Georgia Corporate Governance Project

Corporate Governance is not a new term for the business community in Georgia. Since 2003, IFC Georgia has been actively promoting the benefits of sound corporate governance systems and encouraging joint-stock companies to comply with best international practice.

This year, IFC launched the Georgia Corporate Governance Project, a new three-year initiative aimed at improving the corporate governance practices of Georgian companies and banks, thereby helping them to operate more effectively and allowing them easier access to capital.

Georgia Corporate Governance Project is co-funded by the Canadian International Development Agency and BP and its Oil & Gas Partners.

The GCGP will look at the following main areas:

a) Extensive work with Georgian private companies and banks in three different ways:

• seminars and workshops on the legal and financial aspects of corporate governance, which are open to all joint-stock companies and bank to enable their managers to learn more about corporate governance principles, values and benefits to the company;
• individual consultations on specific topics, upon request by companies and banks, focusing on their individual needs;
• a specially designed Pilot Program for select companies and banks, entailing in-depth evaluation and more intensive work to create a model of best practices of corporate governance.

b) Active work on the legislative framework to address loopholes and weaknesses regulating corporate governance in Georgia;

c) A public education effort to target the broader audience in order to raise awareness on the benefits of corporate governance for companies, their shareholders, employees, clients, other stakeholders and the community at large.

The GCGP's approach is simple and practical, as we assist in the evaluation of corporate governance issues at client companies, recommend improvement mechanisms and help our clients implement best practices.