Azerbaijan's giant insurance company improves management system
Azerbaijan, Baku, July 7 / Trend , U.Ismayilova/
Azerbaijani insurance company Mbask has appointed an extraordinary meeting of the shareholders for 10 August. On this session's agenda includes restructuring of the company's board, Chairman of MBASK Jamil Malikov said.
"The company is being restructured as part of the 2009 anti-crisis measures," Malikov said.
At present a candidature for chairman of the board is being discussed, he said. Malikov will be appointed as a member of the Supervisory Board.
The extraordinary meeting will discuss changes in the composition of the board, board of directors, approving salaries of the Chairman of the Board of Directors, restructuring assets and increasing the authorized capital.
"The meeting will focus on cutting expenses. The company does not employ anybody at the moment," Malikov said.
MBASK operates on the Azerbaijani insurance market since 1992 and offers 29 kinds of insurance services, four of which are mandatory. The company's authorized capital is two million manat. A total of 30 percent of MBASK's stakes belong to the European Bank for Reconstruction and Development (EBRD) since January, 2005.
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