More than 25 development finance institutions (DFIs), representing assets of around $852bn (€633bn), have adopted a common set of corporate governance guidelines to support sustainable economic development in emerging markets.
Signatories cover most emerging markets around the world, including Africa, Latin America and the Caribbean, Asia, Middle East, and Eastern and Southern Europe.
The signatories hope the new Corporate Governance Development Framework will lead to improved coordination, transparency, accountability and corporate governance.
The framework will signatories to evaluate the corporate governance risks and opportunities of the companies they invest in – although they are expected to implement it “at their own pace and at a level that suits their institutions”.
The institutions that sign up will have to:
- Integrate corporate governance in its investment operations, including conducting corporate governance assessments of investment clients
- Identify staff responsible for implementation and oversight of the Framework.
- Collaborate with other signatories
- Report annually on implementation*Signatories*
Afreximbank The African Export-Import Bank
AfDB The African Development Bank Group
ADB The Asian Development Bank
Bancoldex Colombian development and Ex-Im bank.
BICE Argentina’s Investment and Foreign Trade Bank
BIO Belgium’s DFI
BSTDB Black Sea Trade and Development Bank
CAF Latin American development bank
DBSA Development Bank of Southern Africa
DEG Member of KfW Bankengruppe
EBRD European Bank for Reconstruction and Development
EIB European Investment Bank
FINNFUND Finnish development finance company
FMO Netherlands Development Finance Company
IsDB Islamic Development Bank
IFC World Bank’s Interntional Finance Corp.
IFU-IØ Denmark’s Industrialisation Fund for Developing Countries
IIC Member of the Inter-American Development Bank (IDB) Group.
Norfund Norwegian governnametn fund
OeEB Austria’s Oesterreichische Entwicklungsbank
PROPARCO – France’s Société de Promotion et de Participation pour la Coopération Economique
PTA Bank Eastern and Southern African Trade and Development Bank
SBI–BMI Belgian semi-public investment company
SIFEM The Swiss Investment Fund for Emerging Markets
SOFID Portugal’s Sociedade para o Financiamento do Desenvolvimento, Instituição Financeira de Crédito
Swedfund Swedish institution