Baku, Azerbaijan, May 17, 2011
— IFC, a member of the World Bank Group, is supporting economic growth in Azerbaijan and improving corporate governance at the country’s banks by training bank board members in oversight and risk management best practices.
IFC, together with the World Bank and the Central Bank of Azerbaijan, recently brought together 74 bank executive directors and supervisory board chairmen for a workshop titled “Modernizing Bank Governance.” The workshop was an opportunity to explore the added value that good corporate governance can bring to Azerbaijani banks.
“Given that the banks are currently actively working to improve corporate governance practices, it was useful for us to discuss real-case examples from different emerging markets," said Fuad Musayev, Executive Director of Turan Bank.
“Having an active and empowered management team with a clear division of responsibilities from those of the supervisory board is crucial,” said Eric J. Rajendra
,
IFC Senior Advisor, Global Financial Markets Department. “In addition, comprehensive risk management is a big challenge for banks in both emerging and developed markets. Most important is the culture of risk management—the ability to speak up and be responsible and accountable.”
In recent years, Azerbaijan has made progress introducing good corporate governance practices into its newly established corporations, and the country’s banks are at the forefront of this movement. IFC supports the Azerbaijan Central Bank’s initiatives by advising financial institutions on best corporate governance practices and helping them adapt to local market conditions.
IFC’s Azerbaijan Corporate Governance Project is supported by the Swiss government's State Secretariat for Economic Affairs (
www.seco-cooperation.admin.ch
), which is responsible for economic and trade policy measures within Switzerland’s development cooperation and transition assistance.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
.
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