The FINANCIAL — Georgia — IFC, a member of the World Bank Group, is boosting the capacity of local partners in Europe and Central Asia to provide advice on good corporate governance and help spur private sector growth.
IFC’s Corporate Governance Program in Europe and Central Asia, funded by Switzerland’s State Secretariat for Economic Affairs (SECO), together with law firm Eristavi & Partners, the Georgian Institute of Directors, the Georgian Banking Training Centre and PMO Business Consulting, hosted more than 25 representatives from partners from 10 countries, in Tbilisi this week.
The purpose was to share knowledge and continue to build capacity in corporate governance, which focuses on improving the structures and processes by which companies are directed and controlled. When implemented effectively, it helps to enhance competitiveness, efficiency and profitability, and enables companies to expand sustainably while attracting investment.
“Our objectives – to promote sustainable growth to create new jobs, encourage higher productivity, and contribute to reducing poverty and inequality – resonate with the overall goals of IFC’s program. We believe improving corporate governance practices in Europe and Central Asia will help private companies develop in a sustainable manner,” said Lukas Schneller, Deputy Head, Private Sector Development, SECO.
The discussions in Tbilisi focused on how to develop effective board leadership, improve transparency and disclosure, and develop governance in family businesses. The latter is aimed at mitigating the inefficiencies and internal conflicts that frequently threaten the survival of family businesses in the region, and globally. Such businesses play a key role in economic growth and employment generation in emerging markets.
“We are continuing to help our partners build their capacity to deliver corporate governance advisory and training services to institutions in their markets. The purpose is to create a sustainable model for tackling governance challenges that are aligned with the realities of the private sector,” said Oliver Orton, Program Manager, IFC Corporate Governance Program in Europe and Central Asia.
In fiscal year 2014, IFC continued to work with over 20 local partners in 12 countries in Europe and Central Asia, to build their capacity to deliver training and consulting services.
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