The main directions of corporate governance of state-owned enterprises has been discussed at UNEC
The II Forum on “Institutional Factors in Knowledge-Based Economics: Corporate Governance of State Institutions” was held at UNEC.
Forum is held by joint organization of “Knowledge Economics” UNEC Research Center, Empiric Research Center and with a support of the World Bank office in Azerbaijan.
Rector of UNEC, Professor Adalat Muradov, Head of the World Bank Azerbaijan Office Naveed Naqvi, director of Economic Reform Analysis and Communication Center Vusal Gasimli, representatives of relevant ministries, state and private organizations attended the event.
Speaking at the opening of the forum, rector Adalat Muradov said that the economic policy pursued by President Ilham Aliyev had given positive results and noted that the reforms aimed at ensuring the sustainability and stability of economic development and improving the welfare of the population is being successfully continued. Stressing that one of the important elements of these reforms is related to improving the management of state-owned enterprises playing an important role in the country’s economy, the rector noted that the discussions would be held in this direction in the forum: “In many countries around the world, state-owned enterprises that play a key role in the country’s economy are not competitive in management and in the results in a number of situations compared to the private sector. The main subject of the forum is improvement of their governance by applying corporate governance methods in government institutions.”
Noting that the academic review of the issues facing the country’s economy had been launched at UNEC, A. Muradov said that the experience of the countries facing the same problems and successfully solving these problems would be shared, and joint discussions between the university and the real sector on the economy of the country would be held. He said the proposals would be prepared as a result of the discussions.
Associate Professor Altay Ismayilov, Director of Knowledge Economics Research Center, informed that the University-State-Industry (USI) platform had been created at UNEC. He said that the purpose of creating the U-S-I platform is to create a synergy value, by bringing together the academic environment that provides the basis for innovative development, the state and the business world providing an effective discussion environment. He noted that UNEC has taken on the responsibility on the academic sector in U-S-I triangle.
Vusal Gasimli, Director of the Economic Reform Analysis and Communication Center, drew attention to the decree signed by the President of the Republic of Azerbaijan on the application of corporate standards of public institutions and noted that new standards had been prepared and approved by the Cabinet of Ministers. Noting that there is a need for a plan of action for the introduction of new standards, Gasimli said that such discussions would be useful in the unity of the University-Industry-State triangle at UNEC. He pointed out that the World Bank and U-İ-S platform of UNEC are highest reference source in corporate governance standards.
Speaking about the relevance of the topic, head of the World Bank Office in Azerbaijan Naveed Naqvi said that the focus should be on the contribution of state enterprises to the country’s economy. Noting that foreign and domestic investors mainly focus on financial management and public sector transparency in the country, N. Naqvi said the discussions at UNEC would be a great support for the effective use of resources by government institutions and increasing transparency in governance.
At the event Irina Gordeladze, specialist of the Georgian Representation of the World Bank spoke on “Relationships of state with the board of directors and management of state-owned enterprises”, specialist of the World Bank Office in Azerbaijan, Tural Jamalov, “Financial discipline at public institutions”, director of the UNEC Center for Empirical Research, Khatai Aliyev, spoke on “Impact of Management Quality on State Fiscal Sustainability in state-owned enterprises”.
After the speeches, the questions were answered.
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