Freetown, Sierra Leone, August 15, 2016
– IFC, a member of the World Bank Group, and the Institute of Chartered Accountants of Sierra Leone (ICSL) are promoting improved corporate governance practices in the country to help build more sustainable businesses, strengthens private sector growth, and develop the economy.
IFC and ICSL recently hosted a seminar attended by both public and private sector participants to discuss how accounting professionals can help organizations establish effective corporate governance systems and controls.
Corporate governance is defined as the structures and processes by which companies are directed and controlled. Good corporate governance helps companies improve access to capital, mitigate risk, and safeguard against mismanagement. It makes companies more accountable and transparent to investors and gives them the tools to respond to stakeholder concerns.
Claudis Tucker, President of ICSL’s Executive Council, said, “ICSL’s key focus is to regulate the accounting practice within the country and to ensure compliance with global standards and international best practices. To further that goal, we have partnered with IFC to help increase the effectiveness of the accounting professional and build good corporate governance cultures and systems within the boards of the organizations where these professionals practice.”
Frank Ajilore, IFC Resident Representative for Sierra Leone, said, “One of IFC’s key developmental roles is to help institutions adopt good corporate governance practices and standards. From our six decades of global experience, we know that these practices help firms attract and retain investments and make them more sustainable. As a result, jobs are created and the economy grows. This is why we have partnered with ICSL, and the recent seminar will be the first in a series of activities in coming years.”
The seminar focused on important international corporate governance principles relevant to ICSL members, including governance structure, financial reporting, risk management with a focus on internal financial controls, and the role of the external and internal audit committee.
IFC is a strong partner helping Sierra Leone strengthen and grow its economy, providing both investments and advisory services. IFC also supports Sierra Leone through its Conflict Affected States in Africa Initiative (CASA), which is backed by Ireland, the Netherlands, and Norway.
IFC’s Corporate Governance Program improves the performance of businesses by helping them adopt good practices and standards. The program is funded by the State Secretariat for Economic Affairs (SECO), 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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About SECO
SECO is Switzerland’s competence center for all core issues relating to economic policy. SECO’s economic development cooperation strives to achieve sustainable growth. Such growth is sustainable if it creates jobs, helps to increase productivity, to reduce poverty, inequalities and global risks. For more information, visit
www.seco-cooperation.ch
