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Additional Information
“An effective system of corporate governance must strive to channel the self-interest of
managers, directors and the advisors upon whom they rely into alignment with the
corporate, shareholder and public interest.”
Ira Millstein
Chairman Emeritus, Private Sector Advisory Group
Global Corporate Governance Forum
Global Corporate Governance ForumWhat & Why: Supporting global,
regional, and local initiatives that
improve corporate governance
policies, standards and practices to
promote the private sector as an
engine of sustainable growth.
How: Developing toolkits and
publications for best practice guidance,
providing policy advice and technical
assistance, delivering capacity building
and training programs.
Clients and partners: CG training
and advocacy organizations, policy
makers, regulatory oversight
authorities, stock exchanges,
international development
organizations and standard setters.
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International Standards
Deploying Best Practice Guidance inDevelopingCountries
Drawing on CG practices set by International Standards
“There is no doubt that the Forum has played a significant and important role in the long
term development of corporate governance in Africa, as we see the potential for replication
and dissemination to other DFIs and other sectors, and its close linkage to policy
development at the national and regional levels.”
Stuart Kufeni, Chief Executive officer, SADC Development Finance Resource Center
Facilitating Best Practices Globally
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Establishing regionally strategic Corporate Governance Centers:
↳ To adapt and utilize Forum's products locally and regionally
↳ To promote South-South collaboration and exchange
Sharing Knowledge, Building Expertise
Capacity building and advocacy
organizations, such as Institutes
of Directors and Corporate
Governance Associations
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Government institutions, policy
makers, regulatory oversight
authorities, stock exchanges, etc
Academia, Education and
Business Media - Emerging
Markets Research Network,
Business Schools, Journalists
Our Counterparts
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Knowledge Products
Guidance for good
practice implementationTailoring good practice to
local conditions
Knowledge transfer and
skills enhancement
Policy Advice &
Capacity Building
Codes and Scorecards
Director Training Organizations
High level policy engagement
Business investor dialogue
Training Programs
Board Leadership Training
Resolving CG Disputes
Media Training
What the Forum Offers
Private Sector Advisory Group
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Our Work in Middle East, North Africa
CG Center: EIoD (Egypt) –The Egyptian Institute of Directors was selected as one of the
Forum’s Corporate Governance Centers aiming to help incubate/pilot Forum knowledge tools
and support capacity building and south-south cooperation in the MENA region (Yemen, Jordan,
West Bank–Gaza, Pakistan, Lebanon and others). Status: EIoD Baseline due diligence and
feasibility study were carried out in cooperation with IFC MENA AS. An MoU has been signed in
October 2010. Development results: Training of trainers program for board leadership has
been hosted by the EIoD on October 18-21, 2010 in Egypt. 21 highly motivated and experienced
professionals, with good knowledge and practical experience in training on corporate
governance from Egypt, Pakistan, Palestine and Yemen participated at the training. Next:
Media roundtable and practice group meeting – February 1-2, 2011; Consultation on sustainable
institutional building and outreach - March, 2011; Annual CG Centers network meeting – June
21, 2011
CG Center: IMA (Morocco) – The Moroccan institute of directors - Institut Marocains des
Administrateurs (IMA) - was selected as one of the Forum’s Corporate Governance Centers to
spread awareness, knowledge and best practices of corporate governance in Morocco,
Francophone Sub-Saharan and North Africa. Status: IMA due diligence and feasibility study
were carried out and an MoU has been signed in November 2010. Development results: Using
translated parts of the Forum’s Board Leadership Training resources, a training of trainers
program was hosted by IMA on November 24-26, 2010 in Casablanca, with participants from
Algeria, Morocco, and Senegal. Next: IMA Board meeting on January 31st will approve a 3-
year strategic development plan, the 2011 budget, and the membership fees policy; Design of a
detailed training strategy to be finalized FY11; Training curricula to be designed based on the
Forum’s and IFC toolkits and training materials FY11
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Our Work in Sub-Saharan AfricaImplementing the Financial Markets Recovery Project in Nigeria – Following the
development of a risk governance and risk management supplement to the Forum’s existing Board
Leadership Training Resources, the Financial Institutions Training Center (FITC) in Nigeria was
identified through a due diligence and feasibility assessment as a suitable and relevant partner to roll
out the material and train trainers. Partners: IFC, FITC. Development results: One due diligence
report finalized. Next: Signing of MOU; tailoring the material to local market needs and specific
regulatory and institutional regimes at the country level, training of trainers program.
