Azerbaijan changes governance rules for state-owned credit organisations

Azerbaijan’s president has signed a decree changing the governance framework for state-owned credit organisations.

Under the decree, the list of officials authorised to represent the state in banks and non-bank financial institutions with state shareholdings has been expanded. These representatives will participate in decision-making within the powers attached to state-owned shares at general shareholders’ meetings.

The document also stipulates that decisions on the reorganisation or liquidation of such credit organisations will be taken by the president.

In addition, the Ministry of Economy, based on proposals from the Ministry of Finance, will coordinate with the head of state on the charter of a credit organisation and the size of its authorised capital.