Washington, D.C., September 11, 2015 –
IFC, a member of the World Bank Group, hosted this week the annual meeting
of the Latin American Companies Circle, marking the group’s tenth anniversary,
at which members reaffirmed their commitment to higher standards of corporate
The Companies Circle is a unique group of 13 prominent Latin American companies
recognized as thought leaders and agents of corporate governance change
in their markets and the region.
Drawn together a decade ago, Companies Circle members have made a strong
contribution to the region’s corporate governance agenda by sharing their
experiences with other companies to increase awareness about how corporate
governance can drive value creation.
In her opening remarks, Saran Kebet-Koulibaly, IFC Vice President for Corporate
Risk and Sustainability, acknowledged the valuable work of the Companies
Circle. She emphasized that good corporate governance can add sustainable
value, helping to attract investment; increase the efficiency, functionality
and productivity of internal operations; enhance reputation; and reduce
risk. These improvements enable growth, expansion and job creation, yielding
broader economic benefits for the region as a whole.
The companies convened at a time of regional economic uncertainty and regulatory
change. In addition, a new regional common market—the Mercado Integrado
Latinoamericano—will require listed companies to adhere to a common set
of governance standards, even as new corporate governance challenges have
emerged. Meeting sessions addressed these developments and explored the
links between ethics, compliance and corporate governance.
“These diverse and market-leading companies have been key influencers
of change in the private sector, as they continue to advocate for corporate
governance best practices, share knowledge and experiences, and demonstrate
the business value of good governance. The message is of particular importance
in light of everything happening in the region right now,” said Claudia
Drago, Chair of the Companies Circle.
The Companies Circle is an initiative of IFC and has the support of Switzerland,
through its State Secretariat for Economic Affairs (SECO) and OECD.
About the Latin American Companies Circle
Launched in 2005 with the support of IFC and OECD, the Companies Circle
includes member companies from several Latin American markets—Argentina,
Brazil, Costa Rica, Colombia, Mexico, and Peru. Current members include
Algar, Buenaventura, CPFL Energia, Embraer, Ferreycorp, Florida Ice &
Farm Company, Gentera, Graña y Montero, Grupo Argos, ISA, Los Grobo,
Natura, and Ultrapar,
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 opportunity where it’s needed most. In FY15,
our long-term investments in developing countries rose to nearly $18 billion,
helping the private sector play an essential role in the global effort
to end extreme poverty and boost shared prosperity. For more information,