Santiago, Chile - 1-2 December 2009
Taking into account corporate governance lessons from the global financial crisis, the Latin American Roundtable on Corporate Governance concluded its 10th annual meeting by agreeing in principle to a revised set of recommendations aimed at encouraging institutional investors to exercise their ownership rights responsibly and promote better corporate governance of companies in the region.
The draft White Paper on Strengthening the Role of Institutional Investors in Latin American Corporate Governance is currently under revision and the final version will incorporate the discussions held at the Roundtable and written suggestions.
The Roundtable also agreed to deepen its work to support effective boards of directors and corporate governance-related enforcement issues, and to explore the launching of a Latin American network on corporate governance of state-owned enterprises.
The Roundtable took the occasion to review progress by companies in implementing corporate governance, and accomplishments of regulatory agencies in further enforcing corporate governance standards.
It addressed 3 issues in response to the financial crisis that are high on the agenda for the region – the role of boards, including their role in risk management; corporate governance of financial institutions; and the need to ensure good governance of state-owned assets, including pension funds, sovereign wealth funds and state-owned enterprises.
In addition, the Roundtable’s Companies Circle introduced its new publication, Practical Guide to Corporate Governance: Experiences of the Companies Circle, and agreed to use the Roundtable’s networks to promote its dissemination in the region to further support corporate governance implementation.
The Latin American Roundtable is a joint initiative of the OECD and IFC/World Bank Group, involving policy-makers, regulators, stock exchanges, and a range of private sector actors from Latin American and OECD countries concerned with corporate governance issues. The 2009 meeting was co-hosted by Chile’s Ministry of Finance, Securities and Insurance Commission, and the University of Chile’s Corporate Governance and Capital Markets Center, and was supported by the Global Corporate Governance Forum and Government of Spain.
For more information about this event, please contact:
Ms. Felicia Rodriguez (Felicia.Rodriguez@oecd.org).