Azerbaijan to Pass Law "On Enterprises" Again
Azerbaijan prepares a draft law "On Enterprises" announced by the State Securities Committee.
According to the SSC, it has developed a draft law on amendments to the Civil Code, providing for the adoption of advanced standards of corporate governance in joint stock companies. The document after consultation with several state agencies was presented to the Cabinet. Further provisions of this document have been included in the draft law "On Enterprises."
For the first time the law "On Enterprises" was adopted on July 1, 1994. The law lost force on 23 April 2002, after the Civil Code (CC) came into force, regulating the activities and relationships of the various forms of management.
In March 2004, the Civil Code was amended on joint stock companies. Since then, the principles of corporate governance in companies have changed dramatically. In 2012 standards of corporate governance in Azerbaijan were accepted, bearing voluntary character. The bill developed by the State Committee for Securities will include these principles as mandatory. Besides, in compliance with European regulations, a bill on merging companies has been prepared. ----08B
Economics
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