Watch the replay of our virtual launch of the report "Listing State-Owned Enterprises in Emerging and Developing Economies." English | French
The report was developed in partnership with Oliver Wyman, the Ministry of Finance of Luxembourg and the African Securities Exchanges Association (ASEA) and shares lessons learned from 30 years of success and failure.
SOE listings have often been cited as the driver behind the rise of international capital markets. And indeed, the current capital markets landscape includes a significant share of SOEs ¡ª according to some calculations, SOEs account for about 13-22 percent of global market capitalization. However, looking behind the numbers, it seems that most SOE listings have taken place in advanced economies. Thus, with what confidence can we recommend SOE listings as a divestment solution to promote the development of local capital markets in emerging and developing economies?
8H30 EST / 12:30 GMT | Welcome Address
Ars¨¨ne Jacoby, Director, Multilateral Affairs, Development and Compliance, Ministry of Finance, Luxembourg Dr. Edoh Kossi Amenounve, CEO of the BRVM and Head of the African Securities Exchanges Association |
8H35 EST / 12H35 GMT | Presentation ¨C Main Results of SOE Listing Report SOE listings have often been cited as the driver behind the rise of international capital markets. And indeed, the current capital markets landscape includes a significant share of SOEs ¡ª according to some calculations, SOEs account for about 13-22 percent of global market capitalization. However, looking behind the numbers, it seems that most SOE listings have taken place in advanced economies. Thus, with what confidence can we recommend SOE listings as a divestment solution to promote the development of local capital markets in emerging and developing economies?
Speakers Michael Wagner, Senior Partner, Oliver Wyman Anica Nerlich, Associate Financial Officer, World Bank Group |
8H45 EST / 12H45 GMT | Panel Discussion ¨C The Business Case for SOE Listings in Emerging and Developing Economies The report shows that SOE listings can indeed boost capital markets growth, but only under certain conditions do listings translate those effects into long-term market development. Hence, what outcomes can emerging and developing economies realistically expect from SOE listings? How do those outcomes differ from other divestment methods? And most importantly, what are those conditions that decide over success or failure?
Dr. Mohamed Farid, Executive Chairman of the Egyptian Stock Exchange Martha Seillier, Special Secretary of The Investment Partnership Program, Ministry of Economy, Brazil Nick Padgett, Managing Director, Frontaura Capital
Moderated by Jean Pesme, Director of the Finance, Competitiveness and Innovation Global Practice, World Bank |
9H40 EST / 13H40 GMT | Q & A Session |
9H58 EST / 13H58 GMT | Closing Remarks Jean Pesme, Director of the Finance, Competitiveness and Innovation Global Practice, World Bank |
Mr Ars¨¦ne Jacoby
Ars¨¦ne Jacoby is the Director of Multilateral Affairs, Development Cooperation and Compliance in the Ministry of Finance of Luxembourg. Among others, he also serves as the Chairman of the Luxembourg Export Credit Agency, as Alternate Governor for various multilateral development banks, including the World Bank, and as Vice-President of the Board of the National Promotional Bank (SNCI). Before taking on his role with the Ministry of Finance of Luxembourg, Ars¨¦ne Jacoby was an Advisor to the Belgian Constituency Office in the International Monetary Fund. He holds a M.A. in Economics from the University of Louvain La Neuve.
Dr. Edoh Kossi Amenounve
Before taking office as CEO of the Bourse R¨¦gionale des Valeurs Mobili¨¨res (BRVM) and the Central Depository/Settlement Bank (DC/BR) in October 2012, Dr. Edoh Kossi Amenounve was from September 2003 to September 2012 the Secretary General of the Regional Council for Savings and Financial Markets (CREPMF), the financial market regulation authority of the West African Economic and Monetary Union (WAEMU). Since May 2020, Dr. Amenounve is the President and member of the Executive Committee of the African Securities Exchanges Association (ASEA). He holds a PhD in Administration and Finance from Laval University in Canada (1995).
Nick Padgett
After a 65-country around-the-world honeymoon with his wife, Nick Padgett co-founded Frontaura Capital in 2007 to invest in the listed equities of frontier and small emerging market countries on behalf of investors globally. Frontaura¡¯s largest holdings are presently in the Philippines, Kazakhstan, Ghana, Vietnam, Rwanda, and Senegal. Frontaura has invested in nearly 60 countries throughout its history.
Mohamed Farid Saleh
Dr. Mohamed Farid Saleh was appointment as the Executive Chairman of EGX since August 2017. He also is a board member of the Arab Federation of Exchanges (AFE), the African Securities Exchanges Association (ASEA), and the Chairman of the Federation of Euro©\Asian Stock Exchanges¡¯ (FEAS) Working Groups and the Emerging Markets Working Group at the World Federation of Exchanges (WFE). Farid holds a PhD in Financial Economics from Cardiff Metropolitan University.
Matha Seillier
Matha Seillier currently serves as the Special Secretary of the Investment Partnership Program in the Ministry of Economy of Brazil. She was the Director of the Department of Regulation and Competition of Civil Aviation (DERC) at the Secretariat for Civil Aviation (SAC-PR), from 2011 to 2016, and the Coordinator of the Department of Policies of the same body in 2010. She was the first woman to ever hold the position of CEO of Infraero, in January 2018. Martha Seillier holds a Master degree in Economics from University of Brasilia/UnB.
Abel Sithole
Abel Sithole is currently the Chief Executive Officer of South Africa¡¯s Public Investment Corporation (PIC) and Executive Director on the Board of Directors. Previously Mr. Sithole was the Principal Executive Officer (PEO) of the Government Employees Pension fund and a Senior Researcher and Deputy Director with the Institute for Futures Research at the University of Stellenbosch. Overall, he has served in the financial sector in principal, trustee, advisor, regulator and policy developer roles, and spent over 20 years in the insurance and retirement fund industries. Mr. Sithole holds an MA (International Relations) and MPhil (Futures Studies) (University of Stellenbosch) and an MBA (Wits Business School).
