OREANDA-NEWS. November 17, 2008. The State Committee for Securities under the President’s Office of Azerbaijan has reported of positive dynamics in the process of protection of shareholder rights.

Committee’s chair Gunduz Mammadov said that for passed period of the year complaints they received on the occasion of shareholder rights infringement by joint stock companies has decreased by 22% (-62 complaints).

“According to SSC official data, by 1st November 2008 the country registered 205 complaints on breaches in 319 JSCs versus 267 complaints on 515 JSCs by 1st November 2007 (-23% and -38% respectively),” it was reported.

For the reported period not all complaints were satisfied and fines were applied only towards 57 JSCs for AZN 12,385 against 515 JSCs for AZN 36,575 following the 2007 first 10 months.

“Over the past 10 months it was also observed improvement of the situation on uncovering information about JSCs. By 1st November 2008 the latter submitted information on their annual reports,” the Committee says.

In October 2007 the SSC came forward with a proposal to toughen some points of the Civil Code regulating activity of JSCs, but the draft document has not come into effect.