Advisory Projects in Montenegro

Corporate Governance Project in Montenegro

The project works to improve the corporate governance practices of Montenegrin joint stock companies, thereby helping them to operate more effectively and allowing them easier access to capital. The project also advises on improvements in the legislative framework regulating corporate governance and increases public awareness of corporate governance issues. More…

International Standards and Technical Regulations Project in Montenegro

The project is assisting companies introduce international standards and technical regulations so to increase their exports. More…

Alternative Dispute Resolution Project in Montenegro

For private sector to flourish in Montenegro there needs to be a conductive business environment where the rule of law is a paramount. Mediation, as one of the dispute resolution mechanisms, is an important factor in enhancing the business environment, as it helps businesses to unlock capital tied up in litigation while reducing pressure on the clogged courts. More…

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CORPORATE GOVERNANCE

The challenge:

Corporate governance is an emerging concept in Montenegro. Still, it affects thousands of new shareholders and hundreds of newly privatized companies across the country.

Corporate governance refers to control and direction of companies and relationships among the management, board of directors and shareholders. Corporate governance deals with the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment.

Good corporate governance will make a company more profitable, enable its growth and increase company’s access to external finance: domestic and international, public and private.

The IFC approach:

IFC’s Corporate Governance Project is:

• Assisting companies and banks to improve their corporate governance practices.
• Working with institutions from the public sector to establish effective corporate governance frameworks.
• Supporting educational institutions to increase training capacities in the field of corporate governance.

Donor:

The Corporate Governance Program is financed by the Government of Switzerland through the State Secretariat for Economic Affairs (SECO).

Contact info:

Juan Carlos Fernandez Zara
Regional Manager
Bulevar Kralja Aleksandra 86
11000 Belgrade
Serbia
Tel: +381 (0) 11 3023 750
Fax: +381 (0) 11 3023 740
Email: JFernandez@ifc.org

INTERNATIONAL STANDARDS AND TECHNICAL REGULATIONS

The challenge:

Companies in Montenegro face steep challenges in meeting international standards and EU technical requirements which must be implemented if their products are to be exported or if they want to increase their competitiveness in the international market. An IFC survey showed that many companies in the country have a low level of understanding and technical expertise about ever changing international standards.

The IFC approach:

IFC’s International Standards and Technical Regulations Program is:

• Educating companies about benefits of international standards;
• Developing the capacity of local consultants to implement international standards
• Helping companies implement international standards and get certificates so they can commence or increase their exports.

The program is assisting companies from the food processing, construction, manufacturing and IT sectors to introduce a wide range of standards including: ISO 9001:2000, ISO 14001:2004, ISO 22000, ISO 27001:2005, HACCP, BRC, IFS, CE mark, OHSAS 18000 and GMP.

Donor:

The International Standards and Technical Regulations Program is financed by the Royal Norwegian Ministry of foreign affairs and Slovenian Ministry of Economy.

Contact info:

Ivana Curic
Regional Manager
Hamdije Kresevljakovica 19 / IV
71000 Sarajevo
Tel: +387 (0) 33 251 555
Fax: +387 (0) 33 217 762
Email: ICuric@ifc.org


ALTERNATIVE DISPUTE RESOLUTION

The challenge:

According to Doing Business Report 2007 enforcing a commercial contract in Southeast Europe takes around 500 days, which directly hinders economic development and inhibits future investments. Compared with the other transition countries, the SE region requires on average the largest number of procedural steps – 34 to enforce a contract through a court. Businesses need a cheaper, more effective and efficient way to resolve their disputes – mediation.

The IFC approach:

IFC’s Alternative Dispute Resolution Program provides businesses with an effective tool – mediation by:

• Supporting the improvement of the legal and regulatory framework to enable a broad introduction of mediation;
• Developing a professional cadre of mediators and building skills of local civil society institutions committed to the expansion of commercial mediation;
• Building a commercial viable network of mediation centers;
• Educating businesses, investors, legal professionals, and state representatives about the benefits of mediation.

Donors:

The Alternative Dispute Resolution Program is financed by the Government of the Netherlands. In its start-up phase, it also received grant-funding from the Government of Canada.

Contact info:

Lada Busevac
Regional Manager
Hamdije Kresevljakovica 19 / IV
71000 Sarajevo
Tel: +387 (0) 33 251 555
Fax: +387 (0) 33 217 762
Email: LBusevac@ifc.org