EBRD to present corporate governance code in Armenia this year

European Bank for Reconstruction and Development (EBRD) has developed Corporate Governance Code on the basis of the Armenian 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.

"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 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.


/PanARMENIAN.Net/