Details added (first version posted on 12:41)
Baku, Azerbaijan, March 3
By Azad Hasanli - Trend:
Application of corporate governance standards developed by the Azerbaijani Ministry of Economy will increase attractiveness of local enterprises for foreign investors, Sahib Mammadov, the country's deputy economy minister said March 3.
He made the remarks at an event dedicated to the application of corporate governance standards in industrial enterprises.
"This will also allow to make enterprises cost-effective and at the same time will ensure efficient risk management, reliable reporting system," Mammadov said.
He said that thanks to the use of these standards, enterprises will be able to expand their activities.
"It is very important to pay attention to quality standards, in particular this applies to exporting companies," the deputy minister said. "These standards will help in attracting of foreign investors, search of partners."
Mammadov went on to add that the standards of corporate governance, evaluation methodology of the application of these standards and the Code of ethical behavior in corporate governance sphere were developed by the ministry in 2011.
"These documents comply with international standards," he said. "International practice shows that the enterprises using similar standards recover from the crisis with minimal losses."
Given the fact that the above mentioned documents are only advisory in nature, the ministry's task is to hold meetings with entrepreneurs and explain them the importance of using corporate governance standards, the deputy minister said.
He went on to add that the standards developed by the country's ministry of economy are highly appreciated by the Global Corporate Governance Forum, because they take into account both local peculiarities of doing business and international experience.