BAKU, Azerbaijan, October 20. Azerbaijan
Transport and Communications Holding (AZCON) is working to improve
corporate governance, establish a unified compliance culture, and
develop risk management approaches tailored to the operational
specifics of its enterprises, Togrul Guluzada, AZCON's Chief Legal
Administrator and Director of the Legal Department, said at the
Sustainable Business, Corporate Governance, Risk and Compliance
(GRC) Conference in Baku on Tuesday, Trend's correspondent reports.
He said AZCON's establishment was an important initiative aimed
at corporatizing state-owned enterprises, enhancing their
competitiveness and financial sustainability, and improving
corporate governance mechanisms.
According to Guluzada, the holding will mark the second
anniversary of its establishment on November 7. He noted that
state-owned enterprises have also contributed to the recent growth
observed in the transport and communications sectors.
"I believe corporate governance and compliance have also played
a major role in this," he emphasized.
The AZCON official said the holding comprises 11 enterprises
operating in the transport and communications sectors. These
enterprises also have subsidiaries with separate legal entity
status.
He noted that one of the key objectives is to establish a
unified corporate governance and compliance culture across the
holding's enterprises. However, a unified approach does not mean
that all decisions must be made centrally.
"Each sector has its own specific characteristics, regulatory
requirements and risks. Therefore, while establishing a unified
compliance culture, we must also apply tailored approaches that
take the specific features of each sector into account," Guluzada
said.
He highlighted the particular importance of complying with
international standards and requirements arising from international
conventions in the transport sector. In aviation, flight safety and
the reliability of the aviation supply chain are key
priorities.
In maritime transport, the operation of vessels both in the
Caspian Sea and beyond its boundaries makes compliance with
international requirements, including environmental standards,
essential.
Guluzada also said that the expansion of digitalization has made
issues such as personal data protection, the resilience of digital
infrastructure and cybersecurity increasingly important.
"Cybersecurity threats are constantly evolving. To prevent such
risks, enterprises must establish appropriate internal rules and
procedures and monitor their implementation," he noted.
According to Guluzada, ensuring compliance with international
requirements, strengthening corporate governance, and effectively
managing risks are among the main priorities in establishing a
unified compliance culture across AZCON.
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