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Cuentas Claras: Government Transparency in Collaboration with the Private Sector

June 13-14, 2018

Panama City

  • This year’s Cuentas Claras conference, “Transparent Government – Leveraging Private Sector Partnerships,” is organized jointly by the World Bank Group and the Government of Panama. It convenes high-level government officials and policy makers, representatives of multilateral financial institutions, experts in governance, civil society leaders, and journalists from Latin America and the Caribbean (LAC) and the rest of the world.

    The objective is to foster dialogue on how enhanced transparency, accountability, and financial reporting systems in the private and public sectors can help build trust and confidence, as well as crowd-in the private sector to create markets, leverage government spending, and maximize finance for development.

    This event aims to promote the exchange of ideas on the policies, strategies and institutional arrangements necessary to address the challenges of enhancing transparency and accountability in the public sector to mobilize private financing for development and promote economic growth in the region. It also aims to identify tangible next steps to strengthen LAC’s enabling environment for enhanced private sector involvement in development finance.

    The conference includes a mix of plenary and breakout sessions, from theoretical debates to practical applications. We encourage you to actively participate by asking questions, sharing knowledge, and making connections.

  • Download the presentations of #CuentasClaras event in this link.

  • Welcome to our regional conference on transparency, accountability, and financial reporting regimes

    The Government of the Republic of Panama and the World Bank Group are pleased that you are able to participate.

    This year’s theme for Cuentas Claras is “Transparent Government: Leveraging Private Sector Partnerships.” The World Bank Group recognizes the critical role that the private sector plays in helping maximize finance development and that Latin America and the Caribbean is leading globally in its implementation. The conference will help identify specific governance interventions that the public sector can take throughout the region to improve the business environment and investment climate for the private sector.

    This conference is an opportunity to convene prominent speakers from a variety of professions – governments, the private sector, standard setting institutions, academia, the media, non-governmental organizations, and international organizations – to explore how best to leverage private sector funding into financing development. Presenters and distinguished guests will share and debate ideas on the issues and solutions around transparency, accountability, and financial reporting regimes.

    Once again, it is our pleasure to host this event in the beautiful City of Panamá, known for its innovative partnerships between the private and public sectors.

    Jorge Familiar, Vice President for Latin America and the Caribbean, The World Bank                                        

    Dulcidio De La Guardia, Minister of Economy and Finance, Republic of Panamá

  • Venue: Sheraton Grand Panamá (Vía Israel y Calle 77 San Francisco Panama City PA-8, Panamá)

    Day 1 – June 13, 2018






    Registration and Breakfast




    Gran Salón



    Jorge Familiar, Regional Vice President for LAC, World Bank

    Luis Almagro, Secretary General, OAS

    Her Excellency Isabel de Saint Malo, Vice-President of the Republic of Panama

    Master of Ceremonies

    Atenógenes Rodríguez



    Plenary 1: High Profile Panel


    Gran Salón



    Jorge Familiar, Regional Vice President for LAC, World Bank

    Luis Almagro, Secretary General, OAS

    Dulcidio De La Guardia, Minister of Finance, Panama


    Moderator: Atenógenes Rodríguez


    10:50- 11:10


    Coffee Break

    11:10- 12:10

    Plenary 2


    Gran Salón




    Gabriel Goldschmidt, Regional Director for Latin America & Caribbean, LAC, IFC



    Gabriel Barletta, President, Chamber of Commerce, Industries, and Agriculture of Panama

    Raúl Alemán Zubieta, President of the Board of Directors of Banco General, Panama

    Felipe Chapman, President & Managing Partner, INDESA

    Sigrid Simons de Müller, Corporate Board Member, Chair of Women’s Corporate Directors (WCD) Panama


    12:15- 13:15

    Plenary 3


    Gran Salón




    Ceri Lawley, Chief Compliance Officer, IFC



    Lisa Kristin Miller, Senior Integrity Compliance Officer, World Bank

    Beth Colling, Vice President & Chief Compliance Officer, CDM Smith

    Lucas Diez Suarez, Counsel, Business Risk and Compliance, IFC

    13:15- 14:15


    Lunch (Salón Chagres, in the hotel lobby)


    Break-out Session A


    A1: Taboga


    A2: Contadora




    Peter Ladegaard, Global Lead for Regulatory Policy and Management, World Bank



    Mario Emilio Gutiérrez Caballero, Commissioner, Comisión Nacional de Mejora Regulatoria (CONAMER), México

    Abbey Stemler, Assistant Professor of Business Law and Ethics, Kelly School of Business, Indiana University






    Xiomara Morel, Practice Manager, Governance Global Practice, World Bank



    Andreas Bergmann, Professor, Zurich University of Applied Sciences and Former Chair of International Public Sector Accounting Standards Board (IPSASB)

    Aracelly Méndez Núñez, National Director of Accounting, Ministry of Finance (Panama) and IPSASB Member

    Anthony Pierre, President, Institute of Chartered Accountants of the Caribbean




    Coffee Break


    Break-out Session B



    B1: Taboga


    B2: Contadora




    Robert Taliercio, Practice Manager, Governance Global Practice, World Bank



    Elvio Brizuela, General Director for Public Enterprises, Ministry of Finance, Paraguay

    Luciana Guimaraes Drummond e Silva, Regional Portfolio Coordinator, Public – Private Infrastructure Advisory Facility

    Arismendi Leong, Manager, Office of the Inspector General, Panama Canal Authority





