Azerbaijan, Baku, May 26 / Trend , N.Ismayilova/
The International Finance Corporation (IFC) has launched negotiations with the State Securities Committee on amendments to the Civil Code within the framework of the technical assistance program on introduction of modern standards the Azerbaijan Corporate Governance Project (ACGP), head of the IFC project Carolina Bright said.
"We have launch considering amendments to the Civil Code together with the State Securities Committee a month ago. But we haven't made a decision on the matter," Bright said.
Two amendments to the Civil Code that were proposed by the corporation were accepted last year.
The project has developed four draft laws, which have been adopted by the Azerbaijani Government, including amendments to the Code on transactions of interest.
Transactions of interest is the transaction, of which there is interest in a member of the board of directors (supervisory board) of the company, the person exercising the functions of a sole executive body, including managing organization or manager, a member of collegial executive body of company or shareholders, which together with its affiliates and over 20 percent of the voting shares of a company, as well as person entitled to give a mandatory instructions are committed in accordance with the requirements of the law.
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