IFC Selects 3rd Pilot Company to Corporate Governance Project

Business Materials 7 September 2006 15:34 (UTC +04:00)

The International Finance Co-operation Azerbaijan Corporate Governance Project (ACGP) has selected its third pilot company Davachi Broyler Open Joint Stock Company, Trend has been reported by the IFC Project Group.

Davachi Broyler 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 as well as assistance in preparing transparent and meaningful financial reports.

The company is highly committed to improving corporate governance practices. Davachi Broyler has attended Project seminars and workshops and received consultations. Davachi is the first Azerbaijani company that has adopted ACGPs model company charter containing heightened standards of corporate governance.

The ACGP announced its pilot program in October, 2005. The Project selected its first pilot company - Azerigazbank Open Joint Stock Company in January 2006 and a second company- AZEL Joint Stock Company in April 2006. The Project is still accepting applications and any Azerbaijani joint-stock company or bank interested in improving corporate governance practices may apply for participation in the Pilot Program.