Bishkek, Kyrgyz Republic, September 28, 2012
—IFC, a member of the World Bank Group, is distributing a board procedures manual to help businesses in the Kyrgyz Republic improve governance practices, strengthening their operations and sustainability.
IFC has developed the Effective Board Manual to help corporate directors, management, and shareholders of Kyrgyz companies establish and organize effective boards of directors, a key element to good corporate governance. The manual recommends best practices in establishing and running a board of directors.
“Local companies need to change their business models and behavior in order to compete,” said Liliya Terekhova, Financial Director of Altyn-Ajydar, an IFC client. “The manual helps managers see ways and opportunities to grow further by advancing governance practices.”
IFC plans to disseminate 3,000 copies of the manual to meet the high demand from more than 2,000 joint stock companies operating in the Kyrgyz Republic. The publication also will be used as a reference tool in local universities. IFC is preparing a similar manual for Tajikistan.
Sergii Tryputen, Project Manager of the IFC Central Asia Corporate Governance Project, said, “An effective board of directors is responsible for the long-term prosperity of any company. This booklet will help companies establish strong boards of directors, which should help firms boost their confidence and competitiveness.”
This initiative is part of IFC’s Central Asia Corporate Governance Project, implemented in partnership with the United Kingdom’s Department for International Development. The Project helps local joint stock companies and banks strengthen their corporate governance practices to increase their ability to attract financing and manage risks.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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