Bosnia and Herzegovina

Brcko Port, Sava Waterway Rehabilitation Project, 2011. Bosnia and Herzegovina. Photo: Almin Zrno / World Bank

Key Activities

The Integrated Environmental, Social, and Governance Program provides hands-on support to improve the country’s environmental and social governance (ESG) landscape and practices through a programmatic approach at the market, regulatory, and firm levels. 

Market Level

The program supports and collaborates closely with two local partners: Advantis Broker (Banja Luka) and Center for Economic, Technological, and Environmental Development Sarajevo. IFC contributes to the Center’s capacity building by sharing tools and knowledge to promote, train, and advise on ESG standards, focusing on governance of environmental and social practices in selected sectors and promoting ESG standards in the financial sector. IFC promotes the adoption and implementation of good ESG practices jointly with these partners and aims to demonstrate the business case for ESG practices and sustainability to build demand for better ESG practices. Both partners are integrated into the regional cohort of partnering institutions, which allows them to benefit from knowledge, practical tools sharing, and promotion of the overall ESG agenda in the region.

Currently, the program provides technical assistance to Advantis Broker on the development of ESG guidelines for non regulated companies. The document will provide recommendations for companies that are willing to embed the sustainability aspects in their strategies, internal structures, and practices.

Regulatory Level

The program is considering opportunities to engage with state agencies to support the development of the ESG-related guidance and regulations.

Firm Level

The program provides advisory services to private sector companies and banks on improving ESG practices by assessing the practices and supporting ESG improvement plans.

Major Achievements

As an investor and one of the global development financial institutions, IFC has in-depth expertise in identifying and managing risks that hinder the improvement of efficiency and the investment attractiveness of companies. 
Under the previous Corporate Governance Project, IFC contributed to the establishment of a stronger corporate governance framework by introducing and updating corporate governance codes and scorecards for the Sarajevo and Banja Luka Stock Exchanges, training stock exchange staff on corporate governance topics, and supporting knowledge sharing with the market participants through public awareness events.
The corporate governance advisory project contributed to the preparation of the Company Law of Bosnia and Herzegovina, focusing efforts on the corporate governance, business registration, and business operation sections. The Bosnian parliament adopted the law on July 15, 2015. The law provided additional details on the competencies of supervisory boards and corporate secretaries, in accordance with OECD Principles of Corporate Governance, and enhanced and clearly defined the provisions on scheduling and holding general assembly meetings. 

Our Development Partners

The Integrated Environmental, Social, and Governance Program is implemented in partnership with the Switzerland State Secretariat for Economic Affairs (SECO). 

integrated esg

Our Local Partners