    Joseph Kizito, Lead Financial Management Specialist, World Bank



    Lisa Bostwick, Senior Financial Sector Specialist, World Bank

    Ana Carolina Alpírez, Journalist, Ojo con mi pisto Open Contracting, Guatemala

    Leonardo Sales, General Coordinator, Observatory of Public Spending, Ministry of Transparency, Brazil

    Juan Pablo Guerrero, Network Director, Global Initiative for Fiscal Transparency


    Gran Salón



    Master of Ceremonies

    Atenógenes Rodríguez




    Depart for Social Event (Panama Canal, Miraflores Locks, and reception at the American Trade Hotel in Casco Viejo)

                                                           Day 2 – June 14, 2018








    Gran Salón



    Master of Ceremonies

    Atenógenes Rodríguez



    Plenary 4


    Gran Salón




    Abel Caamaño, representative in Panama, World Bank



    Juan Luis Flores, Director of Finances, Marhnos S.A.

    Ian Hawkesworth, Senior Public Sector Specialist, World Bank

    Akash Deep, Senior Lecturer in Public Policy and Faculty Chair of the Infrastructure in a Market Economy Executive Program, Harvard University John F. Kennedy School of Government




    Coffee Break

    11:00- 12:15

    Plenary 5


    Gran Salón




    James Brumby, Director, Governance Global Practice, World Bank



    Marco Larizza, Co-Author, WDR 2017, and Senior Public Sector Specialist, World Bank

    Dorothy Pérez Gutiérrez, Deputy Comptroller General, Chile

    Manuel Balán, Professor of Political Science and International Development, McGill University


    12:20- 13:35

    Plenary 6


    Gran Salón




    Luc Grillet, Senior Manager for Central America & Caribbean, IFC



    David Duarte, Senior Public-Private Partnerships Specialist, Infrastructure, PPP and Guarantees Group, World Bank

    Henrique Amarante Costa Pinto, Former Secretary of Public Policy Coordination, Presidency of the Republic of Brazil

    Denise Arana, General Manager Public-Private Partnerships and Privatization Services, Development Bank of Jamaica


    13:35- 14:50


    Lunch (Salón Chagres, in the hotel lobby)


    Plenary 7


    Gran Salón



    Merli Baroudi, Director of Economic and Sustainability, MIGA



    Roberto Roy, Minister of Canal Affairs, Director, and President of the Board of Directors, Panama Metro

    Marcelo Gorrini, General Manager, Citi Panama

    Thomas Coenen, Director, Global Export and Agency Finance, Citi

    Jorge Rivas, Senior Underwriter, MIGA



    Gran Salón



    Master of Ceremonies

    Atenógenes Rodríguez



    Gran Salón



    James Brumby, Director, Governance Global Practice, World Bank

    Abel Caamaño, representative in Panama, World Bank




    Closing Reception

    Session Descriptions – Day 1 (June 13, 2018)

    Plenary Session 1 - Ministerial Panel: Governance, Development, and the Private Sector in LCR

    Participant ministers from Latin America and the Caribbean region (LCR) will take the stage with the World Bank Regional Vice-President to reflect upon the state of governance in the region and the participation of the private sector in regional development finance. Each minister will focus on recent developments regarding transparency, accountability, and financial reporting regimes in their respective countries.

    Plenary Session 2 - Expanding Finance for Growth in LCR: The Case for the Private Sector

    In order to achieve the Sustainable Development Goals, the World Bank and other multilateral development banks have pledged to catalyze greater development investment and mobilize private capital. A huge financing gap is preventing the region from achieving these ambitious goals; private capital is needed to maximize finance for development. This session will focus on the specific needs of the private sector to increase development investment, such as corporate governance, robustness of legal framework, adequate risk-reward allocation, greater financial data disclosure, regulatory enforcement, and predictability.

    Plenary Session 3: Transparency, Accountability, and the Private Sector: Due Diligence, Debarment, and Compliance

    Private sector sponsors and stakeholders are increasingly focused on conducting due diligence on their clients, partners, and downstream providers before engagement. Enhanced transparency and accountability are now business imperatives because engaging with the wrong players is bad business practice and can result in significant financial penalties, economic loss, as well as serious reputational risk. This session will address recent trends in conducting integrity due diligence; the risk of penalties, sanctions, and potential debarments in the event of fraud or corruption in business relationships; and best practices for setting up robust and meaningful controls and compliance systems.

    Break-out Session A1 - Regulation and the Private Sector: Good Regulatory Practices and the Challenges of the Sharing Economy

    With private sector development as the primary engine of growth, and with governmental limits on public spending, “regulation” is becoming a key tool to reach policy objectives. When designed and implemented properly, regulation can create a better business environment, which is favorable for private sector investment and economic growth. However, interactions between governments and the private sector in the regulatory process have delivered different results. On the negative side, issues of regulatory capture have created benefits for special interest groups that have the power to influence the regulatory process and its outcomes. On the positive side, good regulatory practices – such as public consultation, regulatory impact assessment, forward regulatory planning and electronic registries of laws and regulations – have brought transparency, predictability and greater participation to the rulemaking process. Lately, innovations in private sector activity, such as the sharing economy, have posed new challenges to governments and traditional businesses. This session will explore these three issues in which public and private sector collaboration play a key role to improve governance and the investment climate in the region.

    Break-out Session A2 - The Importance of Comprehensive Financial Reporting in taking investment decisions and managing risks

    Comprehensive financial reporting is key to better managing risk for entry into the market, a crucial factor in helping crowd in the private sector. Efforts to improve the investment environment in LCR through enhanced transparency and accountability will only succeed with strengthened accounting practices in the public sector. Both governments and investors require comprehensive and standardized financial reporting to structure projects and transactions, determine options for channeling private investments into these projects, and provide information for managing risks and assets.

