IFC, Imkon Consulting Urge Tajik Companies to Improve Corporate Governance
Thursday 9 April 2015
Dushanbe (IFC press service) – A new report by Imkon Consulting, a partner of IFC, a member of the World Bank Group, urges Tajik companies to improve their corporate information disclosure practices in order to enhance corporate governance, attract investment, and better contribute to Tajikistan’s long-term economic growth.
The report, titled Surveying Corporate Governance in the Republic of Tajikistan: Corporate Websites through the Eyes of an Investor, is an independently produced survey of corporate information disclosure practices in Tajikistan. It finds that most companies disclose corporate information, including details about financing, performance, ownership, and governance, on an ad hoc basis, often with incomplete information.
The report urges businesses to improve information disclosure, which is essential for shareholders, potential investors, regulatory authorities, and other stakeholders. It also supports the view that high standards of transparency and disclosure can have a positive impact on the cost of capital.
“At this crucial developmental stage, Tajik companies are in need of additional financing. We sensed this need and conducted research to highlight one of the powerful tools for attracting investors – transparency”, said Zamira Samadova, Director of Imkon Consulting. “Moreover, as an IFC partner, Imkon Consulting is fully equipped to provide high quality corporate governance services to local companies and help them improve practices and boost their investment profiles.”
Tahmina Nurova, IFC Operational Officer, said: “Good corporate disclosure is one of the key indicators of sound corporate governance and a good signal to potential investors who would like to have complete information about the situation in a particular company in order to compare investment opportunities. We hope the survey will encourage more Tajik firms to follow better information disclosure practices, demonstrating accountability and transparency.”
The report reviewed the websites of 32 companies from the financial, telecommunications, real, medicine, services, and transport sectors. This initiative is part of IFC’s Central Asia Corporate Governance Project, implemented in partnership with the government of Switzerland and the United Kingdom’s Department for International Development (DFID).
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 bln in financing to improve lives in developing countries and tackle the most urgent challenges of development.
About Imkon Consulting
Imkon Consulting operates in the market of Tajikistan since 2007. The company specializes in a range of services in management consulting and business education. Imkon Consulting are the official partners of IFC corporate governance.