In 2012, the State Committee for Securities (SCS) received from shareholders 267 plaintive statements. Complaints to the SSC decreased by about 7%. However, this is not a sign of improvement in the observance of the rights of the holders of minority interests.
Shareholders complained about violations of their rights in 394 JSC (in 2011 - 454 JSC). SCS revealed serious violations of the rights of shareholders in 146 JSC (in 2011 - 184 JSC), in relation to which it was applied administrative sanctions in the amount of AZN 200 each.
The analysis shows that, in many cases, the management of joint stock companies simply ignores letters from SCS to investigate complaints of shareholders. SCS never used for the last 10 years the right to examine the rights of shareholders in the field. Therefore, shareholders are less resort to the SSC, and prefer to go to court to recover their rights.
Note that in 2012, there was a trend of rejection of forms of shareholder management and liquidation of JSC. There were eliminated about 20 JSC, and many of these cases were accompanied by violations of the rights of shareholders. - 08D-
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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