IFC helps companies improve corporate governance in Central Asia
Tashkent, Uzbekistan (UzDaily.com) --
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 evaluationis not often established inlocal companies,” said Sergii Tryputen, IFC Project Manager. “To overcome the lack of expertise, we are very pleased to share our experiencewith local companies.”
This initiative is part of IFC’s Central Asia Corporate Governance Project, implemented in partnership with the UKaid and the Swiss government.