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Corporate Governance Success Stories

EXTERNAL AUDITORS EMPLOYMENT FINANCIAL SERVICES OPERATIONAL RISK ACCOUNTING DEPOSITS CUSTOMER FINANCIAL COMPANIES OPERATIONAL EFFICIENCY BUSINESS CASE RETIREMENT FINANCIAL MANAGEMENT SHAREHOLDER RIGHTS RETURN ON EQUITY INTEREST LAWS AFFILIATED COMPANIES INDUSTRY CAPITAL BASE STRATEGIES LIQUIDITY GOOD GOVERNANCE SERVICES DEVELOPING COUNTRIES DEVELOPING ECONOMIES SUSTAINABLE ECONOMIC GROWTH PORTFOLIO LIQUIDITY RISK HUMAN RESOURCE MANAGEMENT SHAREHOLDER PROTECTION NEW PRODUCTS FINANCIAL STATEMENT PRICING CORPORATE DISCLOSURE BIS PROJECTS BORROWERS PRICE ASSET MANAGEMENT MANAGEMENT REPORTS INFORMATION SYSTEMS INFLATION CORPORATE GOVERNANCE SURVEY AUDITS FIRM VALUATION MARKET PARTICIPANTS CENTRAL BANK NET PROFIT INTERNATIONAL FINANCE COST OF FUNDS TECHNICAL ASSISTANCE LABOR COSTS FINANCIAL INSTITUTION COMMERCIAL BANK TRANSPORT NEW PRODUCT COLLECTIONS PRODUCTIVITY INTEREST RATES CRITERIA FINANCIAL INSTITUTIONS MARKETS DEBT OPERATING EXPENSES MISMANAGEMENT PRIVATE SECTOR DEVELOPMENT LOANS LABOR ENTERPRISES PRIVATE CAPITAL PRIVATE EQUITY REAL ESTATE FINANCE GRANTS MARKET PRICE INFRASTRUCTURE BANKING SECTOR BANKS ISLAMIC DEVELOPMENT BANK MINORITY SHAREHOLDER PROTECTION DEBT FINANCING POTENTIAL INVESTORS EQUITY INVESTORS HUMAN CAPITAL ACCOUNTABILITY CAPITAL INTERNATIONAL BANKING OWNERSHIP STRUCTURE AUDITORS TRANSPARENCY SCANDALS CUSTOMER BASE SHARE OWNERSHIP FINANCIAL CRISIS FUTURE SUBSIDIARIES REPUTATION VALUE BANK FOREIGN DIRECT INVESTMENT CREDIT MANAGEMENT INFORMATION SYSTEMS ISLAMIC BANKING CAPITALIZATION GOVERNANCE PRACTICES INTERNAL CONTROLS PROPERTY FIRM PERFORMANCE JOB CREATION FISCAL YEAR MINORITY SHAREHOLDER COMMERCIAL LOANS AFFILIATES SHARES BALANCE SHEET FOREIGN EXCHANGE MARKET RISK NEW MARKETS SUBSIDIARY PROFITABILITY CREDIT RISK GOVERNANCE SHAREHOLDERS INSURANCE MICROFINANCE ECONOMIC DEVELOPMENT INTERESTS LAND INVESTOR ACCOUNTING STANDARDS STOCK EXCHANGE INVESTMENT RISK INVESTMENT BANKING SHARE AFFILIATE FINANCE CORPORATION INTERNAL CONTROL BANKING NET LOSS INVESTOR RELATIONS REGULATORS REVENUE COMMERCIAL LENDING INVESTMENTS RISK MANAGEMENT LENDING SHAREHOLDER EXTERNAL FINANCING TREASURY OPERATIONS AUDIT CUSTOMERS FOOD PRICES KEY PERFORMANCE INDICATORS FINANCIAL SYSTEMS GOVERNMENTS SHAREHOLDER RELATIONS EMPLOYMENT POLICY PRICES COST OF CAPITAL NONPERFORMING LOANS CONSOLIDATION CORPORATE GOVERNANCE INVESTMENT DECISION
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World Bank, Cairo
Middle East and North Africa | Middle East | North Africa
2016-08-03T22:00:20Z | 2016-08-03T22:00:20Z | 2015-06

This report summarizes the experiences of 19 companies from across the region. Each of the case studies highlights the key corporate governance changes made and the positive impacts that resulted, as reported by the company. The companies represent various countries, sectors, types, and sizes. All of the companies featured are former IFC Advisory Services clients. Some are IFC Investment clients as well. IFC conducted an in-depth corporate governance assessment for each of these companies using IFC’s Corporate Governance Methodology. The assessments resulted in specific recommendations on ways to improve each company’s governance framework and identified implementation plans. The assessments were conducted at various points over the past few years. The time taken to implement changes and realize benefits varied. However, all companies reported that governance changes are continuous and the corresponding benefits manifest themselves in different forms over time. This report provides examples of companies in various stages of change – from recent changes (e.g., Medgulf) to ongoing, longer-term changes (e.g., Bank Audi). This report also includes testimony from three MENA private equity firms (all IFC investment clients). Collectively, these firms have worked with 72 investee companies (past and present funds). Selected based on their association with IFC and their willingness to share their insight and experiences, these firms offer a valuable window into the importance of corporate governance from an investor’s perspective. The material in this report is based on feedback gathered through individual interviews with each organization featured, resulting in well-considered responses. The achievements highlighted are all the more notable given that the interviews and information gathering process took place in in late 2009 (first edition) and 2013 (for current edition), when the region was still under the stress of the crisis.

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