Azerbaijan, Baku / Trend corr I. Khalilova / Azerbaijani Investment Company JSC and International Finance Corporation's (IFC) corporative management project (ACGP) have begun the development of the Mini-Corporative Management Code, the head of ACGP, Charles Canfield, reported on 12 July.
According to Canfield, three State bodies are involved in the project, namely the Economic Development Ministry, Baku Stock Exchange and AIC. "Their involvement into the development of the Code is intended to avoid duplication of different conceptions and to carry out the work jointly. The content, the main chapters and items of the document were developed in the first stage," Canfield said.
The document could be useful for the Azerbaijani Government in improving its legislation, as the Code will reflect the country methodology. The criteria, concrete steps for the introduction of international standards of corporative management will be included.
The introduction of good practice of corporative management in local companies will increase the interest of foreign investors, as well as the attraction of the non-oil field in Azerbaijan.
According to the head of the project, the terms for the completion of the code will depend upon the decision regarding the implementation of the second phase of ACGP. The code is being developed in compliance with the Memorandum of Understanding signed on 9 March between ACGP and AIC.