    Break-out Session B1 - State Owned Entrerprises (SOE): What Role Do They Play and How Does Good Governance Help Them?

    This panel will discuss the importance of SOE compliance with International Financial Reporting Standards (IFRS) to the private sector, as well as the monitoring, divulging, and addressing of expenditure arrears and other risks. SOEs are critical to providing services that allow for further economic investment and growth: power generation, water, and transport, to name a few. The mixed ownership and regulatory roles of SOEs can cause conflicts of interest, as does the appointment of government bureaucrats to SOE boards. Board directors are often chosen for their political connections, not professional skills or industry expertise. Politically driven decision-making not only eats away at profits and service delivery, it also serves as a deterrent to greater private investment. In this sense, good corporate governance benefits both public and private firms

    Break-out Session B2 - Technological Innovations in Enhancing Transparency, Combating Corruption, and Stopping Illicit Financial Flows

    This session will focus on new and evolving approaches to enhancing transparency and addressing corruption in the context of private sector development. Open contracting practices not only deliver better value for money for governments, they also create fairer competition and level out the playing field to allow for new businesses to make bids for government contracts. The adoption of data management, tracking, and analytical tools can shine a light on corrupt transactions, including illicit financial flows.

    Session Descriptions – Day 2 (June 14, 2018)

    Plenary Session 4:  Governance of Infrastructure

    This session will focus on the governance-related issues that dampen private investment opportunities in infrastructure. Poor governance of infrastructure includes (but is not limited to): incomplete long-term planning and strategies, opaque accounting practices, poor coordination across levels of government, unstable regulatory frameworks, limited monitoring of infrastructure performance (including value depreciation), weak institutional capacity, financing sustainability, uninformed appraisals and decisions, political economy dynamics, corruption and/or capture, and a lack of consultation with the broader community during project preparation.

    Plenary Session 5: Governance and the Rule of Law

    Transparency and the Public Sector Coalitions of actors—civil society, the private sector, different layers or agencies of government—with aligned incentives are often the most effective at promoting transparency, fighting corruption, and ensuring a level playing field for the private sector. Information gaps generate inefficiencies—be it non-competitive procurement, financial mismanagement of public resources, or renegotiations of PPP agreements shortly after auction. However, greater transparency alone is not enough to lead to better development outcomes. Rather, the available information must be easily accessible, understandable, able to reach the intended actors, and actionable.

    Plenary Session 6: Challenges in PPPs: Preparing a Pipeline of Bankable Projects

    Besides addressing the issue of large fiscal deficits, PPPs can also leverage the innovation, expertise, and management capacity of the private sector into the public sector. Governance reforms are needed to encourage and facilitate the entry of more private firms into PPPs: these include legal, regulatory, institutional, and financial reforms to facilitate the processing and implementation of PPPs. Even more basic is the need for the development of an integrated pipeline of viable, appraised capital projects for public or private sector financing, or a PPP.

    Plenary Session 7: Demystifying Political Risk Insurance

    Private investors could channel billions of dollars towards development projects. Yet concerns about committing to long-term projects, or entering into new markets and sectors have prevented them from doing so. Fully understanding the potential of innovate applications of political risk insurance and credit enhancement products can help investors alleviate such anxieties. If scaled up effectively, governments can benefit from attracting private funds to support development projects. Helping private investors manage political risk and navigate emerging markets is MIGA’s mission. This session will focus on exploring the application of political risk insurance and credit enhancement products in the LAC context and how the use of such products can be beneficial for both the private and public sectors.

  • Jorge Familiar

    Vice President of the World Bank for Latin America and the Caribbean

    Jorge Familiar, a Mexican national, has served as Vice President of the World Bank for Latin America and the Caribbean since 2014, and is the first Latin American to hold the position in the last 30 years. In his current position, Familiar leads relations with 31 Latin American and Caribbean countries through a portfolio of ongoing projects, technical assistance and grants worth more than US$31 billion. Traditionally, the region has delivered around 30 percent of the Bank's annual lending commitments. Familiar previously served as Vice President and Corporate Secretary of the World Bank Group, beginning in August 2010, where he played a key role in facilitating and promoting cooperation and dialogue between the Board of Governors, Boards of Executive Directors and Management of the World Bank Group institutions. Previously, Familiar devoted his efforts to financial inclusion as Chief Executive Officer of Mexico’s Instituto del Fondo Nacional para el Consumo de los Trabajadores (Instituto FONACOT), a public financial institution with more than one million clients and a loan portfolio of more than US$1 billion that grants consumer loans to workers with the lowest income levels. In this role, Familiar provided strategic leadership to the organization and helped restore it to profitability during the global financial crisis. Between 2004 and 2008, Familiar served as Executive Director and Alternate Executive Director for the World Bank Group in Washington, DC, having been elected to represent Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Spain and Venezuela at the Boards of Executive Directors of the IBRD, the International Finance Corporation, the International Development Association and the Multilateral Investment Guarantee Agency. Familiar began his career at the National Banking and Securities Commission of Mexico (CNBV in Spanish), where, having held several positions, he became Vice-chairman of Securities and Derivatives Markets Supervision and served as a member of the Governing Board. He was in charge of designing, negotiating and implementing several regulatory instruments, including the Securities Market Law approved by Congress in 2005 and the Investment Fund Law approved by Congress in 2001. He was a member of the Committee of Best Practices of Corporate Governance of Mexico’s Business Coordinating Council (CCE) and of the Accounting Principles Commission of the Mexican Institute of Public Accountants. Familiar also lectured on finance at the Instituto Tecnológico Autónomo de México (ITAM) and was a member of the Advisory Board of the university’s Accounting and Strategic Finance Program. He holds a bachelor's degree in accounting and obtained a master's degree with honors from ITAM.

