CSIG Founder Appointed to ICGN Board of Governors

The International Corporate Governance Network (ICGN) has appointed a South African, Philip Armstrong to its Board of Governors at its Annual General Meeting in Rio. Armstrong is the architect of the King Code of corporate governance.

Formed a decade ago, ICGN represents the interests of major institutional investors and advisors representing some US$10 trillion under management. Some of the world's largest pension funds, including CalPERS and TIAA-Cref, are associated with ICGN.

Its members are drawn from 25 countries and extend beyond financial markets and industry to include academics, regulators, union representatives and leaders in corporate governance.

Originally founded to share and discuss common issues of concern and interest, ICGN is now moving into a more formal structure, issuing global guidelines on a range of issues relevant to institutional investors. It has established itself firmly as one of the leading authorities on corporate governance around the world and is regularly consulted by regulators and legislators.

"The focus of ICGN is primarily in developed markets, so the appointment of a South African - free of institutional interests – was aimed at furthering an independent viewpoint," says Armstrong.

Armstrong was disappointed that there was no other South African presence at the Rio meeting, other than from the South African government, especially in the light of a strong contingent from Australia.

The 2005 AGM will be held in London and 2006 AGM in Washington. Cape Town, Sydney, Seoul, Moscow, Mumbai and Geneva are expected to bid to become the 2007 hosts.

Armstrong has set himself the target of persuading the authorities and regulatory bodies to throw their weight behind a South African bid. "There are immense opportunities for our economy if we can persuade ICGN to hold its 2007 meeting in the Republic."

ICGN GOVERNORS

Newly-appointed governors: Peggy Foran, vice-president and corporate secretary of Pfizer; Roderick Munsters, investment director at the Dutch PGGM fund; Philip Armstrong, head of ENF corporate governance in Johannesburg.
Re-elected governors: Alastair Ross Goobey, chairman of Hermes Focus Asset Management; Pierre Bollon, chief of France's AFG fund management association; Jennifer Choi of the US Investment Company Institute; Peter Day of Canada's Osler, Hoskin & Harcourt; Richard Koppes of Jones, Day; Alan MacDougall head of London-based PIRC; Taiji Okusu, managing director of Credit Suisse First Boston Securities in Japan; Christian Strenger, board member of Germany's DWS Investment; John Wilcox, vice-chair of Georgeson Shareholder.

Philip Armstrong
Founder of the Company Secretaries Interest Group (CSIG) and managing director of ENF Corporate Governance Advisory Services.