WB-OECD forum to highlight RP experience in corporate governance

The Philippine experience in promoting corporate governance reforms will be highlighted during the World Bank-Organization for Economic Cooperation and Development (OECD) Global Corporate Governance Forum scheduled for March 20 and September.

This came after the Philippine Business Sector Advisory Group on Corporate Governance (BSAG) reported that its policy advocacy initiative had gained a big boost with the adoption by the Capital Market Development Council (CMDC) last January of all of BSAG’s proposals.

The Philippine BSAG is a committee from the business sector and was established under the auspices of the Institute of Corporate Directors (Philippines), and in close collaboration with the Global Private Sector Advisory Group (PSAG) on Corporate Governance of the OECD and the World Bank.

It is closely linked with the global PSAG chaired by Ira Millstein, the leading authority on corporate governance and principal author of the OECD corporate governance principles.

Roberto Romulo, Senior Advisor on International Competitiveness, chairs the Philippine BSAG.

BSAG co-chairman Dr. Jesus Estanislao, reported the developments during a recent BSAG meeting.

"In view of these developments, the World Bank-OECD Global Corporate Governance Forum would be highlighting the Philippines as a case well worth supporting so the positive Philippine experience can be shared with other economies in promoting corporate governance reforms," Romulo said.

A first of these high level meetings is the Forum’s International Conference on Financing for Development which is scheduled on March 20 in Monterey, Mexico. The second would be in September in Beijing when pension funds and global funding institutions are expected to attend.

Additionally, BSAG, ICD and World Bank-OECD are finalizing a training the trainors program at Yale University which will be launched through its first course offering from July 7 to 17, 2002 at New Haven, Connecticut.

Five to 10 corporate directors from each economy in East Asia will be participating in the Yale program which is especially designed for them. The BSAG and ICD have been asked to contribute to the content of the program based on the teaching experience in the Philippines.

During the meeting, BSAG members also approved the broad mechanisms for the setting up of a working group, both for the Philippines and through the Region BSAG based in Hong Kong, for the development and institutionalization of a corporate governance scorecard.

The target launching date of the scorecard is May 2002 for the Philippines and November 2002 at the regional level.