South-South Cooperation: Senegal/Morocco– Following the World Bank’s CG country
assessment in Senegal, the Forum identified priorities in the short term reform, mainly the development
of a CG Code and the enhancement of the Senegalese Institute of Directors (ISA). Partners: World
Bank, ISA. Development results: One CG Code launched, three trainers attended training event in
Morocco, one Institute of Directors received direct assistance in developing their business plans and
marketing strategy. Next: Following the feasibility study and in light of ISA low level of maturity, it was
agreed than an indirect intervention model was best suited to provide support in an efficient way though
a sustainable model of cooperation between ISA and the Moroccan Institute of Directors (IMA) so that
ISA may draw on IMA's capacity in terms of technical expertise (with technical assistance from the
French Directors’ Association).
Supporting DFIs in Southern Africa – Developed and delivered a CG and director development
manual to strengthen the DFIs institutionally and the competencies of directors specifically on financial
sector criteria for SADC-DFRC. Following the first phase which targeted training and capacity building,
the 2nd phase focuses on promoting the policy environment for CG. Partner: SADC-DFRC.
Development results: 20 trainers and 120 directors trained. Next: Produce a "Manual for Improving
Corporate Governance Policy Environment." The idea of pilot testing would then be canvassed at the
stage of dissemination of the manual.
Leveraging off World Bank GG ROSC in Malawi – Based on the World Bank’s CG country
assessment in Malawi, the Forum developed a comprehensive Country Action Plan comprising a
number of key areas for reform. Partners: World Bank, IOD Malawi. Development results: One CG
Code launched, three training of trainers events and two media trainings organized, one localization and
adaptation of Resources material finalized, one Institute of Directors received direct assistance in
developing their business plans and marketing strategy. Next: Develop sector specific guidelines; raise
awareness of the Code; deepen the IODM capacity building; increase the pool of skilled trainers
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Our Work in East and Central Europe
Capacity building: Azerbaijan CG Project - The Forum works in partnership with the IFC
Azerbaijan Corporate Governance Project to improve CG practices, build capacity of a local institute of
directors and help local training organizations build a cadre of professional trainers through training-of-
trainers programs. Development results: CG ROSC disseminated. Azerbaijan CG Code adopted.
Next: Consultations on strengthening the capacity of the Azerbaijani Association of Corporate Directors
and Managers. Workshop on “Setting up Sustainable Director Training Organizations” based on
Forum’s Toolkit 1. Piloting Governing banks training of trainers program and contextualizing and rolling
out of Governing Banks supplement in Russian. Development of CG Scorecard in Azerbaijan.
KM: SEE Policy Brief on CG for Banks – The Forum is producing a Policy Brief on Corporate
Governance for Banks in Southeast Europe, addressing corporate governance challenges shared by
banks in the region. The policy brief will provide recommendations to improve the corporate governance
of SEE banks. Partner: EBRD. Development results: Reviewing governance issues in SEE banks
and offering best practice recommendations to help strengthen the banking sector in the region. Next:
Finalize draft paper and peer review by local stakeholders (May 2011). Publication and launch the
Policy Paper in London on June 16, 2011.
KM: CG Codes of Best Practice/Scorecards – The Forum is producing best practice tools and
materials to help developing countries adopt CG codes and scorecards with a focus on ECA countries.
Development results: A High Level Policy Dialogue was held with CG Code Oversight Authorities from
Europe and Emerging markets to discuss monitoring and enforcement mechanisms of CG Codes. The
Forum’s code peer review group provided extensive comments on two new codes (Azerbaijan and
Tajikistan). Next: Eurasia regional workshop on CG Codes implementation and monitoring to be held in
February 2011 with representatives from Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Moldova,
Mongolia, Tajikistan. Preparation of Lessons Learned on scorecards including a focus on SEE.
ECA CG Center – The Forum is looking to select a CG Center in the ECA region to help incubate/
pilot Forum knowledge tools and support capacity building and south-south cooperation in the region.
Status: Discussions with IFC regional team on selection of a potential CG Center in the region. Next:
Scoping mission in ECA region for assessing potential institutions .
