Baku/17.02.14/Turan : In January of this year, the State Securities Committee has received complaints on 136 joint-stock companies , which limit the rights of shareholders.
In January, as it was called " season of complaints of JSC." For example, in January 2013 the SSC received complaints about the same amount of stock . However, last year the number of complaints of investors (40) was much more than this year (25).
You can not argue that Azerbaijan frame violations of shareholders' rights are limited to those numbers . The shareholders claim that the SC has not always adequately come to their appeals , and therefore complain that structure on joint-stock companies only in extreme cases .
SSC in January applied administrative sanctions against 24 companies at a total amount of 40.5 thousand manats. Since October 2013 the penalties for violations of the rights of shareholders in Azerbaijan were significantly increased . However, while it does not stop attacks on the rights of shareholders .
Most stock in Azerbaijan created under denationalization of property. Controlling shareholders still belong to minority shareholders as a freeloader . Many JSC do not conduct general meetings of shareholders , the shareholders are not provided the necessary documents or shareholders register , do not receive dividends , etc.
The bulk of shareholders in Azerbaijan are members of labor collectives of privatized JSC. As practice shows, these shareholders are loyal to unlawful actions of the JSC. An active layer formed of shareholders that protect their rights , not only with the SSC, but the court.
Widespread violation of shareholders suggests that investors are leaving the meager ranks of shareholders. This has a negative impact on the stock market. In addition, the controlling structure punishes violation of the rights of shareholders are not the culprits , for example, leaders of the board and the board of directors and the legal entity . As a result, a fine of several thousand manats also " hits" the one who complained. After all, for infringement eventually pay the shareholders themselves - as co-founders .
Experts believe that 2014 will be a watershed in terms of shareholder rights . Many companies who " detest " the legal requirements to comply with the corporate governance principles will be used to eliminate or keep within the same framework in its minimum . -08B-
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