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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Azerbaijan’s Minister of Economy, Mikayil Jabbarov, participated in the "Circle of Leaders: Financing the Energy Transition - New Horizons" session during the World Economic Forum (WEF) in Davos, emphasizing the country’s strategic role in global energy security and its green energy transition initiatives.
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Around 200 employees of SOCAR, Azerbaijan's state oil company, staged a strike in Batumi, Georgia, on January 21,demanding wage increases, local outlet Batumelebi reported. Participants included technicians and staff from various departments who argued that their long-standing minimal salaries fail to reflect their workload.
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On January 21, during a meeting in Davos, Azerbaijani President Ilham Aliyev met with Henrik Poulsen, Chairman of the Supervisory Board of Carlsberg Group, and Jacob Aarup-Andersen, the company's CEO. The discussions emphasized Carlsberg Group's expanding presence in Azerbaijan and its commitment to developing local production and sustainability.
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In 2024, Azerbaijan's "Single Window" Export Support Center processed 1,747 requests from businesses and individuals, facilitating the issuance of 3,982 export certificates. According to Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communications, these efforts supported export operations valued at USD 288.2 million.
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