São Paulo, June 8,2006— A special
dialogue with leading international and regional institutional investors
will take place in Buenos Aires, when the Latin American Corporate
Governance Roundtable and Companies Circle meet from June 21-23 to
discuss ways to support better corporate governance in the region.
The Companies Circle meeting, to take place on June 21, will promote an
exchange of ideas and experiences between leading practitioners of good
corporate governance among Latin American companies and international and
regional investors. The Roundtable meeting will follow on 22-23 June,
continuing the dialogue among companies and investors, and expanding it
to involve regulators, stock exchanges and other stakeholders interested
in promoting corporate governance improvements in the region.
Investors expected to participate include representatives of international
institutions such as TIAA-Cref, Citigroup, Capital Group, Hermes Pension
Management, Paradigm Capital, CalPERS and the Wisconsin state investment
board; and a range of institutional investors from Argentina, Brazil and
Chile from the private sector as well as pension funds and public institutions
such as the Brazilian National Development Bank (BNDES).
The Circle also plans to announce shortly the addition of five new members
from Brazil, Colombia, Costa Rica and Peru. Several Argentinean companies
have also been invited to attend the Companies Circle meetings as guests,
to facilitate their consideration as possible members of the Circle in
The Companies Circle of the Latin American Corporate Governance Roundtable
The Companies Circle was launched in 2005 by the Latin American Corporate
Governance Roundtable, which invited 8 founding companies to come together
in order to exchange experience and to publicize the positive returns they
have obtained through better corporate governance.
Founding members include Argos from Colombia, Buenaventura from Peru, and
CCR, CPFL, Natura, NET, Suzano and Ultrapar, from Brazil. CEOs, CFOs
and other senior executives of these firms work to showcase how leading
Latin American companies can implement good corporate governance, and the
benefits their firms have experienced from undertaking these improvements.
The Companies Circle has produced a booklet, "Case Studies of Good
Corporate Governance Practices" (available in English,
Portuguese and Spanish that presents the experiences
from the eight founding members to serve as a reference and inspiration
for other companies in the region. The cases highlight the motivations
as well as the impacts achieved as a result of implementing good governance.
The Latin American Corporate Governance Roundtable
The Roundtable will be meeting for the 7th time since it was founded in
2000. Bringing together regulators, stock exchanges, the private sector
and other stakeholders annually in different Latin American countries,
the Roundtable is known for its recommendations for legal, regulatory,
institutional and private sector reforms, needed to strengthen governance
and promote investment in the region. These recommendations are set
out in the Latin American White Paper on Corporate Governance (see http://www.oecd.org/daf/corporate-affairs/roundtables).
The Roundtable is organized by the Organisation for Economic Co-operation
and Development (OECD) in co-operation with the International Finance Corporation
(IFC), a member of the World Bank Group, and with the support of
the Global Corporate Governance Forum and local co-hosts and co-sponsors.
The Roundtable discussion will focus particularly on strengthening incentives
for investors to contribute to better corporate governance, highlighting
promising stock exchange initiatives from the region, and supporting efforts
to improve corporate governance of non-listed companies.
For more information, visit www.ifc.org.