    Luis Almagro

    Secretary General OAS

    Luis Almagro was elected OAS Secretary General on March 18, 2015, with the unanimous support of 33 of the 34 member stations, and one abstention. Upon taking over the leadership of the OAS, he announced that the guiding principle of his administration would be “more rights for more people,” and that he would work to bring the Organization closer to the new reality in the hemisphere and thus contribute to bringing more democracy, more security, more development and prosperity for all. As OAS Secretary General, he has prioritized the defense of democracy and human rights in his daily work, and has not hesitated to speak out when there have been abuses of democratic institutions, as in the case of Venezuela, where he requested the application of the Inter-American Democratic Charter, the “Constitution of the Americas,” as he has described it. In addition to the crisis in Venezuela, Almagro has renewed the support of the OAS to the Mission to Support the Peace Process (MAPP) in Colombia); promoted the creation of the Mission to Support the Fight against Corruption and Impunity in Honduras (MACCIH) –the first OAS Mission of its kind-; renewed and expanded the Electoral Observation Missions of the OAS (with first-time visits to countries such as the United States and Brazil); played a key role in the holding of elections in Haiti; and mediated the migratory crisis between the Dominican Republic and Haiti. Almagro is a lawyer by profession, is married and has seven children. In addition to Spanish, he speaks English and French.

    Isabel de Saint Malo de Alvarado

    Vice President of the Republic of Panama

    The Vice President of the Republic and Minister of Foreign Affairs, Isabel de Saint Malo de Alvarado, has over 20 years of experience in consulting, development and implementation of public policies in Latin America. Following her election as Vice-President and her appointment as foreign minister, she became the first woman to hold both positions in the history of her country. She was the Alternate Ambassador from Panama to the United Nations in New York and worked with the United Nations Development Program, as Country Manager for Panama for 15 years. From this office, she worked with the team that designed and executed the Agreements called Panama 2000 (“Acuerdos Panamá 2000”), in whose framework the legislation to create the Panama Canal Authority was drafted, to receive the waterway once it reverted to Panamanian hands. She was awarded by the Harry S. Truman Institute for the Promotion of Peace, for the achievements in building dialogue and consensus throughout her career, and for the role played by the Government of the Republic of Panama, preparing the stage for the meeting between the presidents of Cuba and the United States, in the framework of the VII Summit of the Americas. The Vice-President is the first person in Latin America to receive this recognition. She also received from the Panamanian Business Executives Association (APEDE) the award of “Woman of the Year 2012”, for her contributions in building national consensus for over two decades. She has been part of the board of directors of several organizations such as: BBVA Bank, Fundación Democracia y Libertad, and the Women Corporate Directors Association of Panama, among others. Currently, in her capacity as Vice-President of the Republic, and based on the priorities of the Government of Panama, she presides the Social Cabinet (“Gabinete Social”) and supports the National Council for Development (“Concertación Nacional para el Desarrollo”), where she seeks to articulate social policies, in coordination with civil society, around the strategic objective of eradicating poverty and social inequality through the adoption of the Sustainable Development Goals. In that same course of action, from her office she promotes matters related with transparency, the fight against corruption and gender equality. As Minister of Foreign Affairs, among other aspirations, she promotes the project of modernization and institutional strengthening of the Ministry of Foreign Affairs, whose main objective is to promote the professionalism of Panamanian diplomacy. Her vision is to promote a foreign policy where Panama serves as a country of dialogue; consensus building, positioned at the forefront of the global development agenda. She has a Degree in International Relations from Saint Joseph´s University and a Master’s Degree in Business Administration from Nova Southeastern University. She is married and has 3 children.

    Dulcidio De La Guardia

    Minister of Economy and Finance

    Graduated from Florida State University with a degree in Business Administration (1984), holds a Master’s Degree in Business Administration from Loyola University (1986), New Orleans, Louisiana, and is Charter Financial Analyst (CFA) by the CFA Institute from Charlottesville Virginia on December 2000. He joined in 1990 the Panama Stock Exchange as Development Manager. In 1999, Dulcidio joined Banco Continental de Panama, S.A. as Vice President of Private Banking and Investments, responsible for the private banking, trust, brokerage and offshore banking services. In July of 2002, he joined Primer Banco del Istmo (Banistmo) as Vice president of Investment Banking, responsible for corporate finance, mergers and acquisitions, trust services and brokerage operations. In 2005, he was promoted to Executive Vice president, responsible for the regional investment banking unit, with operations in Panama, Costa Rica, El Salvador, Colombia, Honduras, Nicaragua and the Bahamas. In 2006 with the merger between HSBC Banks (Panama) and Banistmo, he was designated Head of Corporate Investment Banking and Markets. On September 2007, he was promoted Head of Private Banking reporting to the Head of Private Banking Latin America in Switzerland. In March of 2008, he joined MMG Bank as Director of Wealth Management. On July 1 of 2009, he was appointed Vice Minister of Finance of Panama. In September 2011, he was appointed Chief Financial Officer of the Morgan & Morgan Group Panamá until May 2014. In July 2014 he takes over as the new Minister of Economy and Finance. Mr. De La Guardia has been a member of the Board of Directors of the Panama Stock Exchange, Inc., Elektra Noreste, Progreso AFP and Profuturo AFP, Primer Banco del Istmo, S.A., HSBC Bank (Panama), S.A. Central Latinoamericana de Valores (Latinclear), Development Bank of Latin America (CAF) and Panamanian Chamber of Capital Markets.

