Bishkek, Kyrgyz Republic, April 2, 2014—IFC,
a member of the World Bank Group, has developed a manual to help companies
in the Kyrgyz Republic, Tajikistan, and Uzbekistan improve corporate governance
and ultimately boost regional economic growth.
IFC will distribute 2,000 copies of
the Evaluation of Board Manual to help companies assess the effectiveness
of their boards, a rare evaluation for the region. The best-practices guide
considers the competence and performance of board members and makes recommendations.
“In the Kyrgyz Republic and other countries
in the region the techniques for board evaluations are unknown, and costs
associated with hiring outside consultants are an additional barrier,”
said Anvar Abdraev, Head of the Kyrgyz Union of Banks. “The manual will
guide local companies and improve the performance of their board of directors.”
The publication will also be used as
a reference tool in local universities, and it is part of a series of publications
specifically designed for the local market.
“The board of directors should be at
the heart of good corporate governance in well-functioning and well-governed
companies. However, board evaluation is not often established in local
companies,” said Sergii Tryputen, IFC Project Manager. “To overcome the
lack of expertise, we are very pleased to share our experience with local
This initiative is part of IFC’s Central
Asia Corporate Governance Project, implemented in partnership with UKaid
and the Swiss government.
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 www.ifc.org.