BAKU, Azerbaijan, February 24. The Board of the Central Bank of Azerbaijan (CBA) this week approved standards of corporate governance in investment companies, Trend reports.
According to the decision, the supervisory board will be in charge of ensuring corporate governance in investment companies. The executive body of the company is responsible for ensuring the proper implementation of the board's authorized strategies and policies.
Each investment business must create a strategic plan based on a strategic vision and purpose statement, which will then be authorized by the supervisory board. The strategic plan should span at least three years. It should also be revised at the end of each year, depending on the previous year's results. The strategic plan should be updated as the investment firm's business model develops and external events and threats influencing the investment firm's operations arise. The strategic plan and any revisions to it must be submitted to the General Meeting of Shareholders and the CBA for information within 30 days of its approval.
Furthermore, this week, international rating agency Moody's
predicted that Azerbaijan's GDP would expand in 2024–2025.
Thus, according to the prediction, the growth rate of GDP in 2024
may exceed 2 percent, and in 2025, it will reach 3 percent.
This week, the Central Bank of the Russian Federation canceled QIWI
Bank's license, and as a result, money transfers to Azerbaijan via
QIWI Bank's contact system were suspended.
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