DUSHANBE, March 1, 2013, Asia-Plus – On Friday March 1, the International Finance Corporation (IFC) began distributing a board creation manual to help businesses in Tajikistan improve governance practices, strengthening operations and sustainability.
According to press release issued by the IFC Dushanbe Office, IFC has developed the Effective Board Manual to help corporate directors, management, and shareholders of Tajik companies establish effective boards of directors, a key element to good corporate governance. Many successful businesses in Tajikistan lack a corporate board and the strong, steady oversight it can provide.
“The manual will help Tajik companies address the challenges of establishing a board of directors, see opportunities to grow further and strengthen corporate governance practices to increase their competitiveness,” said Zamira Samadova, CEO of Imkon Consulting.
IFC plans to disseminate 2,000 copies of the manual to meet the high demand from more than 400 joint stock companies operating in Tajikistan. The manual recommends best practices in organizing and running a board of directors, and will also be used as a reference tool in local educational institutions.
“IFC’s experts developed the manual to help companies establish strong boards of directors, which are key to long-term prosperity for any company,” said Sergii Tryputen, Project Manager of the IFC Central Asia Corporate Governance Project. “For the first time in Tajikistan, the manual has been specifically tailored to local legislative requirements and market needs.”
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.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, IFC’s 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.
