Deloitte releases Azerbaijan Corporate Governance report
The focus of senior management on corporate governance standards has improved significantly over the last five years in Azerbaijan. Organisations need to take a fresh look at how they implement corporate governance standards. At the same time, board members may contribute to the implementation of these standards more effectively by commiting to successful corporate governance through the maintenance of the highest standards of responsibility and ethics, according to Deloitte’s Azerbaijan Corporate Governance report released in both Azerbaijani and English.
The survey was conducted among more than 40 private, local and foreign businesses that operate in the country. We drew on Deloitte Global experience to conduct the first survey among a broad range of organisations across different industries in Azerbaijan and analyse the maturity of corporate governance in the country’s private sector.
The new report released by Deloitte Azerbaijan examines the current trends and developments, and monitors changes and progress in the implementation of the corporate governance standards in private Azerbaijani companies. The study examines topics as diverse as board risk oversight, the board's role in setting the strategic direction, board composition, executive remuneration, and the effectivess of local corporate governance codes.
“The new economic realities of the country require Azerbaijani businesses to pay even greater attention to having in place sound corporate governance standards in line with international business practices”, says Tural Hajiyev, Deloitte Azerbaijan’s Consulting Director. “If our companies aspire to expand onto international markets, the existence of a transparent management structure with checks and balances is one of the minimum requirements”.
Over the past 13 years, Deloitte Azerbaijan has realised a number of corporate governance projects and assisted Azerbaijani companies in implementing best international practices. Deloitte has assisted clients in the development of governance structures desgined to meet their specific requirements, helped in the assessment and benchmarking of board practices, implemented systems of risk and control, and executed ethics and compliance programmes.
About the survey:
The Corporate Governance survey was launched in July 2016 and was aimed at gathering local Azerbaijani companies’ C-level management views on corporate governance. The survey examined businesses of various sizes across 12 industries, from oil and gas, banking and telecoms, to construction, manufacturing and many others.
About DTTL's Global Center for Corporate Governance
Deloitte Touche Tohmatsu Limited's (DTTL) Global Center for Corporate Governance (the “Global Center”) brings together the knowledge and experience of Deloitte member ﬁrms around the world in the critical area of corporate governance. Its mission is to promote dialogue among member ﬁrms, corporations and their boards of directors, investors, the accounting profession, academia, and government. The Global Center also coordinates thought leadership on governance issues developed by member ﬁrms to advance thinking on global corporate governance issues. Since 2009, the Global Center has launched 37 Centers of Corporate Governance in Asia, Europe, Africa, and the Americas. Launched in May 2012, the Deloitte CIS Centre for Corporate Governance helps to promote discussion of corporate governance in both the public and private sectors, and is a valuable resource on best practice and thought leadership.