Tbilisi, Georgia, November 30, 2009—IFC,
a member of the World Bank Group, the IFC Global Corporate Governance Forum,
and the European Bank for Reconstruction and Development are helping
develop corporate governance codes in Eurasian countries, enabling
local banks and companies to improve transparency, accountability,
and performance, and enhance their competitiveness.
A two-day workshop on Corporate Governance
in Tbilisi this week that will be attended by over 40 participants from
13 countries, will address issues including qualification of board members,
disclosure of beneficial ownership, internal and external audits, and transparency
disclosure. The workshop will also provide guidance on implementing
corporate governance codes to help companies and banks improve their corporate
governance practices and boost their confidence, competitiveness, and investor
IFC’s Georgia Corporate Governance
Project will present its experience in developing a corporate governance
code for banks, in close cooperation with the Association of Banks of Georgia
and the Georgian Stock Exchange. Most Georgian banks have embraced the
The second in a series of workshops
for senior industry and government representatives, the seminar is part
of an effort to promote the private sector as an engine of growth and reduce
vulnerability to financial crises.
“IFC has gathered reliable evidence
that companies that adopted good corporate governance practices made it
through the economic crisis with less financial damage than those that
didn’t,” said Phillip Armstrong, Head of the IFC Global Corporate Governance
Forum. “To further promote the principles of good corporate governance,
we are glad to share with participants our global knowledge and facilitate
the exchange of cross-country experiences.”
Gian Piero Cigna, Senior Counsel at
the EBRD, said, “This project is an important step toward establishing
improved standards of business conduct in the region. In Eurasia, the banking
sector is well developed, and banks are in a position to influence their
corporate borrowers’ corporate governance.”
The workshop is co-sponsored by EBRD’s
Early Transition Countries Multi Donor Fund. Contributors to
the fund are Canada, Finland, Ireland, Japan, Luxembourg, the Netherlands,
Norway, Spain, Sweden, Switzerland, Taiwan, and the United Kingdom.
IFC is the only international financial
institution focused exclusively on the private sector, the engine of sustainable
development in emerging markets. Along with IBRD, it is currently
seeking a capital increase to strengthen its ability to create opportunity
for the poor in developing countries—including by developing and promoting
good corporate governance practices of local enterprises.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
For more information about the IFC Global
Corporate Governance Forum, visit www.gcgf.org.
For more information about the European Bank for Reconstruction and Development,