The 2006 meeting of the Latin American Corporate Governance Roundtable took place in Buenos Aires, Argentina on 22-23 June. The meeting was held back-to-back with a meeting of the Roundtable’s Companies Circle, which held a dialogue with institutional investors.
The Roundtable reviewed progress to date and further efforts required to implement the recommendations of its White Paper on Corporate Governance. Benefiting from the strong private sector presence from the back-to-back meeting with the Companies Circle and investors, the Roundtable discussion focused particularly on strengthening incentives for investors to contribute to better corporate governance, promising stock exchange initiatives from the region, and efforts to improve corporate governance of non-listed companies.
Investors participating included representatives of international institutions such as Citigroup, Capital Group, Hermes Pension Management, Paradigm Capital, the New York and Wisconsin state teachers pension funds, and a range of Latin American institutional investors from the private sector as well as pension funds and public institutions such as the Brazilian National Development Bank (BNDES).
The Buenos Aires Stock Exchange and Securities and Exchange Commission of Argentina served as local co-hosts for this meeting, along with local co-sponsoring support from the Ibero-American Federation of Exchanges (FIAB), Argentine Institute for Governance of Organisations (IAGO), Center for Financial Stability of Argentina (CEF), and the Camara de Sociedadas Anonimas of Argentina (CSA).
Presentations and Reports:
Opening Roundtable session on progress reports
These progress reports on Argentina, Brazil, Chile, Colombia and Peru were originally prepared for the September 2005 Roundtable meeting in Lima, Peru by country teams in each of the five countries, to address how they have progressed in implementing the recommendations and priorities of the Latin American White Paper on Corporate Governance. They have now been updated to provide new introductions and modifications to reflect developments that have occurred through May 2006. The opinions expressed within are those of the authors. They are provided here under the responsibility of the OECD Secretariat.
Presentations from the stock exchanges
Papers on non-listed companies
These reports were commissioned by the OECD for the countries of Argentina, Brazil, Colombia, Mexico, Peru and Venezuela as background for the Roundtable discussion on governance of non-listed companies in Latin America. This compilation also includes background information on the IFC information request list for family- and founder-owned non-listed companies, and related matrix. The focus of this work is on companies that are closely held, whose shares, unlike those of publicly held companies, do not trade freely in impersonal markets, either because the shares are held by a small number of persons or because they are subject to restrictions that limit their transferability. The target universe of companies is generally large companies that are by choice unlisted but that have financial stakeholders (equity and/or creditors) besides their controllers. The opinions expressed are those of the authors and do not necessarily reflect the views of the OECD or its members. The reports are provided here under the responsibility of the OECD Secretariat.