Presentation "Methodologies for assessment of corporate governance", which was developed by the Ministry of Economic Development (MED) and the International Finance Corporation, was held in Baku.
The document aims to promote corporate governance standards in Azerbaijani companies to increase their competitiveness in the market.
The Head of the Corporate Governance Department of the MED, Anar Hajizadeh said that the methodology takes into account the OECD principles of corporate governance and corporate governance standards of Azerbaijan, which are voluntary for use in companies and consists of nine criteria. Among them is the organization and holding of the General Meeting of Shareholders and to take into account the interests and the rights of minority shareholders, the section of power between the general meeting of shareholders, the supervisory board and the executive authority, the rights of shareholders, the issues of transparency and accountability, and independent internal audit, problem solving, and related conflicts of interest, transactions between related parties with the company, etc.
According to Hajizadeh, currently about 50 companies are trying to be consistent with January 2011, the Azerbaijani standards of corporate governance.
Speaking at the launch of Corporate Governance Program Manager for Europe and Central Asia Oliver Orton and Deputy Regional Director for the South Caucasus Secretariat for Economic Affairs Mathias Feldman pointed out that, considering the level of conformity to the principles of corporate governance, companies can answer the question as to whether the They attract investment by going to the capital market. According to Orton, Azerbaijani companies in the early stages of transition to the standards of corporate governance.
At the presentation also spoke a member of the Commission on the German Corporate Governance, Christian Strendzher, who emphasized the role of corporate governance in the private sector in the overall economic development of the country.
The methodology for assessing corporate governance could be used at joint stock companies and limited liability companies. The text of the document is posted at MED. - 08C-
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