Baku, Azerbaijan, December 21, 2011—IFC,
a member of the World Bank Group, will help the Ministry of Economic Development
of Azerbaijan to develop a corporate governance scorecard to enable companies,
investors and regulators to systematically assess the level of corporate
governance in Azerbaijan, boosting investor confidence and helping attract
foreign investment.
The scorecard will be based on the Azerbaijani
National Corporate Governance Standards approved by the Ministry in January
2011 and developed with support from the IFC Azerbaijan Corporate Governance
Project.
“We understand the importance of the
scorecard as a tool to protect investor rights and ensure transparent and
effective governance systems,” said Anar Hajizade, head of the corporate
governance division of Azerbaijan’s Ministry of Economic Development.
The IFC Azerbaijan Corporate Governance
Project is being implemented in partnership with Switzerland’s State Secretariat
for Economic Affairs, SECO. The project helps companies and banks in Azerbaijan
improve corporate governance, strengthen operational capacity, and attract
investment.
“The use of scorecards is essential
for many countries in implementing best corporate governance practices,”
said Christian Strenger, Deputy Chair of the Global Corporate Governance
Forum Private Sector Advisory Group. “Effective introduction of the scorecard
in Azerbaijan will support the efforts of the government and business community
to further strengthen the country’s business climate.”
Azerbaijan joined IFC in 1995. As of
September 30, 2011, IFC had a committed portfolio in Azerbaijan of $139
million. IFC supports diversification of the country’s economic base,
and sustainable growth in the non-oil economy.
About IFC
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org.
For more information about SECO,
visit www.seco.admin.ch/index.html?lang=en
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