Belgrade, Serbia, October 14, 2016—
IFC, a member of the World Bank Group, and the Serbian Ministry of Economy, in partnership with the Swiss State Secretariat for Economic Affairs (SECO), are working together to improve corporate governance in Serbia’s state-owned enterprises and boost their efficiency.
IFC’s advisory services team is helping the Ministry of Economy conduct an analysis of corporate governance practices in these enterprises, with a view to introducing a licensing system for supervisory board members as well as rules for management appointments, to increase accountability and transparency.
“By improving corporate governance in state-owned enterprises, we are making them more sustainable and competitive,” said Dubravka Drakulic, the Assistant Minister of Economy. “Improved corporate governance is essential for boosting growth and attracting investment to these enterprises.”
IFC and the Ministry of Economy organized a workshop in Belgrade on October 14 for representatives from state-owned enterprises to help improve their knowledge of corporate governance and understand the specific roles of supervisory boards and managers.
The workshop is at the core of the World Bank Group’s Country Strategy for Serbia, which aims to reform the governance of state-owned enterprises, and also complements other activities being undertaken by the World Bank
“Professionalizing state-owned enterprises is one of the key aims of the Serbian government’s economic reform program,” said Thomas Lubeck, IFC Regional Manager for the Western Balkans. “While the gradual reduction of the state’s role in the economy is important, it’s equally important to introduce responsible corporate governance in the companies that will remain under state control.”
“We expect that after today’s workshop, companies will have better knowledge about Corporate Governance and will apply the underlying principles in their everyday work. By doing so, transparency of companies will be increased, services to customers will improve and new investment can be attracted,” said Ursula Laeubli, Director of Cooperation, Swiss Cooperation Office in Serbia.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit