| Azerbaijan: Integrity Scorecard Report > Sub-Category: State-Owned Enterprises | ||
| Indicators | Score | |
| 64 | In law, is there an agency or equivalent mechanism overseeing state-owned companies? | 100 |
| 65 | Is the agency or equivalent mechanism overseeing state-owned companies effective? | 75 |
| 66 | Can citizens access the financial records of state-owned companies? | 50 |
Indicator and sub-Indicator Details
| 64 | In law, is there an agency or equivalent mechanism overseeing state-owned companies? | |||||||
| 64: In law, is there an agency or equivalent mechanism overseeing state-owned companies? | ||||||||
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Comments: There are several ministries to overssee state-owned companies, however, there is a special department in the Cabinet of Ministry that controls those issues. References: Reference: The Law on Management of State-Owned Companies. Act on Cabinet of Ministry.
Peer Review Comments: The State Securities Committee of the Republic of Azerbaijan is a financial regulatory agency that overseas state-owned companies.
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| 65 | Is the agency or equivalent mechanism overseeing state-owned companies effective? | |||||||
| 65a: In law, the agency or equivalent mechanism overseeing state-owned companies is protected from political interference. | ||||||||
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Comments: According to the Act on State-Owned Companies, those companies can not be subject of political processes. The State Securities Committee of Azerbaijan is a financial regulatory agency that oversees publicly listed companies. References: Reference: The Law on Management of State-Owned Companies. Act on the State Securities Committee.
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| 65b: In practice, the agency or equivalent mechanism overseeing state-owned companies has a professional, full-time staff. | ||||||||
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Comments: The committee has a full-time staff. References: Reference: Interview with Gubad Ibadoglu, chairman of ERC (August 2007). Reports by Securities Committee (June 2007).
Peer Review Comments: The State Securities Committee has a full-time, professional staff to fulfill its basic mandate.
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| 65c: In practice, the agency or equivalent mechanism overseeing state-owned companies receives regular funding. | ||||||||
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Comments: The committee receives funding from the state budget. References: Reference: Interview with Gubad Ibadoglu, chairman of ERC (August 2007). Reports by Securities Committee (June 2007). Reports by the Parliament (2006).
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| 65d: In practice, when necessary, the agency or equivalent mechanism overseeing state-owned companies independently initiates investigations. | ||||||||
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Comments: The committee overseeing state-owned companies very seldomly initiates independent investigations. References: Reference: Interview with Mehemmed Talibli, leading expert (August 2007). Reports by Center for Economic Initiatives (July 2007).
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| 65e: In practice, when necessary, the agency or equivalent mechanism overseeing state-owned companies imposes penalties on offenders. | ||||||||
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Comments: The committee overseeing state-owned companies sometimes imposes penalties on offenders. References: Reference: Interview with Gubad Ibadoglu, chairman of ERC (August 2007). Reports by Center for Economic Initiatives (July 2007).
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| 66 | Can citizens access the financial records of state-owned companies? | |||||||
| 66a: In law, citizens can access the financial records of state-owned companies. | ||||||||
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Comments: Financial records of state-owned companies are required to be published in the official newspapers. References: Reference: Act on Securities Committee (2007). Reports by Center for Economic Initiatives (July 2007).
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| 66b: In practice, the financial records of state-owned companies are regularly updated. | ||||||||
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Comments: In practice, the financial records of state-owned companies are not very often updated. References: Reference: Interview with Gubad Ibadoglu, chairman of ERC (August 2007). Reports by Center for Economic Initiatives (July 2007).
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| 66c: In practice, the financial records of state-owned companies are audited according to international accounting standards. | ||||||||
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Comments: Some companies are using international standards. References: Reference: Interview with Gubad Ibadoglu, chairman of ERC (August 2007). Reports by Center for Economic Initiatives (July 2007).
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| 66d: In practice, citizens can access the financial records of state-owned companies within a reasonable time period. | ||||||||
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Comments: It is very hard to get financial records of state companies.
References: Reference; Interview with Mehemmed Talibli, leading expert, August, 2007. Reports by Center for Economic Initiatives, July, 2007.
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| 66e: In practice, citizens can access the financial records of state-owned companies at a reasonable cost. | ||||||||
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Comments: It is very hard to get financial records of state companies at a reasonable cost. References: Reference; Interview with Mehemmed Talibli, leading expert, August, 2007. Reports by Center for Economic Initiatives, July, 2007.
Peer Review Comments: If records are available, they are free of charge.
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