31 leading development finance institutions bring corporate governance to the forefront of their mission
23/10/2007
The leaders of 31 Development Finance Institutions issued a joint statement that positions corporate governance at the forefront of their sustainable development agenda in emerging markets.
Washington, D.C., October 19, 2007 - The leaders of 31 Development Finance Institutions issued today a joint statement that positions corporate governance at the forefront of their sustainable development agenda in emerging markets.
This is the first initiative of its kind by the DFIs. It highlights the increased role of good corporate governance as a facilitator of international capital flows to emerging market companies. The signatories recognize that DFIs can play a critical role in promoting good corporate governance practices in emerging markets. They aim to raise awareness, at both the private and public sector levels, of the importance of good governance to sustainable economic development. 
Institutions that signed the Approach Statement on Corporate Governance Statement today cover most emerging markets around the world, including Africa, Latin America and the Caribbean, Asia, Middle East, and Eastern and Southern Europe. Together, they represent assets of almost $1 trillion. A full list of participating institutions appears below.
This initiative provides a starting point for further and incremental commitment by the DFI community and the clients they serve.
As stated in the Approach Statement signed today, each DFI will endeavour to:
Develop or adopt guidelines, policies, or procedures on the role of corporate governance considerations in its due diligence and investment supervision operations; these could cover such aspects as: commitment to good corporate governance, the rights and equitable treatment of shareholders, the role of stakeholders, disclosure and transparency, and the composition and responsibilities of the board of directors.
Provide or procure training on corporate governance issues to its investment and supervision staff.
Encourage companies in which it invests (whether directly or indirectly) to observe local codes of corporate governance in the spirit of best international practice. Engage company management and board members in a dialogue to foster improvement in cases where corporate governance practices are weak.
Promote the use of internationally recognized financial reporting standards and encourage investee companies to adopt or align their accounting principles and practices to such standards.
Collaborate with other DFIs on an ongoing basis, and when appropriate, with its partners, to further advance the cause of good corporate governance.
PARTICIPATING DEVELOPMENT FINANCE INSTITUTIONS:
ADB -Asian Development Bank www.adb.org
AWS – Austria www.awsg.at
AFDB - African Development Bank www.afdb.org
BIO - Belgian Investment www.b-i-o.be
BSTDB - Black Sea Trade and Development Bank www.bstdb.org
BCIE - Central American Bank for Economic Integration www.bcie.org
CAF - Andean Development Corporation www.caf.com
CDC Group plc www.cdcgroup.com
COFIDES – Spain www.cofides.es
DFCU Limited-Kampala-Uganda www.dfcugroup.com
DBSA - Development Bank of Southern Africa www.dbsa.org
DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, Germany www.deginvest.de
East African Development Bank www.eadb.org
EBRD –European Bank for Reconstruction and Development www.ebrd.com
EIB - European Investment Bank www.eib.org
FINNFUND – Finnish Fund for Industrial Cooperation LTD www.finnfund.fi
FMO –The Netherlands Development Finance Company www.fmo.nl
IDB/ IIC – Inter-American Development Bank/ Inter-American Investment Corporation www.iadb.org
IBRD - International Bank for Reconstruction and Development www.worldbank.org
IDC -Industrial Development Corporation of South Africa Ltd www.idc.co.za
IFC- International Finance Corporation, World Bank Group www.ifc.org
IFU, Denmark www.ifu.dk
Islamic Development Bank www.isdb.org/irj/portal/
Norfund, Norway www.norfund.no
OPIC – Overseas Private Investment Corporation www.opic.gov
PROPARCO – France www.proparco.fr
PTA –Eastern and Southern African Trade and Development www.ptabank.org
SBI – Belgian Corporation for International Investment –Belgium www.bmi-sbi.be
Swiss Investment Fund for Emerging Markets -Switzerland www.sifem.ch
SIMEST - Institute for the Development and Promotion of Italian Business Abroad www.simest.it
Swedfund –Sweden www.swedfund.se
