Tbilisi, Georgia, January 21,
2011—IFC, a member of the World Bank Group, successfully completed
its Georgia Corporate Governance project, and today summarized the results
of its program to help Georgian companies improve their corporate governance
practices. Following principles of responsibility, accountability, and
transparency enables firms to become more profitable and thus attract investment.
The IFC project helped improve
the legal environment regulating corporate governance issues, and facilitated
adoption of a voluntary Corporate Governance Code by the Association of
Banks of Georgia. IFC delivered seminars and workshops on legal and financial
aspects of corporate governance, individual consultations, and a specially
designed Pilot Program for select companies and banks. Twenty-one companies
and banks improved 50 policies/procedures, and all of them reported improved
performance as a result of making corporate governance improvements.
IFC recently published the Georgia
Corporate Governance Manual, which provides a comprehensive overview of
Georgia’s regulatory requirements related to corporate governance. The
publication will help Georgian companies improve corporate governance standards
and practices beyond completion of the IFC project. The project presented
the manual to the key counterparts during the project closing ceremony
on January 21.
“Good corporate governance is
one of the key preconditions for attracting investors, domestic as well
as international,” said Maia Tevzadze, Project Manager for IFC Georgia
Corporate Governance Project. “Through the IFC project activities we helped
Georgian companies become more attractive for investors. Our publications,
especially Georgia Corporate Governance Manual, will serve as practical
guidance for raising corporate governance standards in the future."
From 2006 to January 2011, IFC
Georgia Corporate Governance Project was run in partnership with BP and
its oil and gas co-venturers and the Canadian International Development
IFC’s cumulative investments
in Georgia since 1995 total nearly $500 million in 35 projects across a
variety of sectors. Through its Advisory Services, IFC is working to reform
Georgia’s tax system to benefit small businesses, and is helping raise
food safety standards in Georgian companies. Georgia has been a member
of IFC since 1995.
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
For more information about
BP, visit: www.bp.com.
For more information about
CIDA, visit: www.acdi-cida.gc.ca