Friday, June 8 2012 22:43
IFC and Corporate Governance Center organize a workshop on corporate governance improvement
ArmInfo. A two-day workshop on corporate governance improvement, entitled "Risk Management and Board of Directors," is being held in Yerevan.
The organizers of the event are International Finance Corporation and the Corporate Governance Center.
The seminar has given a start to a two-year project to develop corporate governance in Armenian companies, to improve relevant legislation and to carry out specific measures in specific enterprises, particularly, to study their governance systems and to provide them with necessary consultations.
The project manager Vahagn Movsisyan said that local and guest experts will carry out long-term training programs in Armenian companies with a view to create a corporate governance system that will help them to organize efficient boards of directors and to manage different risks.
Movsisyan said that regulators give high priority to corporate governance in Armenian companies. He noted that the project will be a good opportunity to introduce in Armenia the standards developed by the world's leader in this field, IFC.
Deputy Economy Minister of Armenia Karine Minasyan said that the workshop was supposed to answer two questions: Can corporate governance be a basis for improving the key management systems: risk management, internal control and marketing? and Will this improve the efficiency of Armenian companies?
Minasyan said that the Government has taken a number of measures in this field. Particularly, in the law on joint stock company it has introduced an amendment requiring that in their official reports joint stock companies should inform their shareholders about their affiliated entities and transactions and has imposed harsh sanctions on the managers that have failed to meet the requirement.
The state should establish strict rules for its relations with investors, rather than engaging in promiscuous partnerships with them - Artur Ashugyan
Fixing over-ambitious and unrealistic goals most dangerous - expert 
The sale of HSBC Bank Armenia to Ardshinbank to be completed on November 29, 2024
Armenian government approves 2024-2040 demographic strategy 
Armenia`s economy and state competing for sooner collapse - ex-official