Azerbaijan to reduce maximum term of office for banks' management
By Trend
The maximum term of office for members of supervisory and management boards of banks will be reduced in Azerbaijan, according to the amendments to the “Law on Banks” adopted at a plenary session of the Azerbaijani parliament Oct. 5.
In accordance with the changes, members of supervisory and management boards will be elected for a maximum term of three years.
The current legislation provides for the opportunity to serve as a member of a supervisory board or a management board of a bank for four years.
At the same time, other amendments expand the powers of the supervisory boards, allowing to appoint members to audit committees. Committee members are appointed for a period of three years.
Presently, 30 banks operate in Azerbaijan.