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March 26, 2010 Friday
Armenia : EBRD to present corporate governance code in Armenia this year
European Bank for Reconstruction and Development (EBRD) has developed
Corporate Governance Code on the basis of the Armenian legislation,
which will be presented to the public late in April this year, Valeriu
Razlog, head of EBRD Yerevan office told a news conference on March
24.
"We have not developed a new legislation, but added certain provisions
aimed at improving corporate governance in the Armenian companies in
line with international standards," he said in Yerevan after the
second session of the forum dedicated to the fight against corruption.
According to Valeriu Razlog, the corporate governance code will be
first applied to state agencies, commercial banks and companies listed
on the stock exchange.
Experience of those entities will help to make appropriate adjustments
and amendments.
"Since we are at the first stage, regulators will make appropriate
changes to the legislation. Then, a revised code will be applied to
other companies," he said.
The code will be reviewed every two years, and introduction of
corporate governance standards will be voluntary.
The code is translated into Armenian and by the end of April it will
be posted on the official websites of the Ministry of Economy, Central
Bank of Armenia and the EBRD.
Ltd.
From: Emil Lazarian | Ararat NewsPress
March 26, 2010 Friday
Armenia : EBRD to present corporate governance code in Armenia this year
European Bank for Reconstruction and Development (EBRD) has developed
Corporate Governance Code on the basis of the Armenian legislation,
which will be presented to the public late in April this year, Valeriu
Razlog, head of EBRD Yerevan office told a news conference on March
24.
"We have not developed a new legislation, but added certain provisions
aimed at improving corporate governance in the Armenian companies in
line with international standards," he said in Yerevan after the
second session of the forum dedicated to the fight against corruption.
According to Valeriu Razlog, the corporate governance code will be
first applied to state agencies, commercial banks and companies listed
on the stock exchange.
Experience of those entities will help to make appropriate adjustments
and amendments.
"Since we are at the first stage, regulators will make appropriate
changes to the legislation. Then, a revised code will be applied to
other companies," he said.
The code will be reviewed every two years, and introduction of
corporate governance standards will be voluntary.
The code is translated into Armenian and by the end of April it will
be posted on the official websites of the Ministry of Economy, Central
Bank of Armenia and the EBRD.
Ltd.
From: Emil Lazarian | Ararat NewsPress