Finance

Finance

Corporative management project ends in Azerbaijan

22 December 2011 09:16 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Today, an event on completing of Corporative Management Project in Azerbaijan (CMPA) was held in Baku.

According to APA-Economics, representative of International Monetary Corporation on Azerbaijan Aliya Azimova noted that, the project was completed successfully.

She noted that, CMPA operated on improvement of corporative management experience in 2005-2011. The project helped the companies and banks to improve the activity: â€œThe project cooperated with state bodies and helped to adopt 7 legislations including National Corporative Management Standard on corporative managementâ€.

Switzerlandâ€™s Ambassador to Azerbaijan Sabina Ulmann Shaban noted that, the project was supported by SECO (State Secretariat for Economic Affairs): â€œTotally, $70 mln was allocated by SECO during their cooperation periodâ€. Ambassador noted that, meeting of Azerbaijan-Switzerland Intergovernmental Commission was held this year, and Azerbaijan-Switzerlan Business Forum would be held next year.

Deputy Chairman of State Committee for Securities Ilgar Muradov spoke about the significance of project.

Head of project Caroline Bright noted that, CMPA achieved all purposes. 97% of companies noted that, corporative practices had improved since 2005, more than 80% says systems were strengthened, 70% says experiences of supervisory boards increased efficiency, 50% says internal audit accountings were applied and improved.

13 companies attended the project consisting of 2 phases. 150 seminars and trainings were organized, 600 companies were rendered services on improvement of corporative management experiences, clients were assisted by involving $132 mln and it was supported to involve more $550 mln investment.