EBRD TO PRESENT CORPORATE GOVERNANCE CODE IN APRIL 2010 IN ARMENIA

PanARMENIAN.Net
24.03.2010 16:42 GMT+04:00

/PanARMENIAN.Net/ European Bank for Reconstruction and Development
(EBRD) has developed Corporate Governance Code on the basis of the
RA 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 in Yerevan.

"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 RA 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.

"Strengthening good corporate governance system" conference has
been organized by USAID anti-corruption program jointly with the
Ministry of Economy and CAPS/USAID in Yerevan. The conference is
attended by over 200 representatives of local and foreign companies,
international banks and commercial agencies, as well as government
and civil society representatives.