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State Securities Committee head: Committee intends to maximally ensure security of shareholders' rights

Business Materials 20 January 2011 15:09
Roughly 300 complaints were received by the Azerbaijani State Securities Committee due to the rights of investors violated by the joint stock companies in 2010, Rufat Aslanli, chairman of the Azerbaijani State Securities Committee, told media.
State Securities Committee head: Committee intends to maximally ensure security of shareholders' rights

Azerbaijan, Baku, Jan. 20 / Trend E. Ismayilov /

Roughly 300 complaints were received by the Azerbaijani State Securities Committee due to the rights of investors violated by the joint stock companies in 2010, Rufat Aslanli, chairman of the Azerbaijani State Securities Committee, told media.

"The financial sanctions were imposed on the joint stock companies violating the rights of shareholders in accordance with the requirements of the Administrative Code and Civil Code," he said.

Adopting administrative or non-administrative punishments is not the main task. Ensuring the rights of shareholders is the main task.

"Most appeals related to the failure to provide shareholders with data on the results of the company's activity. We ensured fulfillment of shareholders' requirements last year," Aslanli said.

The second group of appeals related to the undistributed dividends in the relevant order.

Roughly 1,700 joint-stock companies with 100,000 shareholders have been established in Azerbaijan since 1995. There are 1,000 majority shareholders, the others - minority shareholders who acquired their shares in the privatization process through the conversion of privatization vouchers.

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