Strengthening Venezuelan SMEs

(Caracas, October 23, 2008).- The Andean Development Corporation and the Venezuelan Association of Executives (AVE) organized the Business Forum on Good Corporate Governance Practices for SMEs, which was held in the Corporation’s headquarters in Caracas.

"CAF and the AVE have been executing a project to strengthen corporate governance in Venezuela by training specialists and developing networks of consultants in corporate governance and of independent directors, together with implementation of these principles in medium-sized companies" explained Andrés Oneto, executive of the CAF Competitiveness Programs Department, and speaker at the event.

Oneto added that these actions were part of the CAF Corporate Governance Program, which contributes to competitiveness at company and macroeconomic level. "In this context, and in keeping with its commitment to sustainable development and regional integration, CAF has been promoting this program, aimed at fostering the best corporate governance practices at regional level."

The seminar was targeted at business leaders, entrepreneurs, training institutions for SMEs, financial institutions and public policymakers involved with the capital market. The objectives of the event were to present the AVE National Corporate Governance Program for SMEs; promote the competitive development of SMEs; report on the main strategies developed to open access for SMEs to capital markets; increase awareness of the importance of implementing the principles of corporate governance in medium-sized companies; and describe the activities that CAF is executing in Venezuela and the region at level of dissemination, training and effective implementation of these practices.