Principes de gouvernement d'entreprise

Corporate governance leadership pays off for Latin American companies



New York City, September 8, 2009— A new publication issued with the support of the OECD, the International Finance Corporation and the Global Corporate Governance Forum highlights the challenges, priorities, and tangible benefits of adopting leading corporate governance practices in the Latin American region.

The click here, features empirical results comparing the performance of Companies Circle members to other listed companies in a number of areas such as better return on equity -- 21.7 percent against 16.7 percent -- and higher stock multiples -- 21 times earnings per share compared to 16 times for other Latin American companies. 

In addition, the Practical Guide analyzes the operational and stock market performance of the Companies Circle members against other regional listed companies and found that the portfolio of these companies were less affected by the consequences of the current global financial crisis. For example, share prices fell 41.3 percent in US dollars throughout 2008, compared to a drop of 49.3 percent of portfolio with other Latin American companies.

“We always believed that sound corporate governance practices pay off and today we are encouraged to see this belief backed by the findings of this Practical Guide,” said Andre Covre, Chairman of the Companies Circle and CFO, Ultrapar, Brazil. “With these tangible results, we are confident that efforts to improve corporate governance practices at our companies and the Latin American region as a whole will further contribute to economic development and sustainability in the region,” he said.

Developed by the Latin American Companies Circle, the publication provides unique “peer-to-peer guidance” with real-life examples and testimonials from Companies Circle members sharing their experiences, challenges and successes in implementing good corporate governance practices. It provides a roadmap for companies to follow to improve their corporate governance practices in the areas of board functioning, shareholder rights protection, internal controls, transparency and disclosure and family governance.
“I intend to convince everyone that this is the future of corporate governance. The IFC, OECD and the Forum should use the Practical Guide as a template for doing corporate governance around the world,” said Ira Millstein, Senior Associate Dean, Millstein Center for Corporate Governance and Performance.


About the Latin American Companies Circle


The Companies Circle is a group of 12 Latin American firms with demonstrated leadership in enacting and advocating governance improvements in the region. The companies are Argos, CCR, CPFL Energia, Embraer, Ferreyros, Homex, ISA, Marcopolo, Natura, NET, Suzano, and Ultrapar. The circle was established by the Latin American Roundtable on Corporate Governance, a joint initiative of OECD and the World Bank Group, and supported by the IFC Global Corporate Governance Forum. For more information, visit


For more information about corporate governance visit or contact Daniel Blume [Phone: +33 (0) 1 45 24 75 99, E-mail:].




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