​President: Corporate governance in state-owned enterprises should be the same as in the private sector

Positive changes are observed in SOCAR, and in Azerbaijan Caspian Shipping Company

Baku. 13 April. REPORT.AZ/ Corporate governance in state-owned enterprises should be the same as in private companies. In this regard, I have already given instructions to the heads of these enterprises, and some have already started the process of transformation.

Report informs, President of the Republic of Azerbaijan Ilham Aliyev said at the meeting with the members of delegation of the American Chamber of Commerce in Azerbaijan.

He stressed that the positive changes had been observed in SOCAR, and in Azerbaijan Caspian Shipping Company: "I hope that other companies will also work in this direction. The only difference among them and the private companies is that their shares will be owned by the state."

This is understandable since these companies are of strategic importance. Maybe the time will come and they will put their shares for sale, I guess so. However, considering the past I would say, that they still have to remain belonging to the state. If there is no gas in some rural areas, people turn to state-owned enterprises. That is, the time will come when some of these companies will be put up for sale but now the corporate governance is important. At the same time, I believe that you should give certain direction for the system productivity. Then they will operate more efficiently, transparently and openly."