Azerbaijan, Baku, Feb. 8 / Trend N.Ismayilova /
A new project has been launched to improve the corporate governance system in Azerbaijan together with the Global Corporate Governance Forum, Project manager of Corporate Governance Project in Azerbaijan (ACGP) Caroline Bright said.
"The Forum's activities are aimed at improving corporate governance around the world, the creation of the Institute of Directors, training and media training," Bright said.
The activities of the Forum will take place in parallel with work on the ACGP, she said.
"The project it is nearly completed under the second phase in four pilot organizations - Turan Bank, non-bank credit organization CredAgro, the insurance company A-Qroup and companies AzMeCo," Bright said.
Now six pilot companies are being selected and implementation of corporate standards in Rabitabank has been launched, she added.
Participation in the first phase of the pilot program, unlike the second, was free. The need for such change has been linked to ensuring a more responsible participation of private companies and banks in the ACGP.
The State Secretariat for Economic Cooperation of Switzerland (SECO) has undertaken funding for the second phase of the project and allocated $4 million for it.
The Global Corporate Governance Forum, established jointly by the World Bank and Organization for Economic Cooperation and Development, actively promotes, supports and promotes high standards and practices of corporate governance in developing countries and countries with economies in transition. Funds in providing a forum have been allocated by IFC and the governments of France, India, Luxembourg, Norway, Sweden, Switzerland and the United States.