Dakar, 25 May, 2017 – On May 23, 2017,
IFC, a member of the World Bank Group, collaborated with the Senegalese
Institute of Administrators (ISA), to host the Administrator’s Forum,
which focused on the sustainability of family-owned businesses. The event
is part of IFC’s Corporate Governance Program.
Family-owned businesses are the most dominant form of enterprises in the
world, but face specific governance issues, notably in terms of succession.
Good governance practices would allow them to improve their performance
Corporate Governance remains scarcely known and applied in West Africa.
This is even more the case in family-owned businesses, which operate in
insufficiently regulated sectors. In addition, those family-owned businesses
often lack the expertise and knowledge in governance, planning, succession
or various 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 Administrator’s Forum is an opportunity to discuss major challenges
related to Corporate Governance in Senegal and allows business owners and
other key stakeholders to share experiences and knowledge based on recent
Faheen Allibhoy, IFC Regional Representative, said “This Forum offers
the opportunity to raise awareness of entrepreneurs and family business
owners on specific governance-related challenges they need to address”.
She added “IFC works to promote good practice in family governance et
offers a unique experience in this field. IFC invests in and works with
family-owned business across the world. We are aware how important it is
for family-owned business to implement good governance practices in order
to sustain their activity".
Alioune Ndour Diouf, Chairman of ISA, said “Our Institute’s main mission
is to promote good practice in Corporate Governance. Given the predominance
of family-owned businesses in Senegal’s economy, it is important to inform
such businesses of the challenges and requirements of family governance
in order to raise their awareness on the issue and to secure their buy-in
on how to address them”.
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