Financial results of four large state companies improved - minister

Economy Materials 5 January 2022 18:15 (UTC +04:00)
Financial results of four large state companies improved - minister

BAKU, Azerbaijan, January 5

By Nazrin Israfilova – Trend:

The implementation of corporate governance reforms has begun in the state-owned companies within the framework of the activities of the Azerbaijan Investment Holding, Trend reports via the Minister of Economy Mikayil Jabbarov.

"The complex action plan on improving financial results and increasing the transparency of these companies is currently being implemented. Today, the supervisory board has been formed in nine companies, and the members of one have changed," Jabbarov noted.

The international consultants were involved in diagnostics of the activity results carried out in the legal, financial, tax and commercial spheres in eight state-owned enterprises controlled by the holding, Jabbarov added.

According to his statement, the action plan on areas that need to be improved and on issues pending the decision is being prepared based on diagnostics.

He went on to say that the development of the corporate strategies for portfolio companies, setting the annual and mid-term performance indicators and goals on increasing the financial stability, as well as the development of the dividend policy are important action plan directions.

"I have to highlight, that taken measures are beneficial. The financial results of the four large state companies, including SOCAR, have already improved significantly," said Jabbarov.