December 12, 2007	Wednesday	Zilhaj 1, 1428

ISLAMABAD, Dec 11: The International Finance Corporation (IFC) has decided to help improve corporate governance of the judges dealing with dispute resolution by initially offering $1 million to the government.

In this regard the IFC, a member of the World Bank Group, on Monday organized the second corporate governance workshop for judges at the Federal Judicial Academy here. The workshop presented an opportunity for the judges to familiarize themselves with corporate governance issues and to refine their skills on the topic in line with international best practices.

The workshop also underscored the need for effective dispute resolution involving boards of directors, senior management, and shareholders through alternative dispute resolution and other statutory mechanisms.

Moazzam Hayat, Director General of the Federal Judicial Academy, emphasized the need for judges to be familiar with international best practices in corporate governance and be aware of alternative mechanisms for resolving disputes.

This workshop has been organized in the context of recent trends in the field of corporate governance. It is essential that the judiciary has a clear understanding of the principles of corporate governance, as they often play an important role in deciding cases within the corporate sector, said Kaiser Naseem, Chief of for IFC’s Pakistan Corporate Governance Project.

When approached, he said that while the Asian Development Bank (ADB) was offering $350 million for judicial reforms, the IMF wanted to also offer financial and technical assistance to ensure good governance starting from the level of session judges.

He said that IFC was also extending funds for improving governance in the banking sector. In this regard, he said that Habib Bank, United Bank and Standard Chartered Bank were being provided necessary support. IFC’s corporate governance project in Pakistan aims to improve governance practices in the country’s banks and companies, as part of the project, IFC is working closely with private sector companies and the Pakistan Institute of Corporate Governance.

IFC fosters sustainable economic growth in developing countries by financing private sector investment, mobilising private capital in local and international financial markets and providing advisory and risk mitigation services to businesses and governments.

IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In 2006-07 IFC committed $8.2 billion and mobilised an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries.