- Disclosure of information
By upgrading appropriate internal documents of ASCO, according to the minutes of the meeting of the ASCO Board of Directors No. 12 of September 9, 2019, the Disclosure of Information Policy for Azerbaijan Caspian Shipping Close Joint Stock Company (Policy) was approved in order to increase transparency and efficiency in ASCO financial and economic activities. The Policy regulates the disclosure of appropriate information, delivery of necessary information to interested parties, as well as control mechanism over the mentioned processes, and determines the content of information to be disclosed. The main principles of the Policy are the following: to ensure transparency and openness in its activities, to increase the confidence of business partners, other opponents, and government structures, to ensure awareness of relevant persons about the information on ASCO, to create equal opportunities for everyone to obtain defined information, to eliminate inaccurate information about ASCO, to increase trust to ASCO and its governing body, and to increase reputation of ASCO.
According to the Policy, by publishing the information that must be disclosed in compliance with the legislation or considered appropriate for disclosure in official web page, magazines, newspapers or other sources of mass media or by disclosing it in a different form, ASCO ensures transparency of operations and deals.
According to its Policy, ASCO discloses the following information:
- Financial results
- financial performance for the reporting period, audited by an influential third party (After the fiscal year is over, within the period identified in the Rules for Submission and Publication of Annual Financial Statements and Consolidated Financial Statements of Commercial Organizations approved by the Resolution No.97 of the Cabinet of Ministers of the Republic of Azerbaijan dated May 27, 2010 the ASCO should publish Annual Financial Statements together with the auditor’s opinion in the media)
- turnover and profitability of ASCO securities;
- cash flow, volume and source of investments;
- costs and financing related to ASCO public policy;
- any significant financial assistance (funds), including government guarantees and public debt, involved and contractual commitments related to them;
- Results of ASCO operations and activities:
- significant operations with the government and other related persons;
- total cost of the state share, acquisition or privatization of significant shares;
- specialties, assignment, main and extra work places of members of ASCO governing body and other officials;
- ASCO management, ownership and decision-making structure, including the application of corporate management code;
- rules on awarding of ASCO Board members and other executives;
- payments given to each member of ASCO governing body;
- assumed significant risk factors and measures taken for managing these risks;
- significant (special) agreements concluded by ASCO with related parties (information on closing deals exceeding 25% of ASCO’s net assets should be published);
- shareholders of ASCO (bodies implementing responsibilities of the General Meeting);
- aims of ASCO (development policy), their implementation, and general activity;
- relations with employees and other interested parties (important issues) and public projects.