Republic of Azerbaijan : Corporate Governance and Ownership of State Owned Enterprises
This Technical Note assesses the corporate governance of state-owned enterprises (SOEs) in Azerbaijan with a view to supporting the government’s efforts to bolster economic development. Mutually reinforcing recommendations are closely linked and ai...
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| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/710781532553488335/Republic-of-Azerbaijan-Corporate-Governance-and-Ownership-of-State-Owned-Enterprises http://hdl.handle.net/10986/30207 |
| Summary: | This Technical Note assesses the
corporate governance of state-owned enterprises (SOEs) in
Azerbaijan with a view to supporting the government’s
efforts to bolster economic development. Mutually
reinforcing recommendations are closely linked and aim to
increase accountability across the whole ownership structure
of SOEs, from their ultimate owners, the citizens, to their
employees. The Note outlines international good practice,
summarizes current practices in Azerbaijan, and indicates
areas for consideration to improve SOE corporate governance
in Azerbaijan. The Note was prepared by a World Bank Group
team, based on research and consultations during January -
October 2017, to (i) analyze current SOE governance
frameworks and practices in Azerbaijan and identify main
deviations from international good practices; and (ii)
develop a series of policy recommendations for further
reforms in strengthening SOEs governance and improving their
effectiveness. This work may serve as a basis for further
collaboration between the World Bank and the Government of
Azerbaijan towards SOE reform and related policy
considerations. Given the significance of SOEs and a range
of important socio-economic and political-economy related
factors, improving SOEs governance in Azerbaijan is a
significant challenge. Implementation of any of the
recommendations contained in this Note should form part of a
broader strategy for SOEs linked to economic and sector
strategies in Azerbaijan. This Note aims to build on the
priorities outlined by the Strategic Roadmaps for the
national economy and main economic sectors of Azerbaijan for
2016-2020, signed by the President of Azerbaijan on December
6, 2016. The Roadmaps re-affirm Azerbaijan’s priorities in
diversification of its oil-dominant economy, reduce the
State’s participation in the existing state-owned
enterprises, and enable more private sector led growth. |
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