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Almaty, Kazakhstan, October 16, 2013
— IFC, a member of the World Bank Group, is helping companies in Kazakhstan assess, and ultimately improve, their corporate governance practices and boost investor confidence via a newly developed benchmarking tool.
IFC, the Kazakhstan Stock Exchange, and Sayat Zholshy & Partners Law are launching the corporate governance scorecard today during a discussion event (“Domestic Listing: Appraise Your Potential”) organized in partnership with Governance & Management Consulting, LLP, and the Executive Education Center of KIMEP University.
The scorecard assigns scores to various components of a company’s governance practices, assessing the quality of governance and identifying areas that need improvement. It is an excellent, simple and unique source of information for boards, investors, financial analysts, and regulators, allowing companies to compare themselves against other companies and gauge progress over time.
The scorecard stimulates companies to enhance their business practices, and will be particularly helpful for Kazakhstani companies planning an IPO, which requires good corporate governance.
“The Kazakhstan Stock Exchange welcomes all initiatives, such as the scorecard launched today, aimed at attracting reliable issuers and high quality instruments to the domestic market,” said Azamat Joldasbekov, President at KASE. “We also welcome other initiatives to help improve corporate governance in Kazakhstani companies, bringing them into compliance with international standards.”
Arman Berdalin, Partner at SZP, said: “These corporate governance scorecards will not only help investors evaluate new and existing investments, but also speed up reforms at the company and regulatory levels. This tool is designed and adapted to address issues relevant to Kazakhstan, including the country's corporate governance framework.”
This initiative is a part of IFC’s Corporate Governance Program in Europe and Central Asia, which is supported principally by the Swiss State Secretariat for Economic Affairs (SECO), providing the majority of the funds, with further support from Development Bank of Austria (OeEB).
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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