Person:
Di Benedetta, Pasquale

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Last updated: February 21, 2024
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Pasquale Di Benedetta is senior financial sector specialist at the World Bank and specializes in corporate governance reforms for capital markets, financial sectors, and state enterprises. He has worked for the World Bank and the International Monetary Fund in more than 60 countries for over 15 years. An Italian national, Pasquale earned his international law degree in Italy (Bari and Trento) and Austria (Salzburg) and his master’s degree in the United States (Johns Hopkins University). He is fluent in Italian, English, and Spanish.

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    Braced for Impact: Reforming Kazakhstan’s National Financial Holding for Development Effectiveness and Market Creation
    (Washington, DC: World Bank, 2023-11-05) Melecky, Martin; Di Benedetta, Pasquale; Ahmad Fontan, Ismael; Jambal, Ganbaatar; Noel, Michel
    Braced for Impact: Reforming Kazakhstan’s National Financial Holding for Development Effectiveness and Market Creation offers a framework for assessing the readiness of development finance institutions (DFIs) and their conglomerates to deliver credible development impact and create financial markets. The framework focuses on accountability for impact, responsible leveraging of entrusted capital, holistic risk management, and proper governance. It is used to assess Baiterek, Kazakhstan’s national financial holding—a conglomerate of DFIs—and to derive policy options and practical recommendations for the given country context. If the recommended reforms are implemented, Baiterek will be braced for positive impact on Kazakhstani firms, households, and the environment while also helping create deeper financial markets through robust mobilization of private capital. A reformed Baiterek could become a leading global DFI conglomerate and a role model for similar institutions in other countries. However, if too few or none of the recommended reforms are undertaken, Baiterek will need to brace for further criticism from unhappy stakeholders.
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    Corporate Governance in Microfinance Institutions
    (World Bank, Washington, DC, 2015-04-15) Lieberman, Ira W.; Ard, Laura; Di Benedetta, Pasquale
    This paper is organized as follows: this introduction is followed by a primer on the industry and on the evolution of the microfinance sector. The authors then examine the structure of the microfinance industry, (a) NGOs, cooperatives and credit unions, and commercialized vehicles; how they differ and why corporate governance differs according to the nature of the MFI; and (b) large networks, investment and bank-holding groups, and social services/faith-based groups. The authors then consider how corporate governance evolves and develops in MFIs as their structure and ownership changes. This is followed by an examination of the recurring issues and growing risks in the microfinance industry. The authors conclude with a look at the responses of governments, investors, and the industry itself to these issues and risks and propose some next steps.
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    Raising the Bar on Corporate Governance : A Study of Eight Stock Exchange Indices
    (World Bank and the International Financial Corporation, Washington, DC, 2013-06) Grimminger, Andreas D.; Di Benedetta, Pasquale
    Stock exchanges around the world have launched Corporate Governance Indices (CGIs), sometimes as part of a broader Environment, Social, and Governance (ESG) initiative. The comprehensive analysis of these indices presented in this study is the first of its kind, and it reveals that CGIs have a positive impact, enhancing legal and regulatory frameworks by extending governance criteria to develop objective and measurable benchmarks. The study also shows that CGIs present companies with an opportunity to differentiate themselves in the market and, ultimately, offer companies an incentive to adopt better governance practices. Nevertheless, as the process for vetting and evaluation of companies for inclusion in the indices continues to evolve, access to underlying methodologies, disclosure of the ratings and self-assessments of individual companies, and of overall monitoring processes and procedures can still be enhanced. This study reviews the different approaches used by stock exchanges to build indices incorporating corporate governance. In the case of ESG indices, the focus is on the governance component of these indices. The study also draws lessons from the stock exchange's experiences and highlights success factors and shortcomings. In particular it addresses the following key questions: (i) what are the key drivers for stock exchanges to launch CGIs; (ii) what are the critical building blocks in the construction of a CGI; (iii) what are the risks faced by those investing in CGIs.