The Global Corporate Governance Forum, the World Bank and IFC Azerbaijan Corporate Governance Project are seeking to help improve private sectors’ corporate governance practices in Azerbaijan through organizing a dissemination event of the Corporate Governance Report on the Observance of Standards and Codes (CG ROSC) for Azerbaijan on February 11th, 2010 in Baku. The conference aims to present the main findings and recommendations of the Corporate Governance ROSC and initiate discussions on how to strengthen the corporate governance in the country.
The Corporate Governance Report on the Observance of Standards and Codes for Azerbaijan highlights recent improvements in corporate governance regulations, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Azerbaijan. The report assesses local laws and regulations against the OECD Principles of Corporate Governance and focuses on publicly traded companies. Conducted in 2009 to reflect the changes since the last assessment held in 2005, the report forms part of the joint World Bank/IMF ROSC initiative and was accomplished in collaboration with various national stakeholders.
The CG ROSC found substantial progress since 2005. However, the update also revealed key gaps in law and in general awareness of and compliance with laws and regulations. CG ROSC provides recommendations to address these gaps and suggest ways that donors can provide additional support in helping to close them.
“The foundation for a strong capital market has been created, but more needs to be done,” said David Robinett, World Bank Private Sector Development Specialist and one of the authors of the report. “Investors need to be better protected, supervisory boards need to be more effective, and companies need to do a better job of disclosing what they are already supposed to disclose.”
“Introducing a corporate governance code and encouraging greater awareness of corporate governance is important for the economic development of Azerbaijan as a secure destination for international investment, especially within the current context of the global financial crisis,” said Philip Armstrong the Head of the Global Corporate Governance Forum. “Furthermore, this should be supported by broad-based and continued efforts to ensure that the policy recommendations in the corporate governance assessment are implemented in practice with appropriate enforcement measures.”
The dissemination event was followed by a meeting of key stakeholders on February 11th in the afternoon, to discuss the CG ROSC recommendations, key priorities for corporate governance development in Azerbaijan and merits of developing country action plan in response to the corporate governance assessment.
For more information, please contact Ralitza Germanova at
rgermanova@ifc.org
Agendas:
Agenda of the Dissemination Event
Agenda of the Stakeholders Discussion
Presentations:
Main Findings and Recommendations of the CG ROSC
by
David Robinett, Private Sector Development Specialist, Corporate Governance, World Bank Group
CG ROSC Stakeholders Discussion on Action Plan for Azerbaijan
by Emmanuel du Boullay, Independent Director, IFA - French Institute of Directors
Reports;
Corporate Governance Report on the Observance of Standards and Codes (CG ROSC) for Azerbaijan in
English and in
Azerbaijani.
To view previous events in Azerbaijan, please see below:
Azerbaijan Corporate Governance Code Development Conference, January 14, 2008
Workshop of Corporate Governance Codes of Best Practice in Eurasia, January 15, 2009 
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