Home News Eurasia Banking Group member-countries to work out common policy in corporate management sector

Eurasia Banking Group member-countries to work out common policy in corporate management sector


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Eurasian commission for corporate management in banks will work out recommendations for the mentioned sector, Irakli Kovzanadze, the chairman of the commission, said at the first meeting of working group in Tbilisi. Document consideration and approval should held in the end of the year in London.

Commission, established in February 2007, unites Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Moldavia, Mongolia, Uzbekistan and Ukraine. The todays meeting was initiated by European Bank for Reconstruction and Development (EBRD) and Organization for Economic Cooperation and Development (OECD).

As Irakli Managadze, EBRD chief policy advisor, says, initiative aims to work out a document, which will be in line with recommendations of The Basel Committee on Banking Supervision, from one hand, and acceptable to Eurasia countries, from another hand.

Motoyuki Yufu, OECD Secretary General, mentions that one of the main problems in developing countries is corporate management. Special attention is paid to such actual banking issues as risk diversification, their timely forecast and prevention.

From his hand, Kovzanadze notes that for Georgia, besides risk diversification, important issue is separation of functions of management and supervision board.

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