Azerbaijan, Baku, March 12 / Trend N Ismayilova /
The National Bank of Azerbaijan (NBA) has designed methodology of control over development of corporative governance system in Azerbaijani banks, Fatulla Alekperov, deputy head of NBA department on control over loan organizations' activity, said at a workshop organized by the International Finance Corporation on March 12.
"The NBA is interested in support to introduce corporative governance standards in Azerbaijani banks, Alekperov said. So, it constantly controls corporative governance level in banks via check-up."
The NBA controls corporative governance system via designed methodology of estimation.
Methodology consists of several standards, including audit commission in banks, risks governance system, information technologies level. The banks will not be allowed operating if they are not met with these requirements, Alekperov said.
Azerbaijani banks must ensure the following: to create effective governance system, to organize and implement strategic planning process, to create effective organized structure, to implement finance planning process, to ensure finance governance and their accounting, as well as to create risks governance system to introduce corporative governance standards at the level required by the NBA, Elshan Kerimov, senior legal advisor of NBA legal department, said.
"The NBA's active participation in introduction of effective system of corporative governance positively affects bank sector," Carolina Bright, head of IFC project on corporative governance in Azerbaijan, said.
"Modern corporative governance makes companies more attractive for investors, Bright said. We have observed growth of investments in the companies introduced corporative governance within the IFC project in Azerbaijan.
These investments were both loans and joint-stock capital, foreign and domestic, she said.
"The NBA's estimation, given to Azerbaijani banks regarding their corporative governance level, assists banks' board in revealing problems and taking actions," Samir Balayev, UniBank advisor of chairman of supervising council in Azerbaijan, said.