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IFC Helps Sierra Leone Draft Corporate Governance Code to Improve Business Performance


In Lagos:
Ejura Audu
Phone: +234 803 494 6244


E-mail: eaudu@ifc.org

In Washington:
Loty Salazar (IFC)
Phone: +1-202-458-2559
Email: lsalazar@worldbank.org

Freetown, Sierra Leone. June 29, 2016 – IFC, a member of the World Bank Group, and the Corporate Affairs Commission of Sierra Leone (CAC) are partnering to develop a National Corporate Governance Code. The code will help businesses and government entities operate more efficiently, improve their structures, and give investors added confidence to invest in them.

IFC and CAC are working with public and private sector stakeholders from more than 30 organizations to draft and implement the code, which will also standardize disclosure and transparency procedures for businesses, public service and regulatory organizations, and professional bodies in Sierra Leone.

Michala Mackay, Chief Executive Officer, Corporate Affairs Commission, said, “CAC’s key focus is to facilitate the process of improved corporate governance in Sierra Leone over and beyond the businesses it registers. This code would ensure proper regulatory control of businesses while enhancing uniform compliance among all registered businesses. We are working with IFC to develop a National Corporate Governance Code that will help our businesses and public entities adopt global best practices and attract a diverse pool of investors.”

Frank Ajilore, IFC Resident Representative for Sierra Leone, said, “IFC works with firms to attract and retain investment by promoting the adoption of good corporate governance practices and standards. Our partnership with the CAC is designed to help businesses and government entities in Sierra Leone improve their operations and attract increased investment, making them more sustainable and bringing benefits to the wider economy.”

Corporate governance is defined as the structures and processes by which companies are directed and controlled. Good corporate governance helps companies improve access to capital, mitigate risk, and safeguard against mismanagement. It makes companies more accountable and transparent to investors and gives them the tools to respond to stakeholder concerns.

IFC is a strong partner helping Sierra Leone strengthen and grow its economy, providing both investments and advisory services. IFC also supports Sierra Leone through its Conflict Affected States in Africa Initiative (CASA), which is backed by Ireland, the Netherlands, and Norway.

IFC’s Corporate Governance Program improves the performance of businesses by helping them adopt good practices and standards. The program is funded by the State Secretariat for Economic Affairs (SECO), Switzerland.

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 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, visit www.ifc.org

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ABOUT SECO
SECO is Switzerland’s competence center for all core issues relating to economic policy. SECO’s economic development cooperation strives to achieve sustainable growth. Such growth is sustainable if it creates jobs, helps to increase productivity, to reduce poverty, inequalities and global risks. For more information, visit www.seco-cooperation.ch