There is a need to take new steps to improve corporate governance in Azerbaijan, Chairman of the Board of Small and Medium Business Development Agency (KOBIA) of Azerbaijan Orkhan Mammadov said on Tuesday.

He made the remarks while speaking at the Baku International CEO Summit held under the motto “Building a Better Future”, a correspondent of News.Az reports.

Mammadov said the principles of corporate governance are a tool that increases the competitiveness and commercial value of the business.

The KOBIA chairman also underscored the need to train specialists in order to ensure the development of corporate governance and the expansion of its scope in Azerbaijan.

He added that the lack of awareness among business entities also negatively affects the development of corporate governance issues.

The Baku International CEO Summit, organized by Azerbaijan HR Institute, brought together chief executive officers of local and international companies, officials from state institutions, businessmen, and entrepreneurs.

The event featured discussions and an exchange of views on the worldwide innovations in the field of management, modern innovations, and technology development, as well as advanced practices.

News.Az is an official media partner of the Baku International CEO Summit.