International Conference to develop Corporative Code to be held in Baku

Azerbaijan, Baku, Jan. 7 / Trend , I. Khalilova/

The international conference on development of corporative code will be held on Jan. 14 -16 in Baku, Azerbaijani based the International Finance Corporation (IFC) on rendering technical assistance to develop Azerbaijan Corporate Governance Project, said on Jan. 7. Organizers of the meeting are the IFC, United States Agency for International Development (USAID), the Azerbaijani Ministry of Economic Development, the National Bank and the State Committee on securities.

The key purpose of the conference is to exchange international experience. During the meeting specialists in this sphere will familiarize with introduction of corporative code in Bulgaria, the United States, Germany, South Africa and other countries. Workshops for employees of Azerbaijani state-run and private organizations will be organized on the second and third days. 

The Azerbaijani government under IFC assistance prepares working version of the Corporative Governance Code, as well as offers to Civil Code regarding Corporative Governance. Working group consisting of representatives of the Ministry of Economic Development, the Justice Ministry, Baku stock exchange, NBA, Azerbaijani Investment Company and IFC was established for this purpose.

Participation of these state organizations to develop the Code focused on not to double different conceptions and to operate jointly. Such a document can be useful for the Azerbaijani government while improving the legislation as methodology appropriate for the country will be reflected in the Code. Criteria, concrete actions to introduce international standards of corporative management will be indicated in it.

Introduction of corporative management in local companies will arouse interest of foreign investors, as well as attraction of non oil sector of the country.

Azerbaijani investment company under IFC and USAID assistance also developed a model of Corporative Governance Code envisaged for local companies which Azerbaijani Investment Company will invest.

The code will be approved by Supervising Council of the Azerbaijani Investment Company. Choosing companies for further investments special attention is paid to availability of Corporative Governance standards. Before Code comes into effect, Azerbaijani Investment Company is oriented on instructions to conduct corporative management developed under assistance of IFC at the base of which monitoring of companies is held.

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