Logo of Phnom Penh Post newspaper Phnom Penh Post - IFC to boost corporate governance

IFC to boost corporate governance

IFC to boost corporate governance

The International Finance Corporation (IFC) launched a corporate governance initiative yesterday aimed at enhancing the efficiency of Cambodia’s private sector to strengthen the business climate and spur foreign investment and job creation, it said in a release.

The Cambodia Corporate Governance Initiative (CCGI) is a joint collaboration with the National Bank of Cambodia (NBC) and the Securities and Exchange Commission of Cambodia (SECC). The initiative has formed a working group that will support regulatory bodies to improve regulations and standards, as well as provide direct assistance to companies to raise their governance quality, it said.

In addition, the IFC and SECC have completed a country diagnostic that has analysed corporate governance shortcomings, especially in regards to the legal framework for large and publicly listed companies, the release added.

“[The] findings and recommendations will help market regulators bring the corporate governance regulatory framework on par with regional peers,” it said.

Kyle Kelhofer, IFC country manager for Cambodia, Laos and Vietnam, said the initiative would be geared towards the emerging private sector.

“Cambodian companies with good corporate governance are better positioned to attract external financing, increase profitability, and hire and maintain a quality workforce,” he said.

MOST VIEWED

  • Ministry issues warning over coronavirus outbreak

    The Ministry of Health on Wednesday asked the public to be on “high alert” as a new virus wreaks havoc across Asia. However, no cases have been reported in the Kingdom thus far. The 2019 Novel Coronavirus (2019-nCoV) has raised the alarm for its similarity to

  • First case of coronavirus reported in the Kingdom

    Cambodia reported its first case of the deadly 2019 Novel Coronavirus (2019-nCoV) on Monday, Minister of Health Mam Bun Heng announced. He said medical specialists detected the virus in a Chinese tourist in Sihanoukville. The minister said Jia Jianhua, 60, travelled from Wuhan city, where the outbreak

  • PM urges precaution amid virus outbreak

    Prime Minister Hun Sen on Sunday called on all Cambodians to bump up precautions to avoid contracting the 2019 Novel Coronavirus (2019-nCoV) that has already killed more than 50 people in China. The prime minister told the public to remain calm but alert about the possibility of

  • Gov’t slams NGO over 2019 corruption report

    The government on Thursday slammed a report that described the Kingdom as highly corrupt. Government spokesperson Phay Siphan dismissed the latest Transparency International (TI) report as “just an advertisement of NGOs to promote their own interests”. Released on Thursday, the report puts Cambodia near the

  • No power shortages next dry season, says energy minister

    Minister of Mines and Energy Suy Sem has assured the public that Cambodia will not suffer power shortages during the next dry season. Speaking on local TV on Tuesday, Sem projected a rise in power demand during 2020’s dry season – which starts in November and

  • App to connect farmers to millions

    The Ministry of Agriculture, Forestry and Fisheries has soft-launched a mobile app that connects farmers with potential buyers and gives them access to critical market information. The ministry’s Agriculture Marketing Office chief Meach Yady said the ‘CamAgriMarket’ app gives farmers a platform to showcase