DUSHANBE, September 19, 2009, Asia-Plus  -- The third meeting of the working group for working out Tajikistan’s model code for corporate governance was held at the Ministry of Finance (MoF) on September 17.

According to the MoF press service, the meeting participants included representatives from relevant ministries and institutions of the country as well as representatives from international financial organizations and private and sector.

The model code is being worked out in line with implementation of the strategy of development of market of securities on an initiative of the MoF with support from the International Finance Corporation (IFC) and is an important document determining rights and duties of members of a joint-stock society and persons associated with it, mechanism of interaction between them on the basis of optimal harmonization of interests for the purpose of providing maximally efficient development of a joint-stock company.

The meeting participants considered issues related to principles of corporate governance and relationship of management bodies of the joint-stock society, the press service said.

The next meeting of the working group for working out the model code for corporate governance is scheduled for October 16 this year.

We will recall that the IFC Corporate Governance Project has helped local joint stock companies and banks strengthen their corporate governance practices with a view to improving their operations and increasing their ability to attract investment and financing.  The project has worked closely with government officials, to provide consultations and assistance on legislative reform related to corporate governance and its enforcement.