    Gabriel Goldschmidt

    Director for Latin America and the Caribbean IFC

    He oversees IFC’s operations in the region, with a focus on strategic priorities like promoting innovation through technology, tackling climate change, developing capital markets, and supporting infrastructure. He heads investment and advisory services across 27 countries, where IFC has an active investment portfolio of $18 billion and advisory programs worth $125 million. IFC staff focusing on Latin American and the Caribbean is based in 13 regional offices, in addition to Washington, DC. Before this role, Mr. Goldschmidt was Latin America and the Caribbean’s Regional Head for Infrastructure, including ports, logistics, power, water and cities. Mr. Goldschmidt coordinated a decentralized team based in three regional hubs across the region in addition to Washington, DC. IFC investments in infrastructure represent more than 40 percent of IFC’s total operations in the region. Mr. Goldschmidt joined IFC in 1993 initially focusing on global infrastructure. Prior to joining IFC, Mr. Goldschmidt was Deputy Treasurer at Banque La Henin, a real estate specialized bank in Paris, France. Mr. Goldschmidt, a national from Argentina, holds a CPA from the University of Buenos Aires, a Masters in Economics from the University of Paris and an MBA from the Wharton School, at the University of Pennsylvania.

    Gabriel Barletta

    President of the Chamber of Commerce, Industries and Agriculture Panama

    Gabriel Barletta has more than 15 years of experience in business administration, advertising, and communications. He is currently the President of the Chamber of Commerce, Industries and Agriculture Panama (2018-2019). Barletta was the Vice President of the Chamber of Commerce, Industries and Agriculture of Panama and Director of the Small Chamber of Advertising and Communications from 2014-2018. Since October 2014, he has held the position of CEO of Star Holding, a company with more than 40 years of experience and composed of fifteen companies, holding more than 400 employees, and with a global portfolio of clients touching most sectors and industries. Barletta was President of the Panamanian Association of Advertising Agencies (2012-2014). He has been a member of the boards of directors of retail, construction, energy, banking, advertising, and marketing companies, and is an active member of business forums.

    Raul Aleman Zubieta

    President of the Board of Director of Empresa General de Inversiones, S.A., Grupo Financiero BG, and Banco General, S.A.

    Mr Alemán initiated his banking career as Operations Manager in Banco General in 1977. His leadership capacities as well as his thorough understanding of the banking industry in Panama, led him to various positions within the bank, in 1986 became CEO and General Manager and in January 2018, President of the Board of Directors. He has led the corporation through various and complex mergers and acquisitions: Banco Inmobiliario Nacional, Bank of America, Bancomer, BankBoston, Banco Continental de Panamá, and has led its way to becoming the largest and most prestigious Panamanian bank, with 60 branches, 525,000 clients and over 3,200 employees. In 1997 Banco General obtained International Credit Grade Ratings from Standard and Poor’s and Fitch Ratings, grades which have been maintained to this date.

    Felipe Chapman

    Managing Partner, INDESA

    Felipe is Managing Partner at INDESA, a Panamanian firm that specializes in economic research and analysis, financial and strategic advisory, investment banking services and private equity investments. Felipe is Chairman of the Board of Directors of INDESA; independent director of Banistmo; and members of the Board of Directors of the Panama Psoriasis Foundation. Felipe was chairman of Latinex Holdings, the Panama Stock Exchange and Latin Clear. Before joining INDESA in 2004, Felipe was the CEO of the Panama Stock Exchange. He has over 25 years of professional experience in financial advisory, investments, economic analysis, capital markets and corporate finance. Felipe has BA in Economics from Brown University and an MBA from INCAE Business School.

    Sigrid Simons de Müller

    President, Women Corporate Directors WCD-Panama.

    Sigrid has held positions as corporate board member for more than 25 years. She has directorship experience diverse industries: insurance, supermarket retail, banking, automobile distribution, financial and fiduciary services. Her board leadership positions include board vice-chair and chair of corporate governance, audit and risk committees. Mrs. Simons de Müller’s business acumen is enhanced by her education - BBA in accounting and an MBA in corporate finance, her professional experience - banking, manufacturing, retail and logistics support, and her years of experience as a corporate board member for various lines of business. Given her corporate governance and effective directorship knowledge and experience, she is frequently invited to participate in local and international conferences, panels, interviews, and as contributor to articles and white papers.

    Ceri Lawley

    IFC’s Chief Compliance Officer leading IFC’s Business Risk and Compliance Department.

    Ceri holds a degree from the University of Oxford and law degrees from the University of Cambridge and Georgetown University. As IFC’s Chief Compliance Officer, Ceri oversees subject matters such as client integrity and anti-money laundering, due diligence, economic sanctions, operational conflicts of interest, offshore financial centers and tax structuring, information access and security, as well as market conduct activities (e.g., related to fund mobilizations and handling of material non-public information). Ceri joined the World Bank Group in 2008 where she was a member of the Legal Finance Team advising IBRD Treasury, in particular the World Bank Group Pension Plan, on regulatory, legal, compliance and tax risks. Her prior experience also includes working as a partner in the Australian law firm Mallesons Stephen Jaques (now King & Wood Mallesons), advising corporate and commercial sponsors, pension plans and fiduciaries on, among other things, securities and licensing matters, tax, corporate law and governance.

