Press Releases

IFC Partners with Latin American Governance Leaders to Improve Corporate Ethics and Compliance

In So Paulo
Loty Salazar, IFC
Phone: +1 (202) 458-2559

So Paulo, Brazil, September 23, 2016 – IFC, a member of the World Bank Group, in collaboration with the Latin American Companies Circle, today in an event hosted by BM&FBOVESPA, unveiled a series of recommendations on corporate governance, ethics, and compliance to help Latin American companies improve their ethical guidelines and compliance policies and practices.

The “Latin American Companies Circle Recommendations on Ethics and Compliance” is based on information and first-hand experiences provided by Companies Circle members—prominent Latin American companies recognized as thought leaders and agents of corporate governance change in their markets and the region.

In his opening remarks, Oliver Orton, Regional Manager of IFC's Corporate Governance Program for Latin America and the Caribbean, acknowledged the important work of the Companies Circle. “These recommendations come at a critical time in Brazil and in the region as a whole,” he said. “Coming from a place of first-hand knowledge, the recommendations on ethics and compliance resonate strongly. Companies Circle members are showing by action and example the connection between sound governance and increased ability to attract investment, improve operations, enhance reputation, and reduce risk.”  In turn, such governance improvements lead to growth and sustainability, creating broader economic opportunity in the region, he added.

Drawn together eleven years ago, Companies Circle members have continued to make strong contributions to the region’s corporate governance agenda. Even as they focus on their own governance structures, they share their experiences with other companies to increase awareness about how corporate governance can drive value creation.

Through the years, members provided critical input into publications such as the groundbreaking
Practical Guide to Corporate Governance: Experiences from the Latin American Companies Circle, designed as a user-friendly and easy-to-follow resource. They also shared their insights on key governance topics such as annual general meetings, board evaluations and corporate governance of company groups.

These new recommendations, including an exploration of ethical principles and the compliance function, are the latest addition to the group’s efforts to share best practices with other companies within the region and around the world.

“Against the backdrop of current events, it is clearer than ever that a consistent and steady focus on good corporate governance is the way forward,” said Fabrizio Papaianni, Chair of the Companies Circle. “Our members, diverse and market-leading companies, are setting a strong example as they continue to push for governance improvements within their own organizations and show a willingness to share their knowledge and experiences about the tangible business value of good corporate governance.”  

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.

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 is a unique group of prominent Latin American companies recognized as thought leaders and agents of corporate governance change in their markets and the region. Current members include companies from several Latin American markets—Argentina, Brazil, Costa Rica, Colombia, Mexico, and Peru. They are Algar, Buenaventura, CPFL Energia, Embraer, Ferreycorp, Florida Ice & Farm Company, Gentera, Graa y Montero, Grupo Argos, ISA, Los Grobo, and Ultrapar. For more information, visit

About IFC

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

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