Participants of the Pacific Corporate Governance Institute Action Planning workshop organised by the International Finance Corporation, a member of the World Bank Group at the Grand Pacific Hotel on Tuesday, March 6, 2018.
The newly formed Pacific Corporate Governance Institute (PCGI) had its first training workshop for directors and senior executives yesterday.
The aim of the workshop is to promote good governance practices in the business sector in the region.
IFC, a member of the World Bank Group, with the support of Australia, set up the institute last November, with the endorsement of the Reserve Bank of Fiji and working with the South Pacific Stock Exchange.
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“This workshop is called Corporate Governance Action Planning for Companies,” IFC Corporate Governance Lead East Asia and the Pacific J. Christopher Razook said.
“It gives companies a basic overview of governance and also gives them a framework and methodology they can use to assess their companies and then make changes as appropriately.
Mr Razook said there was a lot of demand for this event and they have had to keep it at 35.
“We plan to do more events like this in the future.”
PCGI is now operating as an independent non-profit organisation, with a clear mandate to promote principles of good corporate governance to companies in Fiji and operate as a center of excellence for corporate governance in the broader Pacific region.
IFC’s Resident Representative for Fiji, Samoa, Tonga, and Kiribati, Deva De Silva said: “We’ve seen a clear appetite fromprivate sector businesses as well as state owned institutions to raise the bar and foster growth by learning more about corporate governance.
This institute could be a game-changer for the region, giving the private and public sectors an avenue to help build a more sustainable future, and to ensure there are high-quality directors – and more women – sitting on the boards of companies around the region.
“In the small markets in the Pacific region, family owned businesses are a common phenomenon.
“Some of these businesses have now developed into reasonably large diversified companies, making the case for stronger corporate governance practices to be an integral part of their operations.”
The two-day training ends today.
It attracted board directors and senior executives from medium and large-sized companies across different industries.
The workshops are designed to help companies develop a practical approach for implementing sound corporate governance practices, with a focus on setting up effective boards of directors, as well as establishing effective management controls.
“Good corporate governance can help companies improve performance, increase access to finance and foster sustained growth,” De Silva said.
“This will help Fijian companies better manage risks and improve profitability.”
As part of its work, the PCGI will also hold sessions to “train trainers” with the idea of building long term sustainability and increasing capacity in local Fijian trainers to potentially deliver some future corporate governance workshops in Fiji.
International Women’s Day
And to mark International Women’s Day on March 8, the institute will also hold a session on board gender diversity, after a special Ring the Bell event, sponsored by the South Pacific Stock Exchange.
IFC’s Corporate Governance Programme in the Pacific is implemented in partnership with the Australian Government, through the Department of Foreign Affairs and Trade.
The programme aims to help Pacific companies adopt effective governance standards and practices by raising market awareness, building the capacity of regulators and local partners, and providing firm-level advisory services.
Feedback: maraia.vula@fijisun.com.fj