    Lisa K. Miller

    Integrity Compliance Officer, Integrity Vice Presidency, The World Bank Group.

    Ms. Miller is the Integrity Compliance Officer in the Integrity Vice Presidency at the World Bank Group (WBG). She received an LL.M. in International and Comparative Law, with distinction, from Georgetown University Law Center. Ms. Miller received her J.D. from George Washington University Law School, where she was a member of The George Washington Journal of International Law and Economics, and a Dean’s Fellow. She graduated from Georgetown University’s School of Foreign Service with a B.S. in International Politics and Certificate in German Studies. In her current position, Ms. Miller is responsible overseeing the work of the WBG Integrity Compliance Unit (INTIC). INTIC engages with sanctioned entities in connection with the conditions imposed for their release from WBG sanction, such as the development and implementation of integrity compliance programs that are consistent with the principles set out in the WBG Integrity Compliance Guidelines. Previously, Ms. Miller was a Senior Counsel in the World Bank Legal Vice Presidency, focusing on sanctions and legal procurement matters. Prior to joining the WBG, she was in private legal practice in Boston and Washington, D.C. Her practice focused on integrity compliance, sanctions, public procurement, and corporate matters.

    Beth Colling

    Vice President and Chief Compliance Officer, CDM Smith

    M. Beth Colling has more than twenty years of experience working in international publicly-traded and privately-held organizations in various roles, including Managing Attorney and Chief Compliance and Risk Officer. She is currently the Vice President and Chief Compliance Officer of CDM Smith Inc., an international engineering and construction design consulting firm headquartered in Boston, MA. Prior to going in-house as an attorney, Ms. Colling practiced law for several years in U.S. Federal Courts. She has been involved in Compliance in a number of roles, including teaching compliance courses at the Charlotte School of Law and serving on an Advisory Council for the school. Ms. Colling’s focus is on building Integrity Compliance Programs for private industry. Ms. Colling has her CCEP Certification (Corporate Compliance and Ethics Professional) and has spoken on international compliance topics for several years, including topics related to the U.S. Foreign Corrupt Practices Act (FCPA) at a number of U.S. and international forums, including the European Business Ethics Forum in Paris, France and the UN Council Against Corruption in Courmeyer, Italy. She is a graduate of the University of Virginia School of Law as well as the Harvard Kennedy School Women in Power Executive Program. She serves as a Member of the Advisory Board for an international non-governmental organization (“I Change Her Life”) that creates economic independence opportunities for women in Turkey and Pakistan.

    Lucas Diez Suarez

    Counsel, Business Risk and Compliance, IFC.

    Lucas holds law degrees from University of Oviedo (Spain) and Columbia University (USA). He is admitted to the practice of law in New York and in Spain. As an Integrity Counsel in IFC, Lucas provides legal advice in respect to integrity matters affecting IFC transactions, including anti-corruption laws, AML/CFT regulations, economic sanctions, tax evasion and abuse, and crisis management related to significant integrity matters. He is also IFC’s liaison for World Bank Group debarments and sanctions matters. Before joining IFC, Lucas worked as Compliance Specialist for the Inter-American Development Bank, where he developed policies and provided advice in integrity matters. Prior to that, he worked as general counsel for a private equity firm, and spent five years in China as a lawyer advising multi-national companies in cross-border transactions.

    Peter Ladegaard

    Lead Private Sector Specialist, World Bank Group.

    Mr. Ladegaard leads the World Bank’s work on Regulatory Policy and Management. He has more than 15 years of experience with different aspects of regulatory governance and reform. Initially at OECD’s Regulatory Policy division, Peter led a number of benchmarking studies and country reviews of OECD Member Countries’ regulatory management systems. At the World Bank Group since 2005 he developed and directed the Better Regulation for Growth Program which adapted developed-country tools and experiences in regulatory reform to transition economies. Peter subsequently headed up the International Finance Cooperation (IFC)/World Bank Group’s Investment Climate Program in East and Southern Africa. In this capacity, Peter oversaw investment climate programs in 18 countries in the region. From July 2014, Peter was the Global Lead for the newly established Regulatory Policy and Management business line in the World Bank’s Governance Global Practice. Peter is the initiator and current co-lead of the World Bank’s Good Regulatory Practice (GRP) program. Peter joined the MTI practice in January 2018. In these various capacities, Peter has advised more than 40 governments on regulatory reform strategies and implementation. Prior to joining OECD and the World Bank, Peter worked in management consulting and for the Danish Ministry of Finance. He holds an MA in Political Science.

    Mario Emilio Gutiérrez Caballero

    Commissioner of the National Commission for Regulatory Improvement, Mexico.

    Mr. Gutierrez holds several master's degrees in Law from the Universities of Tulane (New Orleans), Oxford and Cambridge (both in the United Kingdom). In his professional career, he has worked as a lawyer at Baker & McKenzie Lawyers, S.C., and Sánchez DeVanny Eseverri, S.C. In the political sphere, he was Local Deputy of the Congress of the State of Nuevo León for the period 2009 - 2012. In his career in the public sector, he served as the Private Secretary of the Governor of the State of Nuevo León; He was Head of the State Regulatory Improvement Unit of the Government of the State of Nuevo León; and General Director of Political Liaison in the Ministry of Economy of the Federal Government. In the academic field, he has worked as a professor in the areas of Economic Competition Law, Economic Analysis of Law, Regulation, Corporate Law and Legal Practice in the USA, in the Graduate School of Public Administration and Public Policy (EGAP) of the Monterrey Institute of Technology and Higher Education (ITESM); and in the Faculty of Law of the Autonomous University of Nuevo León and the University of Monterrey. He has also participated in multiple International and National Forums promoting and promoting the country's progress in Regulatory Improvement.

