Azerbaijani president signs order on increase of effectiveness in state-owned companies’ activity

  06 September 2016    Read: 1708
Azerbaijani president signs order on increase of effectiveness in state-owned companies’ activity
Azerbaijani President Ilham Aliyev has issued an order on increase of effectiveness in state-owned legal entities’ activity.
Basing upon the proposals of the Ministry of Economy, Ministry of Finance and the Centre for Analyses of Economic Reforms and Communications, the Cabinet of Ministers is to confirm the rule of evaluation of effectiveness of the state-owned legal entities’ activity, as well as corporate management rules and standards in the state-owned JSCs taking into account the international practice and features of national economy, and Actions Plan on gradually application of those rules and standards within four months by agreeing with the president of Azerbaijan.

The Cabinet of Ministers is also confirm the rule on making bonus payments to the members of management structures of the legal entities on the basis of Performance Based Remuneration System of the state-owned legal entities within four months by agreeing with the president of Azerbaijan, take measures for gradually application of International Financial Reporting Standards (IFRS) in the state-owned legal entities and inform the president twice a year.

Ministry of Justice is to provide conformation of normative legal acts and normative acts of the central executive bodies to this order and inform the Cabinet of Ministers about it.

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