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Our Work in South Asia
Capacity Building: India – The Forum has been conducting a project since early 2007 in partnership
with the National Institute for Securities Markets (NISM), on the invitation of the Securities Exchange
Board of India (SEBI), to extend corporate governance reform process to a wider range of stakeholders.
Key components are developing Board leadership capacities, strengthening journalists’ coverage of
corporate governance issues and providing for business and investor communities to prioritize reform
areas for the benefit of the regulator. Partners: NISM, CII, ICSI, Development results: Seven Board
Leadership workshops reaching 150 trainers, three media workshops reaching 30 journalists, one
business-investor dialogue and one roundtable, one case study on Related Party Transactions (with
OECD), one Focus publication on CG in India. Next: One board Leadership ToT and one media
workshop, project set to close March 2011.
Collaboration: Pakistan – The Forum has been providing its KM products (the CG Board
Leadership Resources) to the IFC Pakistan Corporate Governance Project (PCGP) on which the
Pakistan Institute for Corporate Governance (PICG), in partnership with the IFC PCGP, has based its
CG Leadership Series Program. The Forum has also assisted in securing faculty for delivery of these
materials. Partners: IFC PCGP, PICG Development results: PICG faculty have trained 228
directors/executive (27 women) over the first six months. Moreover, satisfaction ratings have gone up
from 70% to 80%. Next: IFC PCGP have requested the Forum's continued support for further
development of its Board Leadership Program with PICG, under discussion in the context of FY12 and
FY13 planning.
Capcity Building: Bangladesh – With focus on governance in the banking sector, the Forum is
following introduction of its Corporate Governance Board Leadership ToT in 2008 with delivery of the
Financial Markets Recovery Project in Dhaka to improve governance and develop training capacities for
bank directors. Discussion underway with local IFC facility to coordinate this and future activities.
Forum has also convened a workshop to train journalists in reporting on corporate governance issues to
improve general understanding of CG and its role in society. Partners: Bangladesh Enterprise
Institute, additional tbd. Development results: One Board Leadership ToT reaching 20 trainers from
five countries across the South Asia region, one media workshop reaching 20 local journalists, FMRP
scoping mission and report completed. Next: FMRP launch with mentoring, Board Leadership ToT,
and CG Code Review.
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Our Work in East Asia
CG Center: IICD (Indonesia) – Selected regional center of excellence, Forum has launched
Financial Markets Recovery Project with IICD and additional local partner Perbanas (banking
association) as first rollout of FMRP to improve governance in the local banking sector. IICD chairs the
regional group Institute of Directors of East Asia (IDEA.net), thus providing platform for future regional
rollout of this and related activities. Partners: IICD, Perbanas. Development results: MoU signed
with partners, FMRP launched, ToT convened reaching 16 Indonesian trainers and two trainers each
from the Philippines and Thailand. Forum Board Leadership and Banking Supplement materials
contextualized, set of relevant caselets under production. Next: Case study development, Board
Leadership ToT, ongoing mentoring and support for regional training activity (as begun in the
Philippines).
Colaboration: Vietnam – Collaboration with IFC Vietnam Corporate Governance Project (VCGP) to
deploy Forum resources for development of director capacity through Board Leadership ToT, journalism
training, CG scorecard development and supporting training entities to develop director training
curricula. Partners: IFC VCGP, State Securities Commission. Development results: First CG
scorecard developed and launched, two Board Leadership ToTs reaching 40 trainers, one media
workshop reaching 20 journalists. Next: Ongoing support to develop training capacities for director
training, development of supporting materials, one media workshop.
Capacity Building: The Philippines – Technical assistance support being extended to the
Philippine Stock exchange to support design and launch of the Maharlika Board, separate listing
segment dedicated to companies exhibiting adherence to the highest standards of corporate
governance, and to engage Institute of Corporate Directors to support the process with their CG
Scorecard. Partners: PSE, ICD. Development results: Project currently being launched. Next:
MoU signing with PSE, assembly of Independent Working Group to review and revise Maharlika Board
design, convene Business-Investor Dialogue to secure local business sector support.
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Our Work in Latin America
South-South Cooperation: Brazil/Mozambique – Key to the Forum phase III strategy is the
facilitation of South-South collaboration among the Forum’s clients and partners and the Corporate
Governance Centers. The Brazilian Instituto Brasileiro de Governança Corporativa (IBGC) has been
selected as a Center and is therefore best placed to provide support to the Mozambican State Holdings
Management Institute (IGEPE) by adapting the Board Leadership material and training directors.
