Abidjan, June 8, 2017 – IFC, a member
of the World Bank Group, worked in partnership with Cote d’Ivoire’s Institute
of Directors (INADCI), to host a public seminar which focused on the sustainability
of family-owned businesses. The event is part of IFC’s Corporate Governance
Family-owned businesses are the most dominant
form of enterprises in the world, but face specific governance issues,
notably in terms of succession planning. Good governance practices would
allow them to improve their performance and sustainability.
Corporate Governance remains scarcely known
and applied in West Africa. This is even more the case in family-owned
businesses. Who often lack the expertise and knowledge in corporate governance,
succession planning and various other issues related to family governance.
Those factors are important, as studies show that less than 5% of family-owned
businesses survive beyond the fourth generation.
The public seminar is an opportunity to discuss
major challenges related to the Governance of Family-Owned Businesses in
Cote d’Ivoire and allows business owners and other key stakeholders to
share experiences and knowledge based on recent global trends.
Cassandra Colbert, IFC Regional Representative,
said “This Seminar is an opportunity for entrepreneurs and family business
owners to share experience and address specific needs that may help them
sustain their activity. She added “IFC works to promote good practices
in family governance and offers a unique experience in this field. IFC
invests in and works with family-owned business across the world.
Viviane Zunon-Kipre, Chairman of INADCI,
said “This seminar features how International Finance Corporation (IFC),
Ivorian Private Sector Confederation (CGECI) and Cote d’Ivoire’s National
Institute of Directors (INADCI) deeply believe that capacity building and
best practices in family governance are critical for the improvement of
performance of family-owned businesses and in a long term contribute to
the economic growth of Cote d’Ivoire”.
IFC’s Corporate Governance program works
to improve African’s businesses’ performance and increase markets’ capacity
to attract and retain investments. The program is supported by the Swiss
State Secretariat for Economy (SECO), which works to promote good practice
in Corporate Governance.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with 2,000 businesses worldwide, we use our
six decades of experience to create opportunity where it’s needed most.
In FY16, our long-term investments in developing countries rose to nearly
$19 billion, leveraging our capital, expertise and influence to help the
private sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org