Demand for Corporate Governance Significantly Increases in Azerbaijan
Azerbaijan, Baku /corr. Trend I.Khalilova / According to the assessments of the International Finance Corporation (IFC), several companies in Azerbaijan do not correspond with even base norms of the corporate governance specified in the national legislation, said the Head of IFC Corporate Governance Development Project in Azerbaijan (CGPA), Charles Kenfield, on 12 July.
"We work with many companies, and several of them do not follow the rules of the State Statistics Committee. The companies are not interested in the corporate governance because they don't understand its advantages," Kenfield stressed.
The CGPA will assist in introducing corporate management in Azerbaijan and it is intended to select six companies within the project. Presently six pilot companies are being selected from fifteen companies willing to join the project.