Partners: IBGC, IGEPE. Development results: Four training programs; adaptation of eight Board
Leadership cases. Next: Coordinated work with IGEPE and IoD Mozambique to launch "Introduction to
CG" Workshops series; developing a potential distance-learning tool.
CG Center: IBGC (Brazil) – Besides the continuous work to strengthen IBGC’s capacity to deliver
high quality trainings through train of trainers sessions, the Forum has relied on IBGC as a key partner
to develop a comprehensive corporate governance program for the LAC region. IBGC has played a
pivotal role in supporting – through technical and operational contributions - Forum’s projects such as
the Companies Circle and OECD Roundtable (see below), Latin American CG Institutes Network, and
the CG Dispute Resolutions pilot workshop in Colombia where IBGC will provide the experts to train
Colombian Mediators. Partners: IBGC, Confecamaras Development results: 28 training modules
given in seven programs in FY11 reaching approximately 240 Directors Next: ToT in Sao Paulo,
launch of “Non-Listed Companies CG Practical Guide” in Port./Span./Eng. to be distributed regionally.
Also Seminars for Director training in CG Dispute Resolution and Train the Mediators workshop in
Bogota.
Partnership: OECD Roundtable & Companies Circle (LAC) –The OECD LAC Roundtable
celebrated its11th successful meeting in Rio de Janeiro with a record of participants and represented
countries. The Companies Circle - a group supported by the Forum of 19 Latin American companies
from Argentina, Brazil, Mexico, Peru, Costa Rica and Colombia who have adopted good CG practices
in order to provide private sector input to the Roundtable and to the public - also participated at the
Roundtable and have launched their publication “The Practical Guide” so far in New York, Costa Rica,
Chile, Brazil, Peru, Mexico and Colombia. Partners: IFC, OECD, Companies, IBGC. Development
results: 135 participants from 19 countries at the Roundtable, Production of one Board Practices
publication, seven country findings, one Report on Enforcement in LAC , one “10 years of the
Roundtable” publication, one Launch of the Circle’s Practical Guide. Next: Launch of the Circle’s
Practical Guide in Panama & Argentina.
Private Sector Advisory Group (PSAG)
Comprises experienced board practitioners and professionals
↳ Global and regional affiliations, all work conducted pro bono
Contribute to discussions on strategic and operational priorities
Represent the Forum in major events and conferences
Participate in international consultations led by the Forum
Provide expert guidance on key areas of Forum activities
↳ e.g. CG Codes, establishing director training centers, journalist training, etc.
Review and provide expert feedback on new products
Contribute material and articles for Forum publications
Support the Forum’s fund-raising efforts (where appropriate)
PSAG operates through common identity with the Forum
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“The efficiencies which characterized the replication exercises in the Caucuses and the
Balkans were largely attributable to the many substantial pro bono contributions of the
Forum’s PSAG.”
Forum client quoted in Phase II Independent Evaluation
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Partnering for Effective Delivery
Technical Partners
Implementation Partners
Strategic Partners
“The Forum continues to distinguish itself through its record of leveraging with a very broad
array of international and local partners, its network of distinguished private sector
advisors, and inter-unit collaboration within the WBG. There is more leveraging through
partnerships than ever before, with relationships established with dozens of international
and local partners.”
Forum Phase II Independent Evaluation
World Bank OECD GRI UN GC
Bangladesh
Globethics.net
The AFP FoundationCIPE Yale School of
ManagementKMPG
Egypt BrazilIndonesia
Global Thought Leadership
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Enhance the Forum’s global capacity as a leading knowledge and
capacity-building platform dedicated to corporate governance
reform in emerging markets and developing countries.
Lessons Learned
Private Sector Opinions
Focus Publications
Focus 8
Stakeholder Engagement and
the Board: Integrating Best
Governance Practices
PSO Issue 19
Diversity at the Head Table:
Bringing Complementary
Skills and Experiences to the
Board
October 2010
Business Reporting Beyond
Numbers: Looking for the Good,
the Bad, and the Ugly in
Corporate Governance
Toolkit 4
Resolving Corporate
Governance Disputes
Toolkits