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

  • Negotiations on EBA being held

    In an effort to defuse tensions, a senior government official said Cambodia is negotiating with the European Union (EU) on the Everything But Arms (EBA) trade deal, which allows the Kingdom to export goods to the 28-member bloc tariff-free. The EU notified Cambodia on October 5

  • Ministers to tackle sea pollutants

    Preah Sihanouk provincial authorities and members of local communities have collected 77 tonnes of water hyacinth at a Sihanoukville beach, Preah Sihanouk Provincial Hall spokesperson Or Saroeun said. He told The Post yesterday that the aquatic weeds had been floating along some of the province’s

  • Chinese police escort deported scam suspects

    Ninety-one Chinese nationals accused of extorting money from victims in a Voice over Internet Protocol (VoIP) scam were deported from Phnom Penh International Airport on Monday under the escort of 182 Chinese police personnel. General Department of Immigration head of investigations Ouk Hay Seila told reporters

  • Sam Rainsy, government group set to clash at IPU Geneva meet?

    Opposition figure Sam Rainsy has been invited to speak at the General Assembly of the Inter-Parliamentary Union (IPU) in Geneva, according to a former Cambodia National Rescue Party (CNRP) lawmaker. A government delegation is also set to attend the meeting, a National Assembly press release