    Abbey Stemler

    Assistant Professor of Business Law & Ethics, Indiana University Kelley School of Business, USA

    Abbey Stemler is an assistant professor of business law and ethics at Indiana University’s Kelley School of Business. Her research interests explore the complexities and possibilities of innovation law. In particular, she is a leading scholar on the sharing economy and has published multiple articles on the subject—including in the Emory Law Journal and the Maryland Law Review (forthcoming). Professor Stemler is also a practicing attorney, entrepreneur (she sold her first business at age 29), avid traveler, and blogger (www.themillennialprof.com). She currently teaches a variety of courses including entrepreneurship law, business law, and critical thinking.

    Xiomara A. Morel

    Practice Manager, Governance Global Practice, World Bank Group.

    Ms. Morel is a Practice Manager in the Global Governance Practice in Latin America and Caribbean region of the World Bank Group. She is a Certified Public Accountant and holds a Master degree in Finance. Ms. Morel has over 30 years of professional experience including more than 20 years of Bank’s experience, including portfolio management, quality enhancement, public accounting and financial reporting, risk management, and capacity development of public institutions in client countries. During her tenure at the Bank, Ms. Morel have had numerous achievements with significant operational impacts in client countries -including middle income countries and low-income IDA countries - in a variety of lending operations and public financial management reform initiatives approaching governance from fiduciary to capacity building and strategic public financial management country-level activities. In her current position, Ms. Morel is responsible for overseeing quality in the Bank’s financial management and governance capacity building activities conducted by financial management staff in the LAC region.

    Andreas Bergmann

    Full Professor of Public Finance, Zurich University of Applied Sciences, Switzerland

    Andreas Bergmann, PhD, is Professor for Public Finance and Director Public Sector at Zurich University of Applied Sciences. He was Chair of the International Public Sector Accounting Standards Board (IPSASB) from 2010 until 2015, after serving the board as a public member since 2006. In 2010 he was a Visiting Professor at Victoria University in Wellington, New Zealand. Since 2009 he’s also member of SRS-CSPCP, the Swiss Accounting Standard Setter for the Public Sector and since 2010 of the European Commission Accounting Advisory Group, both ongoing. He is scientific advisor to PFM reforms in Switzerland, Europe, Africa, Latin America, South East and Central Asia, and to various international organizations. He is also the non-executive Chairman of the Board of Zurich Landbank, a privat sector commercial bank.

    Aracelly Méndez

    National Director of Accounting, Ministry of Economy and Finance - Panama.

    Ms. Mendez has a degree in Public Accounting (CPA), studies in Economics at the University of Panama, a Master’s in Business Administration from Santamaría la Antigua University, and a Postgraduate in Management from INCAE. Besides, she has given and received courses and conferences in Finance, Capital Markets, Debt Management, Risk Analysis and Public Financial Management, both nationally and internationally. In her current position, Ms. Mendez is responsible for leading changes in the processes and systems of the new PFM model, under the system called ISTMO (Integration, Technological Solutions of the Operational Management Model). At this ministry, she was also General Director of Public Credit, where she led several negotiation processes and debt issuance after its restructuring, as well as in the development of the local market of Panama's public debt. From 2014-2016, she is a member of the International Public Sector Accounting Standards Board (IPSASB), and postulated again for the period 2017-2019.

    Anthony Pierre

    President, Institute of Chartered Accountants of the Caribbean – Trinidad & Tobago

    Mr. Pierre is a fellow of the Association of Certified Chartered Accountants of the UK (FCCA), a member in practice of the Institute of Chartered Accountants of Trinidad and Tobago (CA). He has over thirty-five (35) years’ experience in auditing and accounting; corporate finance; restructuring, liquidations and receiverships; risk management and training; the last twenty six (26) years at organizational leadership level. Mr. Pierre is principal of the Firm Anthony P Pierre & Co, Chartered Accountants and a former partner of Deloitte and Touche, Trinidad. He serves as Chairman of the Board of Directors of a Venture Capital Equity Fund Company and of Junior Achievement Educational Trust Trinidad and Tobago. He has served as a Council Member of the Institute of Chartered Accountants of Trinidad and Tobago since 2002; serving as president for three years from 2009 to 2012. He is currently president of the Institute of Chartered Accountants of the Caribbean. He acted as Consultant on three IDB project. 1. To strengthen the level of compliance with International Accounting and Auditing Standards in Trinidad and Tobago. 2. To reform the Credit Union Sector in Trinidad and Tobago. 3. To strengthen the capacity of Credit Unions in the Eastern Caribbean to engage in micro enterprise financing and to build institutional capacity in the Institutes of Chartered Accountants in Suriname, and the Eastern Caribbean Consultant on financial reporting matters to the Tobago House of Assembly from February 2013 to current; advising on various matters in the portfolio of the Secretary of Finance. Major accomplishment to date includes comprehensive plan to move the THA to full IPSAS Accrual Accounting by Fiscal 2018, implementation of a budgetary performance management system and on-going implementation of an Assembly-wide procurement system.

    Robert Taliercio

    Practice Manager of the Public Sector Group in the Governance Global Practice in Latin America and the Caribbean.

