Azernews.Az

BAKU – Azerbaijan's corporate governance standards, which have been presented on Monday, would create the framework for the implementation of international standards of corporate governance in the country, taking into account national circumstances, Azerbaijani Deputy Economic Development Minister Samir Valiyev said at the presentation ceremony.

"These standards have passed a public discussion by government agencies and private companies whose recommendations and proposals have been taken into account," Valiyev said.

Presentations will be held for local companies in the regions to provide the value and importance of these standards, State Securities Committee deputy chairman Ilgar Muradov said. He added that one of the State Securities Committee's responsibilities is to protect the rights of shareholders, under which the introduction of corporate governance standards plays an important role for the State Committee.

Swiss Ambassador to Azerbaijan Sabine Ullmann said Switzerland has invested about 70 million euros in the development of the non-oil sector of Azerbaijan for 10 years, and also participated actively in project implementation of corporate governance.

"These standards include the best international practice, and we hope that they will contribute to private sector development in the country," Ullmann said.

Implementation of these standards is voluntary. They are prepared in accordance with legislation and the business environment of the country in an attempt to improve the experience of managing companies.

The Azerbaijani Economic Development Ministry approved these standards in January. The standards were prepared by a working group of the Economic Development Ministry with support from the International Finance Corporation (IFC), which included representatives of the SCS, Azerbaijan Investment Company, the Central Bank of Azerbaijan (CBA) and the Justice Ministry.