Corporate governance improvement program to be launched in May

The Chamber of Commerce and Industry (CCI) and the World Bank Group's International Finance Corporation will sign a cooperation agreement to implement a corporate governance improvement program in Moldova, Info-Prim Neo reports. According to Sergiu Harea, head of the CCI's economic development division, the first stage of the program will be open to banking and insurance companies. The second stage will be extended to cover production and telecommunications companies. “Similar programs have been implemented in other countries in Europe and the CIS and have been a success. Moldovan companies need an efficient corporate governance, based on a fair and constructive relationship with employees, shareholders and partners, as the development of companies often stalls because of trials or conflicts of interest and they can’t achieve the desired results”, said the CCI division chief. The official presentation of the program for Moldovan companies will take place in May. CCI has cooperated before with the World Bank and its structures. One previous case was the managing of the grants for companies that had implemented systems of management of quality and of access to advanced services for business development as part of the Moldova Competitiveness Enhancement Project.