The International Finance Corporation Azerbaijan Corporate Governance Project () has selected its next pilot company Mugan Bank Open Joint Stock Company, Trendreports with reference to the statement of the Project. Mugan Bank 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.
As it is mentioned in the statement, Mugan Bank is committed to improving its corporate governance. The Bank has established all committees required by the National Bank of Azerbaijan's Corporate Governance Regulation and expressed strong interest in working with ACGP to develop these committees. Top management of the Bank has attended seminars and received consultations and workshops. As a result of these consultations and workshops, the Bank has revised several of its internal documents.
The ACGP announced its pilot program in October, 2005. The Project selected four pilot companies - Azerigazbank Open Joint Stock Company, AZEL Joint Stock Company, Davachi Broyler Open Joint Stock Company and Mugan Bank Open Joint Stock Company. The Project is still accepting applications and any Azerbaijani joint-stock company or bank which is interested in improving corporate governance practices may apply for participation in the Pilot Program.
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).