IFC to help Oil Insurance Company improve corporate governance to tackle sustainability challenges
ALMATY. April 7. KAZINFORM The IFC, a member of the World Bank Group, starts working with Oil Insurance Company in Kazakhstan to help them improve corporate governance which will make them more sustainable at the time of financial crisis and better serve their corporate and retail clients across the country, Kazinform has learnt from the PR department of the IFC.The company joins the IFC’s Central Asia Corporate Governance Pilot program. IFC will assess its corporate governance practices, and develop tailored improvement plans to align them with international best practices. IFC will also advise and train directors, managers and shareholders of the companies. «Better corporate governance can help the company improve the way they manage challenges and opportunities arising from the current worldwide economic crisis,» said Tomasz Telma, IFC Senior Manager for Central Asia. «Even in the time of crisis, investors are more likely to invest in companies that have strong corporate governance.» Oil Insurance Company is one of the largest insurance companies in Kazakhstan, each year providing a full range of insurance services to more than 50,000 legal entities and 250,000 individuals in Kazakhstan and abroad. The company is well-known in the market and their efforts to improve corporate governance will have significant demonstration effect for the other market participants. Since 2006, IFC has worked to improve corporate governance of companies and banks across Central Asia, helping them enhance operations and increase their ability to attract investment. IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.