Home / Management/ IFC, partners strengthen corporate governance practices in family-owned businesses

IFC, partners strengthen corporate governance practices in family-owned businesses


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 29 November 2017 00:00


IFC, a member of the World Bank Group, along with the Sri Lanka Institute of Directors (SLID) and the Colombo Stock Exchange (CSE), are collaborating on workshops that promote good corporate governance and family business practices to improve the long-term sustainability of family-owned businesses in Sri Lanka.

The first in a series of workshops was held recently with the aim of helping participants understand the fundamentals of family business governance. Family businesses are key to Sri Lanka’s economy, generating jobs and contributing significantly to the country’s economic growth. However, almost 95% of such businesses do not survive beyond the third generation.

 “Some of the largest and most prominent brands in the country today were initiated as a family-owned operation and some even continue to be operated as a family business. The creation, growth and longevity of our family businesses therefore is of national interest and we are pleased to play our part in making expertise in topics such as governance more attractive and accessible for the leadership of family businesses,” said Colombo Stock Exchange CEO Rajeeva Bandaranaike.

Good corporate governance practices help companies operate more efficiently and manage risks better. IFC works with private sector companies in emerging markets to facilitate board robustness and promote sustainable practices that can help in the growth of a company.

 “Many businesses in Sri Lanka, like in South Asia, are family-owned institutions and are a vital part of the economy,” said Sri Lanka and Maldives IFC Country Manager Amena Arif. “Improved corporate governance practices can help such companies grow through different phases, expand to new markets and ultimately ensure business continuity.”

 IFC’s Corporate Governance program has a portfolio of over $ 43 million with 23 active projects across the globe. Working with over 1000 companies, IFC’s dedicated corporate governance experts have provided advisory services that helped over 200 companies improve their corporate governance practices. These companies can attract capital of over $ 6 billion. IFC’s South Asia Regional Corporate Governance Project, implemented with donor support from Japan’s Ministry of Finance, helps strengthen corporate governance by working with boards through knowledge sharing and training, regulators and other market intermediaries.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Reinvent yourself before reinventing your industry

Tuesday, 23 October 2018

For the last 19 years Interbrand has been carrying out its Best Global Brands report. This year, the theme of the study is ‘Activating Brave’, which examines the role that brand strength plays in the transformation of the world’s leading busi


Virtual banks: Opportunities and challenges

Tuesday, 23 October 2018

A virtual bank is a bank which predominantly delivers retail banking services through the internet or other forms of electronic channels instead of physical branches. This covers all online transactions whether it be via the web, email, mobile check


Value of regulated landfills: Megapolis Ministry must communicate

Tuesday, 23 October 2018

Our policymakers may do the right thing but not do it too well by not communicating the larger purpose of their actions. The current fuss about the proposed Aruwakkalu landfill is one such example. As the Ministry of Megapolis correctly points out,


IPS’s State of the Economy Report 2018 is a demonstration of its independent analysis of the economy

Monday, 22 October 2018

Economists are at the receiving end of society today when it comes to economic crises. They have been blamed not only for giving confusing advice, but also for failing to predict accurately the oncoming economic catastrophes.


Columnists More