LEGISALTION ON CORPORATE GOVERNANCE SYSTEM IN NEED OF AMENDMENTS

Noyan Tapan
Apr 18 2006

YEREVAN, APRIL 18, NOYAN TAPAN. The legislation on introduction of a
corporate governance system in the RA banking system is in need of
amendments and additions. Chairman of Ardshininvestbank Board Aram
Andreasian expressed this opinion at the April 18 press conference. In
his words, the banking system is a sector that operates in the most
transparent way, while the introduction of corporate governance is
aimed at reducing the shadow sector of the economy.

This means that it would be more expedient to introduce the corporate
governance principles first of all in other sectors of the economy. At
the same time, A. Andreasian noted that as a whole the introduction
of a corporate governance system is to be welcomed, and the Central
Bank of Armenia (CBA) and commercial banks have reached a mutual
agreement on a number of isssue.

From: Emil Lazarian | Ararat NewsPress