Annual learning events also give our partners the opportunity to network with each other, building their own partnerships and sharing knowledge and experiences with each other. We work hand-in-hand with our partners, building their skills with a combination of formalised training events and informal experiential learning-by-doing in the field. In essence, this approach sits at the heart of the IFC’s development mission: to end poverty and boost shared prosperity by supporting private sector development and business and industry growth, creating jobs and expanding the economic base in the countries where we work. In turn, these businesses become more sustainable and, as the offerings gain market traction, an entirely new industry niche is established. In turn, improved performance and stabilised operations will help attract new investment and contribute to much-needed broader-based economic improvements for the countries in the region.įor the consulting firms themselves, building skill sets on corporate governance advisory services represents an addition to their portfolio of offerings, creating a new revenue stream and new expansion opportunities. It enables outreach to more companies and banks, helping them increase their operational efficiency, reduce risks and improve decision-making. In the European region where countries are still struggling to regain lost ground from the global financial crisis and where economic growth slowed to a lower-than-expected 2.4 per cent in 2014, according to the World Bank, expanding the universe of business consultants with strong corporate governance skills and knowledge is critically important. To meet this growing demand for corporate governance services, International Finance Corporation (IFC) is training a new generation of locally-based corporate governance advisors, many of whom already work in thriving business or legal consulting firms. There is also growing demand for corporate governance consulting services and increased willingness on the part of companies to pay market rates for such services as part of a suite of business consulting offerings. Today, nearly 20 years after the precepts of good corporate governance were first introduced to the newly-formed market economies of Europe and Central Asia, there is more widespread acceptance of the importance of strong governance standards in improving firm performance, attracting and retaining investment and expanding the economic base.
By Merima Zupcevic Buzadzic – Regional Corporate Governance Lead for Europe and Central Asia, International Finance Corporation (IFC)
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