Azerbaijan, Baku / Trend corr I. Khalilova / Gunduz Mammadov, Chairman of the State Committee on Security at the President's Administration of Azerbaijan (SCS), stated on 11 May at the workshop dedicated to Shareholder's Rights and General Meeting of Shareholders: Experience, Demands and Trends that the SCS received 101 appeals from shareholders from January to April, 2007.
According to Mammadov, the appeals were submitted by the shareholders of 200 joint-stock companies functioning in Azerbaijan and as a result 27 administrative sanctions were applied towards the law breakers with the total amount of AZN 6,160.
Despite the violations, a progress in payments of dividends to shareholders and submission of activities reports can be observed within the last year. Over 100 joint-stock companies have proceeded to pay off dividends to shareholders and 340 regularly submit the reports on the results of a year to the State Committee.
Only 41% of 100 companies announce and pay off dividends and 54% submit yearly reports and financial accounts.