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Karachi, Pakistan, June 21, 2010
—IFC, a member of the World Bank Group, is helping raise awareness among Pakistani companies about the importance of corporate governance and gender diversity, helping them improve their operations and making them more attractive to investors.
In partnership with the Pakistan Institute of Corporate Governance (PICG), IFC’s Corporate Governance Program in Pakistan organized a two-day workshop in Karachi on June 21-22 that promoted the importance and benefits of preparing female executives for board directorships, and raised awareness about corporate governance issues among women already holding board positions.
More than 20 senior women executives, representing regulators and the financial, textile, service, and general manufacturing industries, participated in the workshop.
“A board which is diverse in terms of skill set, experiences, qualification and most importantly attitudes, is an absolute must for putting a workable corporate governance structure in place, for any company,” said Khawar Ansari, IFC Corporate Governance Project Officer. “There is a long way to go in bringing gender diversity to boards in Pakistan, and through this workshop, IFC and PICG have taken an important step in this direction.”
One of the events featured a panel discussion with top industry leaders, including the Chairman of the Karachi Stock Exchange. The panelists highlighted the importance of having women in senior management and board roles, and underlined some of the challenges women face in attaining these positions. The panel also presented the case for gender-diversified boards and shared their experiences regarding the importance and impact of gender diversity on financial performance and operational efficiency.
"This has been an exciting opportunity to address an important segment of the corporate world. This pioneering effort will have far reaching effects in the future," “said Fuad Hashimi, CEO, Pakistan Institute of Corporate Governance.
IFC, through its Middle East and North Africa Corporate Governance Program, is working to help improve corporate governance practices in the region’s private and public sectors. In the Middle East and North Africa, IFC currently operates country-specific corporate governance programs in Jordan, Pakistan, and Yemen, and has previously worked in Egypt, Lebanon, Morocco, Saudi Arabia, the United Arab Emirates, and the West Bank and Gaza.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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About the Pakistan Institute of Corporate Governance
The Pakistan Institute of Corporate Governance (PICG) is a not-for-profit company, limited by guarantee and without share capital, setup under section 42 of the Companies Ordinance, 1984. The Institute is charged with promoting good corporate governance practices in Pakistan. For more information, visit
www.picg.org.pk
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