Corporate Governance Committee to be created in Azerbaijani banks

The Board of Azerbaijan’s Central Bank has approved an updated version of the “Corporate Governance Standards in Banks,” Report informs.

CBA Chairman Taleh Kazimov has signed the corresponding decision.

According to the decision, a Corporate Governance Committee will be created in banks. The requirement to establish these committees will apply 12 months after the effective date of the decision.

In addition, the decisions of the abolished Chamber for Supervision of Financial Markets on the approval of the “Risk Management Rules in Banks” dated January 30, 2019 and on the approval of the “Corporate Governance Standards in Banks” dated June 27, 2019 were cancelled.