. ICD aims to promote and sustain the advocacy of good governance in the corporate sector through its programs in: Director Training; Board Tools such as the Performance Governance System, ASEAN Corporate Governance Scorecard and Board/director evaluations; Thought Leadership; and Support for Civic Organizations to Improve Governance in Other Spheres of Society. More details on ICD can be found at
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