Karachi, August 23, 2007
—A group of 35 directors has successfully completed a training program on best practices in corporate governance, improving their skills and deepening their knowledge about governance issues. The Board Development Series, launched in February 2007 by IFC and the Pakistan Institute of Corporate Governance, is part of IFC’s corporate governance project in Pakistan.
The training program comprises four sessions that are conducted over a six to12-month period. Participants who complete all sessions are certified as chartered directors by the Pakistan Institute of Corporate Governance. The certification is internationally accredited by the Institutional Shareholders Services, one of the world’s largest proxy and corporate governance service providers based in the United States.
“This program provides current and aspiring board members the opportunity to improve their skills and understanding of corporate governance issues, particularly their roles as directors. It also enables them to discuss the issues facing companies in today’s fast-paced, corporate world and how these issues are being addressed at the international level,” said Zahid Zaheer, CEO of the Pakistan Institute of Corporate Governance.
“A company’s board of directors plays a key role in ensuring that good governance practices are upheld. This sends a strong message to management and shareholders, thus the composition of a board very important. The right mix of skills, experience, and independence to manage the interests of the company and its stakeholders are components of the Board Development Series program,” said Kaiser Naseem, IFC Manager for the Pakistan corporate governance project.
The program is implemented by IFC Advisory Services in the Middle East and North Africa – PEP-MENA.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY06, IFC committed $8.3 billion, including loan participations, to 284 investments in 66 developing countries. For more information, please visit
www.ifc.org
.
About IFC PEP-MENA
IFC PEP-MENA is a multidonor facility for advisory services that support private sector development across the Middle East and North Africa. It focuses on improving the business-enabling environment, strengthening financial markets, supporting SME development, and promoting privatization and public-private partnerships. From its inception through FY06, IFC PEP-MENA has committed more than $20 million in advisory projects. Its activities are funded jointly by IFC and the following donors: Canada, France, the Islamic Development Bank, Japan, Kuwait, the Netherlands, the United Kingdom, and the United States.
About the Pakistan Institute of Corporate Governance
The Pakistan Institute of Corporate Governance is a not-for-profit organization established in December 2004. It focuses on training and education, awareness raising, publishing guidelines and other resource materials, and research. It also serves as a forum for discussion on corporate governance issues.
