In 2008, Working Variant of Corporate Governance Code to be Devised in Azerbaijan

Business Materials 29 February 2008 19:31 (UTC +04:00)

Azerbaijan, Baku, 28 February /corr. Trend I.Khalilova / In 2008, the Government of Azerbaijan intends to devise the working variant of the Corporate Governance Code, with the help of the International Finance Corporation (IFC), said the Head of Azerbaijan Economic Development Ministry's Department for Foreign Trade and Economic Relations, Rufat Mahmudov.

According to him, the working group has commenced the devising of the project on the Code and proposals on Corporate Governance to the Civil Code. The working group has been formed from the specialists from the Ministry of Economic Development, Ministry of Justice, Baku Stock Exchange, National Bank of Azerbaijan, Azerbaijan Investment Company and IFC.

Such document may be useful for the Government of Azerbaijan in improving the legislation because the Code will reflect methods corresponding for the Country. It will describe criteria and concrete steps to implement the International Corporate Governance Standards.

Introducing the corporate governance practice in the local companies will increase the interest of the foreign investors in them.

In addition, a department of corporate governance has been functioning in the Ministry of Economic Development since last year.