SOCAR further enhances efforts to increase transparency

Baku. 22 September. REPORT.AZ/ The State Oil Company of Azerbaijan Republic (SOCAR) has enhanced efforts to increase transparency in order to prevent the cases, which may negatively impact on its high business reputation and reduce its market position.

Report informs, Suleyman Gasimov, SOCAR Vice President for Economic Issues has said.

"The company has developed and applied standards for increasing activity to fight against corruption. Mainly based on increasing transparency, each standard reflects combating corruption, minimizing these cases and other various issues", he noted.

According to him, SOCAR benefits from international practice in applying corporate governance principles: "These principles, mainly by defining responsibilities and powers of SOCAR governing bodies, have created conditions for an increase in the effectiveness of the activity, ensuring transparency of the operations carried out. The principles also provided adaptation of management to advanced practice, improving efficiency of the activity and protecting interests of the state and other interested parties. The management is based on four key principles: justice, transparency, accountability and responsibility".

SOCAR official also added that principle of transparency requires public sharing of information about the company's activity as well as preparation of financial statements that are an essential indicator of business activity, in a way reflecting real indicators of all activity of the company.