The work over injection of changes in the rules on listing at the Baku Stock Exchange (BSEX) is carried out jointly with the IFC project on development of corporate governance in Azerbaijan. The new rules are currently in the final will stage of development, Trend reports quoting Anar Akhundov, the chairman of the Board of the Exchange.
Key objective of the improvement of the rules is shifting the accent from requirements on financial economic activities of the companies to the provision of transparent activities, provision of information on potential investors, sufficient resolutions and establishment of permanent control over the implementation of requirements on observation of corporate governance standards. In this respect the new rules will regulate the issues linked with the corporate structure of enterprises, in particular, on interrelations among shareholders and the governance, increase of responsibility and accountability of the governance to the shareholders. The rules also include items providing accountability and transparency of the enterprises. Moreover, to maintain the enterprises in the listing they should meet all necessary requirements, Akhundov underlined.
Upon the development the project will be discussed first by the shareholders of the BCEX and after submitted to the State Committee on Securities for approval. The State Committee has standards on exchange activities, which stipulates listing and quotations standards. Gunduz Mammadov, the head of the State Committee on Securities, upon the development of new rules they will be compared with the common standards of the exchange activities and some changes will be injected if necessary.