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Corporate Governance

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Corporate Governance: Europe and Central Asia

IFC’s Corporate Governance Program in Europe and Central Asia (ECA) builds on IFC’s work in this field in the Caucasus, Central Asia, the Russian Federation, Southern Europe and Ukraine over the past decade, aimed at improving corporate governance practices in companies and financial institutions, as well as enhancing the corporate governance framework at the institutional, regulatory and policy levels.

 

 

Objectives

 

The Program has three overall objectives:

 

Working with Companies: the Program will assist companies and financial institutions in ECA to improve their corporate governance in line with best practices, with a view to assisting them to meet some of the challenges posed by the modern business environment, and thereby improve their performance and sustainability, as well as their ability to access finance and investment.


Developing Local Capacity: the Program will build local capacity for delivery of corporate governance services and advice in certain countries in ECA.


Enabling the Environment: the Program will assist in the development of the corporate governance framework through advising on national codes, laws and regulations, as well as developing various tools to assist companies, investors and markets assess corporate governance practices.


 

Why is Corporate Governance important to the countries of Europe and Central Asia?

 

Corporate governance is a key emerging business concept in the countries of Southern and Eastern Europe and of the former Soviet Union.

Corporate governance is defined as the system by which companies are directed and controlled.  Sound corporate governance is an important element of sustainable private sector development – not only because it improves business performance and strengthens businesses’ ability to attract investment and to grow, but because it also makes them more sustainable and accountable.

Good corporate governance can help a company or financial institution to: 

  • enhance its performance, operations, efficiency, profitability and long-term value grow in a sustainable manner
  • establish clear roles, responsibilities and accountabilities
  • define and implement corporate strategy and direction
  • identify and manage risks
  • become more competitive
  • attract capital, investment and business partners
  • build reputation and trust, through the strengthening of relationships with relevant stakeholders

The ECA Corporate Governance Program is implemented by IFC in partnership with the State Secretariat for Economic Affairs of Switzerland (SECO), providing the majority of the funds, and Oesterreichische Entwicklungsbank AG (OeEB) of Austria.

 

 

Resources

 



 

Corporate Governance Screening Tool for Banking Organizations
This document describes the corporate governance screening process that will help banks to assess corporate governance in their client companies.
 

Azerbaijan Project Completion Report 
Between 2005 and 2011 the Project worked to improve corporate governance practices in Azerbaijani companies and banks to help them enhance their operations and increase their ability to attract financing and investment. 


Разработка Кодексов Hаилучшей Практики Корпоративного Управления 
Страны, где налажена эффективная практика корпоративного управления, более успешно привлекают капитал.

 

Corporate Governance for Banks in Southeast Europe - Policy Brief, by the Forum, IFC, and EBRD.

 

Building a Successful Corporate Governance Institute in Less Than One Year. How the Baltic Institute Became a Reality - and What Others Can Learn From It. Lessons Learned May 2011.

 

Corporate Governance Scorecard: Versatile Tool for Companies, Investors, and Regulators. Experiences from Southeast Europe and East Asia. March 2011.

 

Monitoring and Implementing Corporate Governance Codes: Best Practices for Listed Companies, Banks, and Financial Institutions. Regional Workshop.

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