Beijing, China, May 13, 2009
—IFC, a member of the World Bank Group, is joining forces with the Shenzhen Stock Exchange
with a Memorandum of Understanding
in order to expand the reach of training programs that will help strengthen corporate governance in China.
IFC, through its Global Corporate Governance Forum, is tailoring the training program to the Chinese market and is working closely with partners on the implementation plan. The stock exchange will provide access to its vast network of industrial and corporate communities.
“We welcome this opportunity to strengthen our program in China with the participation of the Shenzhen Stock Exchange,” said Philip Armstrong, head of IFC’s Global Corporate Governance Forum. “The integration of Chinese enterprises into the global community is accelerating and will require adherence with the highest standards of governance. Our program, focusing on corporate board leadership, the media, and other areas, will benefit from significant access in the local market thanks to this new collaboration.”
The wide-ranging training program is designed to reach key players in the corporate governance structure, including board directors, practitioners, academics, and the media. The Forum’s Board Leadership program focuses on building corporate directors’ understanding of their responsibilities in providing strategic guidance for the companies they serve, and in developing the leadership skills required to discharge those responsibilities.
As the media plays an important role in raising public awareness, the program also includes a series of workshops aimed at enhancing journalists’ understanding of and reporting techniques on corporate governance issues such as transparency and disclosure.
The training is being provided with the support of China’s Corporate Governance Program, which is being implemented by IFC. The program was launched in summer 2008 and is scheduled to run for three years, with the aim of helping Chinese public and private companies improve their corporate governance standards by adapting international best practices to local markets.
The Global Corporate Governance Forum is a multidonor trust fund facility. It promotes sustainable economic growth and poverty reduction in low- and middle-income countries by helping improve corporate governance practices. Donors include IFC and the governments of Canada, France, Luxembourg, the Netherlands, Norway, and Switzerland.
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 private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
For more information about the IFC Global Corporate Governance Forum, visit
www.gcgf.org
.
