Azerbaijan, Baku, May 18 / Trend A.Badalova /
IFC, a member of the World Bank Group, is supporting economic growth in Azerbaijan and improving corporate governance at the country's banks, the corporation reported.
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," Executive Director of Turan Bank Fuad Musayev said.
"Having an active and empowered management team with a clear division of responsibilities from those of the supervisory board is crucial," IFC Senior Advisor, Global Financial Markets Department, Eric J. Rajendra said. "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."
The IFC report reads that 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.