Baku, Azerbaijan, Sept. 24
By Ilkin Shafiyev - Trend:
Powers of banks’ supervisory boards may be expanded in Azerbaijan, according to the proposals on amending the “Law on Banks” discussed Sept. 24 at a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship.
Under the proposed amendment, supervisory board of a bank will be able to appoint and dismiss members of banks’ audit committees.
There are also proposals to reduce the maximum term of office of the members of banks’ management board. In line with the proposed amendments, members of a bank’s management board may be appointed for a maximum period of three years. Presently, the maximum period provided by law is four years.
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