Press Releases

International Financial Institutions Help improve Corporate Governance Standards in Eurasia

In Tbilisi:
Tamar Barbakadze
Phone: +995 32 23 43 00

In Moscow:
Nezhdana Bukova
Phone: +7 495 411 7555

EBRD contact:
Loretta Martikian
Phone: +995 32 44 74 00

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 appeal.

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 code.

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.

About IFC
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
For more information about the IFC Global Corporate Governance Forum, visit
For more information about the European Bank for Reconstruction and Development, visit