Baku, Azerbaijan, May 17, 2011— IFC,
a member of the World Bank Group, is supporting economic growth in Azerbaijan
and improving corporate governance at the country’s banks by training
bank board members in oversight and risk management best practices.
IFC, together with the World Bank and the
Central Bank of Azerbaijan, recently brought together 74 bank executive
directors and supervisory board chairmen for a workshop titled “Modernizing
Bank Governance.” The workshop was an opportunity to explore the added
value that good corporate governance can bring to Azerbaijani banks.
“Given that the banks are currently
actively working to improve corporate governance practices, it was useful
for us to discuss real-case examples from different emerging markets,"
said Fuad Musayev, Executive Director of Turan Bank.
“Having an active and empowered management
team with a clear division of responsibilities from those of the supervisory
board is crucial,” said Eric J. Rajendra,
IFC Senior Advisor, Global Financial Markets Department. “In addition,
comprehensive risk management is a big challenge for banks in both emerging
and developed markets. Most important is the culture of risk management—the
ability to speak up and be responsible and accountable.”
In recent years, Azerbaijan has made progress
introducing good corporate governance practices into its newly established
corporations, and the country’s banks are at the forefront of this movement.
IFC supports the Azerbaijan Central Bank’s initiatives by advising financial
institutions on best corporate governance practices and helping them adapt
to local market conditions.
IFC’s Azerbaijan Corporate Governance Project
is supported by the Swiss government's State Secretariat for Economic Affairs
which is responsible for economic and trade policy measures within Switzerland’s
development cooperation and transition assistance.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit