IFC PRESENTS AZERBAIJANI VERSION OF OECD RULES ON CORPORATE GOVERNANCE IN PUBLIC ENTERPRISES
Baku, September 23 (AZERTAC). The International Finance Corporation (IFC) and World Bank (WB) have published the “OECD rules on corporate governance in public enterprises” in Azerbaijani.
The presentation was held today by the IFC, World Bank and Azerbaijan Ministry of Economic Development.
Head of the Economic Development Ministry`s Corporate Governance Department Anar Hajizade said “the translation of the rules will be submitted to the state companies in attempt to review and enforce recommendations specified in it, which will allow to implement the best practices of corporate governance and significantly improve the operation of companies.”
WB Baku Office Head Joseph Owen said WB is helping to create the legislative framework, which also contributes to the development of corporate governance as part of the projects realized in the country.
The representative of the Swiss State Secretariat for Economic Affairs (SECO), Philip Keller, said the application of the corporate governance rules will help increase investors` interest with a view to eventual privatization of companies.