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IBC and CID sign a memorandum of cooperation

April 13, 2023

On April 12, 2023, the International Business Council and the Chamber of Independent Directors of the Kyrgyz Republic signed a memorandum of understanding and cooperation.

The document was signed by IBC Executive Director Askar Sydykov and CID President Talantbek Omuraliev.

Cooperation between the two organizations in the field of corporate governance will help to productively develop the principles of responsible, transparent and efficient management in the country. IBC and CID have accumulated significant experience in this area.

“We also plan to jointly develop a securities market fund,” said Askar Sydykov.

The Committee for Sustainable Development and Corporate Social Responsibility has been successfully working at IBC for over 12 year. Recently, the IBC member companies have been striving to follow a new direction, observing the ESG principles and mechanisms (Environmental, Social and Governance) in their activities.

In order to develop the national economy through corporate governance, CID conducts consultations and express diagnostics of enterprises for compliance with the principles and practices of corporate governance, and gives recommendations on the development of companies.

By signing the memorandum, IBC and CID will be able to more effectively exchange experience, helping to improve the quality of corporate governance of companies in Kyrgyzstan in accordance with the best international standards and practices.