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Companies Demonstrate Leadership Implementing Good Corporate Governance Practices

Buenos Aires, September 17, 2013 - Latin American companies continue to enhance their business performance by reforming and improving their corporate governance. These companies shared the results they have achieved in Part 1 of a collection of case studies presented at the annual meeting of the Latin American Companies Circle.


The publication details experiences of five leading Latin American companies, CPFL Energia, Grupo Algar, Grupo Graña y Montero, Grupo Los Grobo and Ultrapar. Parts 2 and 3, examining other members' corporate governance history and improvements, will be published separately.


The Latin American Companies Circle brings together a group of 15 leading companies from the region, that have demonstrated leadership in implementing good corporate governance practices. The Companies Circle provides opportunities for the private sector to share their experiences and to give input into corporate governance reform efforts in the region.


During the event, the Companies Circle hosted a Chairmens’ working breakfast with the participation of seven different Argentine multinational corporations, as well as five chairpersons from the Companies Circle member companies. Participants discussed the role of chairpersons and how to improve and strengthen board practices.


An awareness raising event, hosted by the Buenos Aires Stock Exchange the following day, presented two panels on corporate governance practices to over 120 businessmen from local Argentine companies. The event showcased the Companies Circle’s accomplishments over the past year and emphasized the necessity of enhancing corporate governance practices to its audience.


The Companies Circle expects to release its annual report and practical guidance in the following months outlining recommended practices and improvements to corporate governance in groups of companies with particular considerations to reporting, appointment of directors, sharing of services, and internal control systems which vary in effectiveness depending on whether the subsidiaries are partially or wholly owned.


IFC facilitated this exchange of experiences and also provided technical input and guidance on key topics such as corporate governance in groups of companies, compliance and ethics.


The Companies Circle members are: Grupo Los Grobo (Argentina); Grupo Algar, CPFL Energia, Embraer, Natura and Ultrapar (Brazil); Grupo Argos, Carvajal and ISA (Colombia); Florida Ice & Farm Co. (Costa Rica); Homex and Grupo Compartamos (Mexico); Buenaventura, Ferreycorp and Grupo Graña y Montero (Peru).


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