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The Corporate Governance Code (Code) was approved by the minutes dated December 30, 2016 No. 19 of the session of the Management Board in accordance with the law of the Republic of Azerbaijan and the principles and rules of the generally accepted leading international corporate governance principles. While defining the basics of the corporate governance at ASCO, the Code reflects the most advanced principles and provisions adopted to ensure transparency in the activities of ASCO and covers some the relations emerging between the state authorities performing the functions of the executive body – Supervisory Board of ASCO and its shareholders including, the processes emerging in relation to management of ASCO to ensure exercising the rights of its shareholders as well as the provisions governing such relations and processes, including structural units and individuals involved in such processes. In accordance with the corporate governance practice, the Code envisages the rules ensuring transparent operation of ASCO by identifying the powers and responsibilities of the management bodies of ASCO and by creating a basis for their effective functioning and protection of shareholders’ rights. The Code also envisages the practical terms for effective disclosure of information including the requirements associated with internal control and risk management in terms of the organization of the reliable and transparent reporting system.
The Code applies to ASCO as well as its subsidiary entities which 100% of shares are owned by ASCO. ASCO shall adhere to the requirements of this Code while performing its activities and explain the relevant circumstance if it fails to do so.
The Management Board of ASCO provides supervision over the implementation and execution of the Code. The circumstances, associated with the violations of the principles and requirements of the Code, shall be carefully investigated in a detailed manner during the sessions of the Management Board and appropriate measures taken to improve corporate governance.