IFC agrees standards of corporate governance in private sector of Azerbaijan
Azerbaijan, Baku, June 12 / Trend N.Ismayilova /
The International Finance Corporation (IFC) agrees standards of corporate governance developed by a working group under the Azerbaijani Economic Development Ministry with private companies and international experts, manager of IFC project for implementation of modern standards of corporate governance in Azerbaijan (ACGP) Caroline Bright said.
"We collect comments from the private sector and a focus group has already been established in this regard. We have already held discussions with representatives of the private sector of Guba, Lankaran and Ganja. It is also planned to hold talks in Baku," Bright said.
She said harmonization of the standards is carried out with a view to allow the private sector representatives to express their views and submit their recommendations. IFC will also agree on standards with international experts and the standards will be amended taking into account these recommendations.
"We expect that a preliminary version will be submitted by late summer, but the final version of standards will be ready closer to the autumn-winter," Bright said.
The code, which is under development, is based on the following principles: equal treatment of all shareholders, accountability of the board of directors and management, information disclosure and transparency, that is full and timely provision of financial and other reports, responsibility for compliance with the interests of minority shareholders and other interest groups, as well as strict adherence to the spirit and letter of the law.
The working group established to develop corporate governance standards, includes representatives from the Ministries of Economic Development and Justice, the Central Bank, State Securities Committee, Azerbaijan Investment Company and IFC. The adoption of standards will improve the system of corporate governance in Azerbaijan, expand business opportunities and enhance operating efficiency.
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