International Finance Corporation (IFC) in consortium with other international financial institutions hosted a two-day workshop on Corporate Governance in Tbilisi, Georgia, this week attended by over 40 participants from 13 countries. During the workshop, IFC in association with the Georgian Stock Exchange and the Association of Banks of Georgia (ABG) have developed a voluntary corporate governance code to help banks and businesses introduce international standards and increase confidence in the banking sector. The voluntary code would set standards of corporate governance higher than that which is currently stipulated by national law. The corporate governance code covers procedural rules for decision making and monitoring the efficiency of a bank’s performance, including, rules on the establishment of internal controls and risk management. Reportedly, the majority of banks which are members of the Association have already embraced the code.
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