On 8-10 April, a group of senior Latin American policy-makers, regulators, businessmen and representatives of civil society will meet at the Mexico City Stock Exchange (Bolsa Mexicana de Valores) to discuss the future of corporate governance.
Washington DC, April 5, 2002—
The meeting is the third in a series of Corporate Governance Roundtable meetings that are being organised by the Organisation for Economic Co-operation and Development (OECD) in co-operation with the World Bank and the International Finance Corporation (IFC), the private sector arm of the World Bank Group. The meeting will be co-hosted by the Bolsa Mexicana de Valores, and is supported by the Secretaria de Hacienda y Credito Publico, the Comision Nacional Bancaria y de Valores and the Global Corporate Governance Forum.
The meeting will be attended by many of the most influential investors, corporate executives and policy makers in Latin America. It will be opened by Mr. Francisco Gil Diaz the Mexican Minister of Finance, and Mr. Guillermo Prieto Treviño, Chairman of the Bolsa Mexicana de Valores, together with Mr. Richard Heckslinger Deputy General Secretary of the OECD and Mr. Bernie Sheahan, Director, Operational Strategy Department, International Finance Corporation (IFC)
Using the widely recognised OECD Principles of Corporate Governance as a framework for its discussion, the Roundtable will discuss three critical topics in a Latin American context: the role of stakeholders in corporate governance, disclosure and transparency, and the responsibilities of the board of directors.
In a separate session on 10 April, a group of about 40 core participants to the Roundtable will meet to discuss a draft of a Corporate Governance White Paper for Latin America. The purpose of the White Paper is to identify reform priorities and to formulate a concrete action plan for improving corporate governance in Latin America.
Corporate governance is concerned with the ways in which modern corporations are directed and controlled. Corporate governance practices can vary between companies and countries. For globally mobile investors, the quality of corporate governance has become an increasingly important factor when choosing among different investment opportunities. Good governance has therefore become a central concern for governments and companies that want to attract capital and develop sound capital markets.
IFC has advised governments and the private sector in several Latin American countries such as Chile, Brazil and Colombia, to develop private sector corporate governance codes. IFC believes that a modern regulatory framework and better corporate governance practices will go hand in hand to build greater public confidence in the securities market.
IFC’s mission (
www.ifc.org
) is to promote sustainable private sector investment in developing countries, helping reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and business.
