BIO, along with a large number of other bilateral and multilateral Development Finance Institutions, has signed a joint statement on the promotion of corporate governance. The principles laid down by the OECD in the field of corporate governance served as a basis for the discussions between the various institutions.
Any DFI that adheres to this Declaration undertakes to:
- Develop or adopt principles, provisions or procedures relating to the role of corporate governance in its due diligence and investment supervision operations. Here are a few examples :
- Commitment to good corporate governance
- Fair and honest treatment of shareholders
- Role of company stakeholders
- Confidentiality and transparency
- Composition and responsibilities of the Board of Directors
- Organise or provide training courses on corporate governance issues for its own employees and to those of the organisations in which it invests (« partners »).
- Encourage its (direct or indirect) partners to respect local corporate governance codes and to converge towards alignment on the best international practices. Enter into a dialogue with the company’s management and the members of the Board of Directors in order to promote improvements wherever corporate governance practices are weak.
- Promote the use of internationally recognized financial reporting standards and encourage its partners to adopt these standards or ensure that their accounting principles and practices comply with them.
- Collaborate with other DFIs on a regular basis and, when necessary, with its partners, to further promote the implementation of good governance.