Jakarta, Indonesia, 28 July 2010 –
IFC, a member of the World Bank Group, has established a Financial Markets Recovery Project to improve Indonesian bank directors’ financial risk governance skills, through the Global Corporate Governance Forum.
The project is carried out in cooperation with the Indonesian Institute for Corporate Directorship and Perbanas, the Indonesian bank association.
The project will be based on the Global Corporate Governance Forums Board Leadership Training Resources and will use the Forum’s international experience in bank risk governance. The training in Indonesia is designed specifically to equip bank directors with a full understanding of and responses to all aspects of financial, regulatory, and legal risks affecting banking institutions.
“Our objective is to help improve bank directors’ performance and, thereby, mitigate and prevent a future crisis like that of the past two years, in which governance failures played a key role,” said Gene Spiro, Senior Project Officer, IFC Global Corporate Governance Forum. “The combination of the governance content of our product and its innovative mode of delivery – using the most current adult education techniques – should serve Indonesia’s banking sector well.”
The Indonesia Institute for Corporate Directorship, working closely with the Forum on the rollout of the materials in Indonesia, will ensure that the training will be tailored to the local conditions in the Indonesian banking sector and economy, including the legal and regulatory environment. The materials are designed to be introduced first through a training-of-trainers program, and then through an intensive bank director training program to be lead by the Indonesian Institute for Corporate Directorship.
In the future, the Institute will work with the Global Corporate Governance Forum to introduce this project also in other countries throughout East Asia.
Perbanas will provide critical support to the project by securing the participation of Indonesia’s financial community, including bankers, regulators, financial markets experts and corporate governance leaders.
The Financial Markets Recovery Project in Indonesia is supported by the Swiss Office for Economic Cooperation.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
About The Global Corporate Governance Forum
The Global Corporate Governance Forum is a multi-donor platform located in IFC that provides assistance to emerging markets and developing countries on corporate governance. The Forum was co-founded by the World Bank and the Organization for Economic Co-operation and Development (OECD) in 1999. The Forum promotes sustainable economic growth and poverty reduction within the framework of agreed international development targets. The Forum focuses on practical, targeted corporate governance initiatives at the local, regional and global levels, deploying tools and guidelines drawn from international best practices.
For more information, visit www.gcgf.org.
About Indonesian Institute for Corporate Directorship
The Indonesian Institute for Corporate Directorship (IICD) is a leading provider of corporate governance training and research in Indonesia with over 1000 directors and commissioners as alumni. IICD currently also chairs the Institutes of Directors in East Asia network (IDEA.net) whose members include China, Korea, Malaysia, Philippines, Singapore, Thailand, and Chinese Taipei. In addition to providing corporate governance training for directors and commissioners, IICD has also prepared the Corporate Governance Score Card of listed companies in Indonesia and completed templates for the Report on the Observance of Standards and Codes (ROSC) on Corporate Governance for the World Bank.
Perbanas, a non-profit organization existing under Indonesian law, as an organization of bank practitioners, is responsible for maintaining banks’ role and function, both individually and in the context of the macro economy, located at Griya Perbanas, Jl. Perbanas Karet Kuningan, Setiabudi, Jakarta 12940.