Baku hosts workshop on protection of shareholders’ rights

Baku hosts workshop on protection of shareholders’ rights
# 11 May 2007 10:48 (UTC +04:00)
Gunduz Mammadov, the Chairman of the State Committee for Securities, said that events in this type are of the utmost importance for development of Azerbaijani joint stock companies. He underscored that there are still problems in protection of the rights of stockholders despite recent improvements. He added that the Committee received 101 complaints from 200 joint stock companies related to the violation of shareholders’ rights.
Thomas Mayer, the representative for Azerbaijan of Swiss State Secretariat for Economic Affairs (SECO), said that the results of a survey to examine the implementation of the corporate governance practices by Azerbaijan’s banks, firms, joint-stock companies unveiled both negative and positive cases.
He added that Azerbaijani firm’ and organizations’ acquiring corporate governance standards is paving the way for magnetization of foreign investment inflow. The workshop also discussed issues related to shareholders’ rights, holding general meeting of shareholders and equal treatment.

The Azerbaijan Corporate Governance Project (ACGP) was officially announced on May 8, 2003 at the "Investing in Azerbaijan - Gateway to the Newly Independent States" conference in Baku, Azerbaijan.
The objective of the project is to assist Azerbaijani joint stock companies, including banks, to improve their corporate governance practices. The project works with companies on the issues of protecting shareholders’ rights, improving transparency and disclosure policies, and implementing other best practices in corporate governance. To achieve these goals the project holds training events and seminars for managers and board members of companies.
The project also works with the Azerbaijani government authorities to improve the legislative framework related to corporate governance.
The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses.
The State Secretariat for Economic Affairs is the Swiss Confederation’s competence center for issues related to the economic policy. Its aim is to create the basic regulatory and economic policy conditions to enable business to flourish for the benefit of all. It represents Switzerland in large multilateral trade organizations and international negotiations. It is also involved in efforts to reduce poverty and help developing countries with transition economies build sustainable democratic societies and viable market economies. Each year Switzerland spends approximately 1.9 billion francs on development cooperation and transition assistance to countries. /APA-Economics/
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