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New Board of Baku Stock Exchange Formed According West

Business Materials 7 October 2006 13:40 (UTC +04:00)

A special united meeting of the stockholders of the Baku Stock Exchange (BSEX) has approved a new team of the BSEX New Board. Mustafa Mammadov, Vice-President of BSEX Board told Trend Agency that Khayal Abdinov, earlier headed Standard Capital was appointed the President of the Board on August 18, 2006.

According to the decision of the Board, in addition to the President, two members more - directors will be included to the Board as well.

The new Board has been formed in accordance with west standards where there is a directorate, therefore the posts of Vice-Presidents were removed, pointed out Mr. Mammadov.

BSEX will have its Marketing Director in the person of Mustafa Mammadov, Business-Development Director Mansur Mammadov. The Head of the second Directorate has headed BSEX Trade Department. The responsibilities of the Business-Development Director are issues on regulating trade, clearing, and deposit activities.

The necessity in the calling of the special meeting was due to the necessity to appoint the new Head of the Exchange. Earlier this post was held Anar Akhundov who then was appointed the Executive Director of the Azerbaijan Investment Company.

The Board of BSEX consists of 18 stockholders.

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