Suva, Fiji, November 24, 2017
—IFC, a member of the World Bank Group, with support from the Australian Government, today launched the Pacific Corporate Governance Institute (PCGI) to promote good governance practices in the business sector in the region.
Endorsed by the Reserve Bank of Fiji and working with the South Pacific Stock Exchange, PCGI will help improve the performance of Pacific companies, state-owned enterprises and banks through education of good corporate standards, market awareness and advocacy, with the aim to help bolster long-term growth.
“The new institute will play a crucial role in raising governance standards in our market, which will help Fijian companies better manage risks and improve profitability. This will contribute to the sustainable development of the country’s banking sector and capital markets,” said the Governor of the Reserve Bank of Fiji, Ariff Ali.
With an initial focus on Fiji, PCGI will organize and coordinate in-depth governance training for board directors and management executives as well as establish a platform for private sector to be strong advocates to help shape the regulatory and broader business-enabling environment.
“In today’s world, good corporate practices are vital to help business, enterprises and banks survive and thrive,” said Deva De Silva, IFC Resident Representative for Fiji, Samoa, Tonga, and Kiribati. “We’ve seen an appetite among business to learn. So, this institute could be a game-changer for the region, giving the private and public sectors an avenue to help build a more sustainable future, and to ensure there are high-quality directors – and more women – sitting on the boards of companies around the region.”
The launch was marked by a special focus on the importance of governance for family businesses, with research globally showing only about a third of family businesses survive their founder because they fail to prepare for the demands of a growing business and larger family network. A special seminar aimed to show the importance of governance for family businesses, and how international best practices could be applied to Fijian companies.
IFC’s Corporate Governance Program in the Pacific is implemented in partnership with the Australian Department of Foreign Affairs and Trade. The program aims to help Pacific companies adopt effective governance standards and practices by raising market awareness, building the capacity of regulators and local partners, and providing firm-level advisory services.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity. For more information, visit
About DFAT-IFC Fiji Partnership
IFC’s Corporate Governance Program in Fiji is supported by the Australian Government and implemented by IFC, a member of the World Bank Group. Through the DFAT-IFC Fiji Partnership, Australia and IFC are working together to stimulate private sector investment, promote sustainable economic growth and reduce poverty in the Pacific.