Training workshop on corporate governance without the participation of corporations

Baku/23.12.13/Turan : Baku Business Training Centre ( BBTC ) held on December 20, training for young entrepreneurs and managers of one of the themes of which is corporate governance . However, as found Turan, the training is not attended by a representative any nonbank public company .

Director of BBTC Akif Farrukh told Turan that during the training representative of the Ministry of Economy and Industry said portions of the action in January 2011, " Azerbaijani standards of corporate governance" , principles and practices of corporate governance, shareholder rights , corporate relationships in companies, etc.

The training was attended by representatives of JSC National Depository Center, JSC Ekol Muhendislik Khidmetleri, JSC Qafqaz Inkisaf Banki, LLC Azercell Telecom, Cybernet, AzFP Co., Ramsoy and other companies.

In Azerbaijan, there are not less than 1,600 JSCs created and privatized in 1997-2013. Their management is regulated mainly by the Civil Code . The Code reflects the minimum requirements for compliance with corporate governance requirements . In January 2011 the Ministry of Economic Development approved the "Azerbaijani standards of corporate governance ", which are voluntary for use . Practice shows that the joint stock companies are still far away not only from the Corporate Governance Standards Organization for Economic Cooperation and Development (OECD), but milder national standards. 08B