International Finance Corporation (IFC) together with World Bank (WB) presented the “OECD rules on corporate governance in public enterprises” in Azerbaijani language.

“The main purpose of the OECD rules’ translation is to improve the experience of corporate governance in the Azerbaijani state enterprises, which would make the state joint-stock companies more attractive to investor,” the Project Manager of IFC’s Azerbaijan Corporate Governance Project, Caroline Bright, said in Baku on Tuesday.

“The translation [of the rules] will be submitted to the state companies in attempt to review and enforce recommendations specified in it, which will allow to implement the best practices of corporate governance and significantly improve the operation of companies, ” the head of the Economic Development Ministry Corporate Governance Department, Anar Hajizade, said.

WB Baku Office Head Joseph Owen said WB is helping to create the legislative framework, which also contributes to the development of corporate governance as part of the projects realized in the country.

The representative of the Swiss State Secretariat for Economic Affairs (SECO), Philip Keller, said the application of the corporate governance rules will help increase investors’ interest with a view to eventual privatization of companies.