- JEDDAH: The Islamic Development Bank (IDB) will host on Tuesday (Jan.
- 25) the fifth annual conference on development finance institutions (DFIs), which is expected to discuss a number of issues concerning corporate governance and the role that these institutions plays to face the global economic crisis.
Corporate governance is a process for the direction and control of companies and its relationship with the management. The two-day conference will be attended by 31 representatives from the DFIs that have signed the toolkit of corporate governance in 2007. Since that time, four DFIs annual conferences were held in Washington, Paris, Tunisia and Rio de Janeiro.
The Multilateral Committee consisting of those institutions aims at evaluating the commitment of the DFIs toward the governance principles enhancing the cooperation between the institutions and conducting annual conferences to keep eyes on the development achieved by those institutions. The DFIs give a big consideration to the corporate governance to achieve many objectives such as reducing investment risks, improving performance and developing capital markets. The toolkit, which has been approved by DFIs, includes instruction sheet that introduces the concept of corporate governance and its significance. It also includes five areas of governance. This is in addition to a questionnaire, which includes a list of questions establishing the basis for corporate governance review.

