Islamabad, December 9, 2007—IFC,
a member of the World Bank Group, today organized the second corporate
governance workshop for judges at the Federal Judicial Academy. The workshop
presented an opportunity for the judges to familiarize themselves with
corporate governance issues and to refine their skills on the topic in
line with international best practices. The workshop also emphasized the
need for effective dispute resolution involving boards of directors, senior
management, and shareholders through alternative dispute resolution and
other statutory mechanisms.
Moazzam Hayat, Director General
of the Federal Judicial Academy, emphasized the need for judges to be familiar
with international best practices in corporate governance and be aware
of alternative mechanisms for resolving disputes.
“This workshop has been organized
in the context of recent trends in the field of corporate governance. It
is essential that the judiciary has a clear understanding of the principles
of corporate governance, as they often play an important role in deciding
cases within the corporate sector,” said Kaiser Naseem, Manager
for IFC’s Pakistan Corporate Governance Project.
IFC’s corporate governance project
in Pakistan aims to improve governance practices in the country’s banks
and companies. As part of the project, IFC is working closely with private
sector companies and the Pakistan Institute of Corporate Governance.
IFC, a member of the World Bank
Group, fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that poor people have the
opportunity to escape poverty and improve their lives. In FY07, IFC committed
$8.2 billion and mobilized an additional $3.9 billion through loan participations
and structured finance for 299 investments in 69 developing countries.
IFC also provided advisory services in 97 countries.