    Mr. Taliercio is Practice Manager of the Public Sector Group in the Governance Global Practice in Latin America and the Caribbean. Previously he was the Practice Manager of the Public Sector Group in East Asia and Pacific. Prior to that he was the Regional Governance Coordinator and Lead Economist (Public Sector) for East Asia. In 17 years at the World Bank he has served as senior country economist and public sector specialist in the East Asia and Pacific, Europe and Central Asia, and the Africa regions. He has designed and led investment and development policy operations as well as public expenditure reviews and public financial management diagnostics for a range of clients, including Armenia, Cambodia, China, Malaysia, and Myanmar. He has received service awards from the Ministers of Finance of the Republic of Korea and the Kingdom of Cambodia. Prior to joining the World Bank, Dr. Taliercio was a Lecturer in Public Finance at the Harvard Institute for International Development and a Manager for HIID’s Program on Investment Appraisal and Management. He also served as a visiting professor at the Bolivian Catholic University. He has written on public finance policy and administration in academic journals, books, and development publications. Dr. Taliercio holds a PhD and an MPP in public policy from Harvard University, an AM in Latin American Studies from Stanford University, and an AB in public and international affairs from Princeton University.

    Elvio Ramón Brizuela

    Director of the General Directorate of Public Companies from Paraguay

    Mr. Brizuela, graduate of Economics from de National University of Asunción. He has a specialization in Risk Analysis, Strategic Planning and Management by results. He was in charge of the direction of the General Coordination of the National Emergency Committee and as Deputy Minister of National Emergency Secretariat. In his current position, Mr. Brizuela is responsible for the supervision and control of the management of public companies, directing the technical office of the National Council of Public Enterprises since 2014. He is also the Executive Secretary of the National Council of Public, comprised of representatives from the Ministry of Finance, the Ministry of Public Works, the Ministry of Industry and Trade and the Attorney General. The CNEP’s role is to act as the SOE shareholder on the government’s behalf and to supervise SOEs’ corporate governance and financial and business management.

    Luciana Guimaraes Drummond e Silva

    Infrastructure Specialist, PPIAF, World Bank Group

    Ms. Luciana Guimaraes Drummond e Silva is an Infrastructure Specialist at PPIAF and is responsible for managing PPIAF’s Latin America and Caribbean (LCR) portfolio and a team-member of the Sub-National Technical Assistance program. She is a Brazilian lawyer and holds a M.A. in International Economics from SAIS - Johns Hopkins University. In her current position, Mrs. Luciana is responsible for overseeing the implementation of PPP projects supported by PPIAF in LCR and in Portuguese speaking countries in Africa. In addition, she supports the SNTA Program that aims to support sub-national entities, including SOEs, to access market-based financing without sovereign guarantee. His specific duties include support to the implementation of projects, capacity building of government officials, management of the PPIAF’s LRC portfolio of project.

    Arismendi Leong

    Manager, Office of the Inspector General, Panama Canal Authority.

    Mr. Leong holds a bachelor’s degree in accounting, a graduate degree in senior management, a master’s degree in business administration with an emphasis in finance, and a specialization in higher professorship. He is also a certified public accountant and was awarded the Certified Internal Control Auditor (CICA) and International Certified Coach (ICC) international certificates. He has 35 years of experience in the fields of auditing, risk, accounting, taxes, and finance. He is currently Manager of Financial Auditing at the Panama Canal Authority, providing support for the attainment of strategic objectives through auditing and consulting. He has also held the positions of Head of Accounting and Staff Supervisor of the Austrobank Overseas Panama financial group and Senior Tax Specialist at the Deloitte auditing firm. He is also a master professor of various courses related to his career and a local and international conference speaker.

    Lisa Bostwick

    Senior Financial Sector Specialist, Stolen Asset Recovery Initiative (StAR), World Bank Group-United Nations Office on Drugs and Crime

    Ms. Bostwick is a Senior Financial Sector Specialist with the Stolen Asset Recovery Initiative (StAR) of the World Bank Group and the United Nations Office on Drugs and Crime (UNODC). StAR works to prevent the laundering of the proceeds of corruption and to facilitate the return of stolen assets. In her current position, Ms. Bostwick leads the World Bank Group anti-money laundering and terrorist financing (AML/CFT) program in the Caribbean, as well as StAR asset recovery technical assistance in several countries. She advises and trains investigators, prosecutors and judges in the prevention and/or detection of financial crime.

    Ana Carolina Alpirez

    Journalist, Editor of Ojoconmipisto, Guatemala.

    Ana Carolina Alpírez is a Guatemalan journalist currently working in Laboratorio de Medios, S.A. as editor of Ojoconmipisto, as a consultant and as freelance. She worked at elPeriodico as Editor-in-Chief from 1996, when it was founded, until February 2013. She was in charge of the newsroom where she worked with editors, reporters, photographers and graphic designers. She also trained reportes on following elPeriodico´s editorial style, editing their material and coverage, and wrote both features and articles. Previous to her leading role at elPeriodico, Ana Carolina was a correspondent for two news agencies in Guatemala and Mexico, and a reporter for a political magazine. Always interested in training others in the field of journalism, she has been a professor at private universities (Rafael Landívar e Istmo) and has consulted for international organizations such as Unesco, the European Union, InterNews, and local government writing editorial and style manuals. From 1999-2000 she was a Hubert Humphrey Fellow at the University of Maryland where she had the opportunity to pursue her individual program in Journalism, worked closely with Humphrey colleagues in workshops and seminars, and attended an internship at San Diego Union Tribune. Ana Carolina has a graduate degree in Mass Media Communication from Iberoamericana University in Mexico.