This report summarizes the experiencesof 19 companies from across the region. Each of the casestudies highlights the key corporate governance changes madeand the positive impacts that resulted, as reported by thecompany. The companies represent various countries, sectors,types, and sizes. All of the companies featured are formerIFC Advisory Services clients. Some are IFC Investmentclients as well. IFC conducted an in-depth corporategovernance assessment for each of these companies usingIFC’s Corporate Governance Methodology. The assessmentsresulted in specific recommendations on ways to improve eachcompany’s governance framework and identified implementationplans. The assessments were conducted at various points overthe past few years. The time taken to implement changes andrealize benefits varied. However, all companies reportedthat governance changes are continuous and the correspondingbenefits manifest themselves in different forms over time.This report provides examples of companies in various stagesof change – from recent changes (e.g., Medgulf) to ongoing,longer-term changes (e.g., Bank Audi). This report alsoincludes testimony from three MENA private equity firms (allIFC investment clients). Collectively, these firms haveworked with 72 investee companies (past and present funds).Selected based on their association with IFC and theirwillingness to share their insight and experiences, thesefirms offer a valuable window into the importance ofcorporate governance from an investor’s perspective. Thematerial in this report is based on feedback gatheredthrough individual interviews with each organizationfeatured, resulting in well-considered responses. Theachievements highlighted are all the more notable given thatthe interviews and information gathering process took placein in late 2009 (first edition) and 2013 (for currentedition), when the region was still under the stress of the crisis.
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