EBRD to present corporate governance code in April 2010 in Armenia

25.03.2010 19:30
EBRD to present corporate governance code in April 2010 in Armenia

YEREVAN, March 25, /ARKA/. European Bank for Reconstruction and Development (EBRD) has accomplished development of a corporate governance code and will present it to Armenian companies, banks, regulating bodies and non-governmental organizations, Valeriu Razlog , head of EBRD Yerevan office said March 24 in Yerevan.

He said the code will be posted on the official websites of Armenian ministry of economy, Central Bank of Armenia and EBRD.

“The code is being now translated into Armenia,’ he said Wednesday. “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 fighting 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.

"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. -0-

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