Sarajevo, Bosnia and Herzegovina, November
4, 2013—IFC, a member of the World Bank Group, is supporting the development
of national training organizations dealing with corporate governance across
Eastern Europe. In partnership with the Bosnian Institute of Directors,
IFC is conducting a workshop in Sarajevo for 15 partner institutions from
10 countries to introduce, strengthen and promote effective control environment
training and services for clients.
Oliver Orton, IFC’s Regional Corporate Governance Program Manager for
Europe and Central Asia, said “Many financial crises and corporate governance
failings within the last two decades can be attributed to poor control
environments that hamper the soundness and efficiency of companies, including
inadequate internal controls, ineffective internal audit, and poor risk
governance and compliance functions. As a result companies may face reputational
risks, financial consequences and even civil and criminal penalties for
deficient control environments.”
The partner institutions comprise institutes of directors, corporate governance
associations, chambers of commerce, consulting companies and other entities
committed to promoting corporate governance in their markets.
The workshop in Sarajevo will familiarize participants with IFC’s tools
on the control environment based on its Corporate Governance Methodology.
IFC’s Methodology represents a set of guidelines to support
sustainable economic development in emerging markets and developing countries
and a curriculum that offers a set of bank governance materials designed
to help partners provide training to bank directors and senior managers.
Branko Kecman, Board Member of the Bosnian Institute of Directors, said,
"Very few domestic companies truly think about or try to manage risks;
as a result many formerly successful companies have gone into bankruptcy
over the previous several years. Our aim with this event is to increase
the knowledge of the local consulting base to work with companies on improving
their risk governance using tested methodologies".
The workshop will be followed by a one day training event, also organized
with the Bosnian Institute of Directors, dedicated to the benefits of developing
sound internal control environments.
This initiative is part of IFC’s Corporate Governance Program in Europe
and Central Asia, which provides advisory services to help promote and
implement good corporate governance practices in the region. IFC’s Corporate
Governance Program in Europe and Central Asia is supported principally
by the Swiss State Secretariat for Economic Affairs (SECO) with further
support from the Development Bank of Austria (OeEB).
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit
For more information about SECO, please visit www.seco-cooperation.admin.ch
For more information about OeEB, please visit www.oe-eb.at