The International Finance Cooperation Azerbaijan Corporate Governance Project (ACGP) has selected its second pilot company - AZEL Azerbaijan Electronics Joint Stock Company, Trend reports.
AZEL is the second company that will participate in a comprehensive program and will receive: An assessment of its corporate governance practices; consultations on improving corporate governance; assistance in revising corporate documents to bring them in line with best practices; and assistance in preparing transparent and meaningful financial reports.
AZEL was selected taking into account its strong commitment to improving corporate governance practices. The vivid example is that the Company recent financial statements was prepared in accordance with International Financial Reporting Standards and audited in accordance with International Standards of Accounting by an international auditing firm. In addition, AZEL has implemented a corporate code of ethics, which it views as a significant step towards improving its corporate governance.
The company has expressed significant interest in working with the ACGP. The shareholders and top management of the company have attended the Project seminars and to date, the company has received several consultations and a workshop. With the ACGP assistance, AZEL prepared a new company charter based on best practices of corporate governance in compliance with current Azerbaijani legislation.
The Azerbaijan Corporate Governance Project is implemented by the International Financial Corporation with the financial support of the State Secretariat for Economic Affairs of Switzerland (SECO).