IFC to teach heads of Azerbaijani banks how to react to crisis

Azerbaijan, Baku, November 5 / Trend , N.Ismayilova /

Within Azerbaijan Corporate Governance Project (ACGP), the International Finance Corporation (IFC) will activate trainings, the IFC project manager Caroline Bright said on Oct. 5.  

With the support of the Central Bank of Azerbaijan, on November 23 the Corporation will hold for heads of banks a one-day seminar on "The reaction of the Supervisory Board to the crisis," said Bright. According to her, the teachers of the Swiss School of Management will be invited to hold training.

"The training will discuss how the top management of banks should react to the crisis, what to do if problems appear, for proper risk management," said Bright.

In addition, in December, the IFC plans to hold an open training devoted to discussion of the need for corporate secretary.

"In Azerbaijan, some companies have a corporate secretary, but we believe that we need to develop a more scale way, so we decided to hold training, which will explain the concept of corporate secretary and how this man helps the company work better, what role this person plays in corporate governance," said Bright.

According to her, next year, the corporation will hold one more training to improve skills of corporate secretary. "In addition, in 2010 the IFC also plans to conduct trainings on issues of corporate governance not only in Baku, but also in the regions of the country," she said.

The project on corporate governance helps in applying standards of corporate governance in accordance with the rules of the Organization for Economic Cooperation and Development (OECD).

Official opening of the first phase of the project, initiated by IFC and funded by SECO were held on Jan. 26, 2005. This phase with total budget of $2.1 million will take three years to complete.

Official rate on Nov. 5 is 0.8032 AZN/USD.

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