Baku, Azerbaijan, Oct. 5
By Elchin Mehdiyev - Trend:
The maximum term of office for members of supervisory and management boards of banks will be reduced in Azerbaijan, according to the amendments to the “Law on Banks” adopted at a plenary session of the Azerbaijani parliament Oct. 5.
In accordance with the changes, members of supervisory and management boards will be elected for a maximum term of three years.
The current legislation provides for the opportunity to serve as a member of a supervisory board or a management board of a bank for four years.
At the same time, other amendments expand the powers of the supervisory boards, allowing to appoint members to audit committees. Committee members are appointed for a period of three years.
Presently, 30 banks operate in Azerbaijan.