OREANDA-NEWS. March 04, 2010. In accordance with the agreement between Azerbaijan’s TuranBank and the International Finance Corporation (IFC) on the corporate governance project the IFC experts held a range of meetings with TuranBank’s middle and top management in connection with exact diagnostics of the level of applying the Central Bank’s corporate governance within the framework of international scale.

TuranBank informs that receiving productive proposals concerning effective organization of work of internal committees and internal control systems they conduct changes for the purpose to raise efficiency of these systems. The Bank is working on the measures within new supplements to such important documents as the Regulations on the Supervisory Board, the Board of Directors, and General Meeting of Shareholders.

“We are also planning to improve a range of such standard documents as Dividend Policy, the Regulation on Supervision of Deals of the Affined Parties and Collision of Interests, and the Regulation on Risk Management. The Bank also expects to take measures on development of the Audit Committee, the Internal Audit Department, drawing of a free member in the Supervisory Board and establishment of position of corporative secretary,” TuranBank said.

The Corporation and the Bank are planning to finish the whole this process for 1/5 year.

This is the second project with the IFC in the history of the Azerbaijani Bank.

The agreement on the first one, Leasing Development Project in Azerbaijan, was signed on 23 May 2006.

Currently, besides the IFC, the Bank is also co-operating actively with FSVC (Financial Services Volunteer Corps). The latter renders five-year technical assistance. This project aims to assist on 7 separate programs. Special attention will be paid to risk management, information technologies and information system management.