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Corporate Governance CORPORATE GOVERNANCE The challenge: Corporate governance is an emerging concept in Serbia. Still, it affects millions of new shareholders and thousands 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 in Serbia is:
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 RECYCLING LINKAGES The challenge: The recycling industry is responsible for collecting, sorting, processing and marketing a vast range of materials, largely the by-products of manufacturing industries and end-of-life consumer products. The global recycling industry is developing rapidly, generating revenues of $160 billion annually and employing 1.5 million people world wide. The waste recycled per capita in Serbia is far lower than the amount recycled in Western Europe, indicating great potential for recycling industry growth. The IFC approach: IFC’s Recycling Linkages Program in Serbia is:
Donor: The Recycling Linkages Program is financed by Republic of Austria, Federal Ministry of Finance. Contact info: Valentina Popovska Regional Manager Ulica Makedonija 9 – 11 / III 1000 Skopje FYR Macedonia Tel: +389 2 3223 306 Fax: +389 2 3223 298 Email: VPopovska@ifc.org INTERNATIONAL STANDARDS AND TECHNICAL REGULATIONS The challenge: Companies in Serbia 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:
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 in Serbia provides businesses with an effective tool – mediation by:
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 SUB-NATIONAL COMPETITIVENESS The challenge “Investment is a local phenomenon” - Businesses select specific localities (e.g., cities, municipalities, entities) for investment and the business enabling environment (BEE) in specific localities drives the investment location decisions. Business regulation is one of several factors affecting BEE and competitiveness. The IFC approach: This project aims to stimulate competition for investment among localities and to reduce the cost and risk of doing business by:
Donor: The Sub-national Competitiveness Project is financed by the Government of Switzerland through the State Secretariat for Economic Affairs (SECO). Contact info: Margo Thomas Senior Operations Officer Bulevar Kralja Aleksandra 86 11000 Belgrade Serbia Tel: +381 (0) 11 3023 750 Fax: +381 (0) 11 3023 740 Email: MThomas@ifc.org | SITE TOOLS  
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