Regional meeting on accountability in joint stock companies

The State Securities Committee (SSC) held on November 6 a videoconference between Baku and Lankaran with the participation of about 100 corporations on issues of corporate governance and to ensure accountability.

According to the deputy Minister Ilgar Muradov, the conference will play a role in the protection of shareholders' rights, the establishment of corporate governance and financial reporting in compliance with requirements of the law of joint stock companies, located in Lenkoran, Lerik, Astara, Yardimli, Jalilabad and Bilasuvar.

The Chief of Staff Committee informed Bakhtiyar Azizov handed to Lankaran Central Library and the local university book about the stock market, which "will be a valuable gift to the public knowledge of the region and the state of the securities market in the country."

The videoconference participants were familiarized with the laws of the reporting company, as well as trained SSC together with international experts with new initiatives. Representatives of the SSC gave answers to the questions of the managers of the joint stock companies.

Under the law, joint stock companies must meet the minimum requirements of corporate governance, and to publish annual financial statements. In 2011, out of more than 1,500 JSC, annual reports were submitted to the SSC only by 464. Because of not reporting or lack of them were fined 350 JSC. Annual and financial reports are printed in the media by several banks and a small amount of non-financial joint-stock companies. The function of control over the provision and publication of financial statements belongs to the Ministry of Finance. - 08D-