|IBGC defines the qualification of board members|
The process of improving the work of boards of directors will gain another ally, with the release of the IBGC Director Certification Program (PCCI) in mid 2009 by the Instituto Brasileiro de Governança Corporativa (the Brazilian Institute of Corporate Governance -IBGC). The purpose is to promote a kind of “quality seal” for boards of directors in Brazil.
Certification will be granted in two ways: through approval in a single and present test, held once a year; and via requests by experienced professionals. “Our goal is to make board members want this certification”, said Marcos Jacobina, coordinator of the Institute’s Certification and Directors Board.
The institute will test 11 skills that the board member needs in order to obtain the certificate. Among them is the interpretation of accounting and financial reports, and knowledge of corporate finance, operations in the capital and credit markets, company legislation, and good governance practices.
Furthermore, to qualify for the test, the professional must also have a university education and proof of professional experience, adhere to the IBGC Code of Conduct and present a letter of recommendation. He or she must also commit to continue improving expertise even after obtaining certification.
In the future, says Jacobina, the IBGC intends to extend certification to other areas, such as the oversight and accounting committees. The official announcement of the PCCI will be made at the 9th Corporate Governance Congress of the institute, which will be held on December 8 and 9.