BAKU, Azerbaijan, October 20. The term "compliance" can be used in Azerbaijani legislation and language, just as the term "corruption" is used, Gündüz Karimov, head of the Legislation and Legal Policy Department of the Presidential Administration of Azerbaijan, said on Tuesday at the Sustainable Business, Corporate Governance, Risk and Compliance (GRC) Conference in Baku, Trend's correspondent reports from the event.
Karimov noted that corporate compliance policies cover the protection of intellectual property, brands, reputations and confidential information, as well as anti-corruption measures and adherence to ethical standards.
According to him, protecting a company's intellectual property rights is an important component of its compliance policy. This includes safeguarding the company's brand and reputation, ensuring the proper use of its name, and preventing trademark imitation.
Karimov said that protecting confidential and insider information and preventing the unlawful acquisition and disclosure of information belonging to others are also key elements of a compliance culture.
He noted that compliance directly affects a company's reputation and contributes to an increase in its market value.
"Compliance is a matter of honor. A company's recognition and reputation can be built precisely through strict adherence to its compliance policy," he said.
The department head explained that the accounting term "goodwill" refers to the value associated with a company's reputation and other intangible factors. Adherence to compliance principles helps increase this value.
According to Karimov, applying principles of excellence and maturity in corporate operations, rejecting bribery, and maintaining a zero-tolerance policy toward legal violations are important for building a compliance culture.
"A company must declare that it has zero tolerance for violations of the law and non-compliance with rules," he emphasized.
He added that compliance is closely linked to legal, economic and social responsibility. Effective implementation of these principles requires accountability mechanisms and appropriate sanctions for violations.
Karimov also addressed the use of the term "compliance" in the Azerbaijani language. He said that while its meaning can be explained using terms such as "adherence" and "conformity," replacing the term itself with a separate Azerbaijani equivalent is not necessary.
"Just as the term 'corruption' is used in Azerbaijani legislation and language, the term 'compliance' can also be used. Its meaning can be explained using the words 'adherence' or 'conformity,' but compliance is a distinct concept in its own right," he said.
The department head stressed that compliance is not limited to meeting legislative requirements; it also involves conduct consistent with values accepted by society. In this regard, preventing socially unacceptable actions and upholding the principles of social responsibility are also integral to a compliance culture.
He noted that companies should develop their compliance policies based on both legal obligations and respect for societal values, applying these principles consistently in their day-to-day operations.
