Azerbaijan, Baku / Trend / Azerbaijan Corporate Management Project for the International Finance Corporation (IFC) introduced the Corporate Governance Assessment Plan and improvements for the pilot project of the AZEL (Azerbaijan Electronics) Company.
The project has been prepared in accordance with the IFC methods and worked towards the improvement of the corporate governance practices in the company.
After the final evaluation, the company confirmed its intention to continue to work in order to improve the corporate governance practices and to implement all the recommendations.
The main criteria were the commitment to the principles of corporate governance, aimed to attracting financial resources and its efficiency with a number of legal requirements.
The project company has been involved in public seminars and training sessions.
It has also received recommendations to improve corporate governance practices.
The IFC experts have prepared legal documents that comply with international standards and assessed the principles of management that exist in AZEL.
An actual example of the company's improved corporate governance practices is the fact that the company has issued bonds which have acted the first successful experience for the non-financial organizations in Azerbaijan.
In addition to that, AZEL completed a corporate code of ethics, which is a significant step towards improving corporate governance.
AZEL is the second company that takes part in various programs and thus receives: an assessment of corporate governance practices, consultations on improving corporate governance, support for the study of corporate documents and the idea of how to bring them in line with the best practices, and mainly, support for the preparation of transparent and expressive financial statements.