BAKU, Azerbaijan, October 20. Azerbaijan Transport and Communications Holding (AZCON) is working to improve corporate governance, establish a unified compliance culture, and develop risk management approaches tailored to the operational specifics of its enterprises, Togrul Guluzada, AZCON's Chief Legal Administrator and Director of the Legal Department, said at the Sustainable Business, Corporate Governance, Risk and Compliance (GRC) Conference in Baku on Tuesday, Trend's correspondent reports.
He said AZCON's establishment was an important initiative aimed at corporatizing state-owned enterprises, enhancing their competitiveness and financial sustainability, and improving corporate governance mechanisms.
According to Guluzada, the holding will mark the second anniversary of its establishment on November 7. He noted that state-owned enterprises have also contributed to the recent growth observed in the transport and communications sectors.
"I believe corporate governance and compliance have also played a major role in this," he emphasized.
The AZCON official said the holding comprises 11 enterprises operating in the transport and communications sectors. These enterprises also have subsidiaries with separate legal entity status.
He noted that one of the key objectives is to establish a unified corporate governance and compliance culture across the holding's enterprises. However, a unified approach does not mean that all decisions must be made centrally.
"Each sector has its own specific characteristics, regulatory requirements and risks. Therefore, while establishing a unified compliance culture, we must also apply tailored approaches that take the specific features of each sector into account," Guluzada said.
He highlighted the particular importance of complying with international standards and requirements arising from international conventions in the transport sector. In aviation, flight safety and the reliability of the aviation supply chain are key priorities.
In maritime transport, the operation of vessels both in the Caspian Sea and beyond its boundaries makes compliance with international requirements, including environmental standards, essential.
Guluzada also said that the expansion of digitalization has made issues such as personal data protection, the resilience of digital infrastructure and cybersecurity increasingly important.
"Cybersecurity threats are constantly evolving. To prevent such risks, enterprises must establish appropriate internal rules and procedures and monitor their implementation," he noted.
According to Guluzada, ensuring compliance with international requirements, strengthening corporate governance, and effectively managing risks are among the main priorities in establishing a unified compliance culture across AZCON.
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