On 8-10 April, a group of senior Latin American
policy-makers, regulators, businessmen and representatives of civil society
will meet at the Mexico City Stock Exchange (Bolsa Mexicana de Valores)
to discuss the future of corporate governance.
Washington DC, April 5, 2002—The meeting is the third in a series
of Corporate Governance Roundtable meetings that are being organised by
the Organisation for Economic Co-operation and Development (OECD) in co-operation
with the World Bank and the International Finance Corporation (IFC), the
private sector arm of the World Bank Group. The meeting will be co-hosted
by the Bolsa Mexicana de Valores, and is supported by the Secretaria de
Hacienda y Credito Publico, the Comision Nacional Bancaria y de Valores
and the Global Corporate Governance Forum.
The meeting will be attended by many of the most influential investors,
corporate executives and policy makers in Latin America. It will
be opened by Mr. Francisco Gil Diaz the Mexican Minister of Finance, and
Mr. Guillermo Prieto Treviño, Chairman of the Bolsa Mexicana de Valores,
together with Mr. Richard Heckslinger Deputy General Secretary of the OECD
and Mr. Bernie Sheahan, Director, Operational Strategy Department, International
Finance Corporation (IFC)
Using the widely recognised OECD Principles of Corporate Governance as
a framework for its discussion, the Roundtable will discuss three critical
topics in a Latin American context: the role of stakeholders in corporate
governance, disclosure and transparency, and the responsibilities of the
board of directors.
In a separate session on 10 April, a group of about 40 core participants
to the Roundtable will meet to discuss a draft of a Corporate Governance
White Paper for Latin America. The purpose of the White Paper is
to identify reform priorities and to formulate a concrete action plan for
improving corporate governance in Latin America.
Corporate governance is concerned with the ways in which modern corporations
are directed and controlled. Corporate governance practices can vary
between companies and countries. For globally mobile investors, the
quality of corporate governance has become an increasingly important factor
when choosing among different investment opportunities. Good governance
has therefore become a central concern for governments and companies that
want to attract capital and develop sound capital markets.
IFC has advised governments and the private sector in several Latin American
countries such as Chile, Brazil and Colombia, to develop private sector
corporate governance codes. IFC believes that a modern regulatory
framework and better corporate governance practices will go hand in hand
to build greater public confidence in the securities market.
IFC’s mission (www.ifc.org)
is to promote sustainable private sector investment in developing countries,
helping reduce poverty and improve people’s lives. IFC finances private
sector investments in the developing world, mobilizes capital in the international
financial markets, and provides technical assistance and advice to governments