Training on Corporate Governance at State Enterprises Conducted

The Ministry of Economy and Industry conducted training on the basics of corporate governance, which was attended by representatives of more than 20 state-owned enterprises.

The press service of the Ministry told Turan that 8 thematic workshops are scheduled.

The function of adopting measures for the development of corporate governance in the private and public enterprises is entrusted to the Ministry of Economy and Industry. However, the agency is still unable to cope with this problem, since the application of these principles is not mandatory.

Application of the principles of corporate governance in state-owned commercial enterprises is provided by the "National Action Plan for Combating Corruption in 2012-2015." During this period, the Ministry of Economy and Industry approved the Corporate Governance Standards, methodologies to assess their application in companies, and the Code of Conduct.

According to previous studies, most of all in Azerbaijan corporate standards are met by banks, insurance and leasing companies. The control system of many state-owned enterprises does not meet the national standards of corporate governance. Many of them do not have a corporate site and do not publish financial statements. -----08D