Manila, the Philippines, September 11,
2015—IFC, a member of the World Bank Group, and the Institute of Corporate
Directors in the Philippines have entered into a partnership to promote
good corporate governance among Philippine businesses and institutions.
Numerous studies have shown that improved corporate governance helps strengthen
the financial performance of businesses and boost economic growth.
Under the three-year partnership, IFC will support the institute in developing
and delivering training to its members, many of whom are corporate directors
and senior managers. IFC will also assist the institute in providing consultations
and workshops for individual corporations as well as developing publications
and other products on corporate-governance topics.
“The partnership with IFC supports our objectives of enhancing the professional
skills of Philippine corporate directors and boards,” said Ricardo Nicanor
N. Jacinto, the institute’s Chief Executive Officer. “The partnership
also strengthens our advocacy of promoting good corporate-governance principles
and best practices.”
The partnership is part of IFC’s Corporate Governance Program in East
Asia and the Pacific, which is funded by the State Secretariat for Economic
Affairs of Switzerland. IFC works with the private sector in developing
countries to promote good corporate governance that helps businesses mitigate
risk, safeguard against mismanagement, and attract much-needed investment
and capital that will fuel their growth and sustainability.
“By partnering with the Institute, IFC can help Philippine companies implement
good corporate-governance practices that will allow them to build sustainable
businesses, which in turn will drive growth and development in the country,”
said Yuan (Jane) Xu, IFC Philippines Country Manager.
Corporate governance refers to the structures and processes by which companies
are directed and controlled. It makes companies more accountable and transparent
to investors and gives them the tools to respond to stakeholder concerns.
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,
About the Institute of Corporate Directors
The Institute of Corporate Directors is a non-stock, non-profit organization
dedicated to the study and professionalization of Philippine corporate
directorship, with the objective of raising the level of the country’s
corporate-governance policy and practice to world-class standards. ICD
aims to promote and sustain the advocacy of good governance in the corporate
sector through its programs in: Director Training; Board Tools such as
the Performance Governance System, ASEAN Corporate Governance Scorecard,
and Board/Director Evaluations; Thought Leadership; and Support for Civic
Organizations to Improve Governance in Other Spheres of Society. More details
on ICD can be found at www.icdcenter.org.