BAKU, Azerbaijan, October 20. The term
"compliance" can be used in Azerbaijani legislation and language,
just as the term "corruption" is used, Gündüz Karimov, head of the
Legislation and Legal Policy Department of the Presidential
Administration of Azerbaijan, said on Tuesday at the Sustainable
Business, Corporate Governance, Risk and Compliance (GRC)
Conference in Baku, Trend's correspondent reports from the event.
Karimov noted that corporate compliance policies cover the
protection of intellectual property, brands, reputations and
confidential information, as well as anti-corruption measures and
adherence to ethical standards.
According to him, protecting a company's intellectual property
rights is an important component of its compliance policy. This
includes safeguarding the company's brand and reputation, ensuring
the proper use of its name, and preventing trademark imitation.
Karimov said that protecting confidential and insider
information and preventing the unlawful acquisition and disclosure
of information belonging to others are also key elements of a
compliance culture.
He noted that compliance directly affects a company's reputation
and contributes to an increase in its market value.
"Compliance is a matter of honor. A company's recognition and
reputation can be built precisely through strict adherence to its
compliance policy," he said.
The department head explained that the accounting term
"goodwill" refers to the value associated with a company's
reputation and other intangible factors. Adherence to compliance
principles helps increase this value.
According to Karimov, applying principles of excellence and
maturity in corporate operations, rejecting bribery, and
maintaining a zero-tolerance policy toward legal violations are
important for building a compliance culture.
"A company must declare that it has zero tolerance for
violations of the law and non-compliance with rules," he
emphasized.
He added that compliance is closely linked to legal, economic
and social responsibility. Effective implementation of these
principles requires accountability mechanisms and appropriate
sanctions for violations.
Karimov also addressed the use of the term "compliance" in the
Azerbaijani language. He said that while its meaning can be
explained using terms such as "adherence" and "conformity,"
replacing the term itself with a separate Azerbaijani equivalent is
not necessary.
"Just as the term 'corruption' is used in Azerbaijani
legislation and language, the term 'compliance' can also be used.
Its meaning can be explained using the words 'adherence' or
'conformity,' but compliance is a distinct concept in its own
right," he said.
The department head stressed that compliance is not limited to
meeting legislative requirements; it also involves conduct
consistent with values accepted by society. In this regard,
preventing socially unacceptable actions and upholding the
principles of social responsibility are also integral to a
compliance culture.
He noted that companies should develop their compliance policies
based on both legal obligations and respect for societal values,
applying these principles consistently in their day-to-day
operations.
