ORDER OF THE PRESIDENT OF THE AZERBAIJAN REPUBLIC

of September 5, 2016 No. 2300

About the additional measures connected by increase in efficiency of activities of legal entities whose controlling stake of shares (shares) belongs to the state

Being guided by Item 32 of article 109 of the Constitution of the Azerbaijan Republic, for the purpose of ensuring duration of the economic transformations performed in the country, accelerations of the works aimed at the development of entrepreneurship and forming of healthy competitive environment, achievement of forming of the competitive national economy diversified by attraction of local and foreign investments, I decide increases in transparency in management of legal entities whose controlling stake of shares (shares) belongs to the state:

1. To the Cabinet of Ministers of the Azerbaijan Republic:

1.1. based on offers of the Ministry of Economics of the Azerbaijan Republic, the Ministry of Finance of the Azerbaijan Republic and the Center of the analysis of economic reforms and communication:

1.1.1. in four-months time to approve evaluation procedure of efficiency of activities of legal entities whose controlling stake of shares (shares) belongs to the state in coordination with the President of the Azerbaijan Republic;

1.1.2. considering the international experience and features of national economy, in four-months time to approve in coordination with the President of the Azerbaijan Republic rules and standards of corporate management in joint-stock companies which controlling stock is owned by the state, and also the actions plan on step-by-step application of the specified rules and standards;

1.1.3. in four-months time to approve in coordination with the President of the Azerbaijan Republic rules of issue of bonus payment to members of governing body of legal entities based on the payment system based on results of activities of legal entities ("Performance Based Remuneration System") which controlling stake of shares (shares) belongs to the state;

1.1.4. take measures for step-by-step application of international accounting standards in legal entities whose controlling stake of shares (shares) belongs to the state and two times a year to inform the President of the Azerbaijan Republic on the done work;

1.2. in three-months time to provide reduction of regulatory legal acts of the Cabinet of Ministers of the Azerbaijan Republic in compliance with this Order and to inform on it the President of the Azerbaijan Republic;

1.3. keep under control reduction of regulatory legal acts of the central executive bodies in compliance with this Order and in five-months time to inform on execution of the President of the Azerbaijan Republic;

1.4. resolve other issues following from this Order.

2. To provide to the Ministry of Justice of the Azerbaijan Republic reduction of regulatory legal acts and acts of normative nature of the central executive bodies in compliance with this Order and to inform on it the Cabinet of Ministers of the Azerbaijan Republic.

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