Azerbaijan, Baku, May 5 / Trend N. Ismayilova /
Final variant of corporative governance code designed by working group under the Azerbaijani Ministry of Economic Development and supported by the International Finance Corporation (IFC) will be prepared by autumn 2009, IFC head of the project on corporative governance Carolina Bright said on May 5.
"Working group will submit initial version of the code to business circles and publicity in a month or two months. Final version will be ready after analyses of proposals and issues on initial version by autumn 2009," Bright said.
Designed code is based on the following principles: equal attitude towards all share holders, accountability of directors' board and management, disclosing of information and clarity, i.e. on time and complete submission of financial and other accountability, responsibility for observation of minority share holders' and other groups' interests, as well as strict following to spirit and the law.
The working group, established for designing of a project of corporative governance code, include representatives of the ministry of economic development, the ministry of justice, the central bank, the state committee for securities, the Azerbaijani investment company and IFC. Adoption of the code will allow improving corporative governance system in Azerbaijan, extending business opportunities, increasing effectiveness of the companies' activity.
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