Corporate governance

EXPERIENCE OVER 30+ YEARS

Establishment of an efficient corporate governance system is one of the main courses of our activity.

Beginning from 2007, TuranBank, as an integral part of the institutional development, commenced the activities on establishment and application of corporate governance system, in accordance with the "Regulations on the Application of Corporate Governance Standards in Bank" of the National Bank of the Republic of Azerbaijan and Basel Committee Guidance "On Enhancing Corporate Governance for Banking Organizations", and taking into account good international corporate governance practice.

One of the most important measures taken by the bank in the field of corporate governance was the development of the Code of Business Ethics and corporate behavior in May 2009.

Effective corporate governance is an important part of our identity. We ensure the responsible, value-driven management and control of TuranBank through our system of corporate governance, which has four key elements: good relations with shareholders; effective cooperation between the Management Board and Supervisory Board; a system of performance-related compensation; and transparent, timely reporting.

To strengthen the confidence entrusted to it, the Bank practices good corporate governance and constantly monitors and improves its governance programmers to maintain the highest standards in banking.

Supervisory Board

Supervisory Board consists of 5 person including chairman of the SB

Members of Supervisory Board are selected among the shareholders by voting by show or secret voting of General Meeting of Shareholders for 4 years. The members of SB can be reselected. Criteria for selection of members of SB are as follows:

Chairman and members of SB

Must be shareholder of the bank
Must have background in economics, business or law
Must have at least 1 year experience in management of financial institution. If they do not have such an experience in financial institution by way of exception they can be manager of non-financial organization with at least 1year experience.

Management Board

The Board of Management comprises 5 members including the Chairman. In general, The Management Board is responsible for conducting the business affairs of the Bank while adhering to the statutory requirements under which the Bank is governed. They are also responsible for granting approval for annual accounts, the annual budget, strategic plan, the annual action plan and reviewing financial performance on a regular basis. The Board oversees the granting of approvals relating to key appointments, staff promotions, major capital expenditure, investment and credit. The Members have free access to all information pertaining to the affairs of the Bank.

Chairman and members of Management Board:

Must have at least 3 years experience in bank or analogous financial institutions
Must have background in economics, business or law
Professional knowledge and experience in the field
Managerial and teamwork skills
Purposefulness
Creativity, communicative

Management Board meetings must be held at least once in a month. Extraordinary meeting are called by the chairman or one of the members of the Board.

Compliance and Transparency

TuranBank is committed to maintaining transparency in all its dealings. The Bank complies strictly with Azerbaijan banking legislation and International Accounting Standards and relevant regulations to ensure accountability. Strong internal compliance measures have been integrated into the Bank's daily operations. In accordance with IFRS, financial statements are published annually financial results are published in the national newspapers every quarter in compliance with the requirements of the National Bank of Azerbaijan.

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Azerbaijan Energy Regulatory Agency and TuranBank Sign Cooperation Agreement

A cooperation agreement has been signed between the Azerbaijan Energy Regulatory Agency (AERA) and TuranBank OJSC on the provision of preferential loans through an authorized credit institution using the resources of the Energy Efficiency Fund. The agreement was signed by Chairman of the Management Board of TuranBank OJSC, Orkhan Garayev, and Deputy Chairman of the Management Board of AERA, Rovshan Ismayilov. The primary objective of the agreement is to promote the implementation of energy efficiency measures through cooperation with the...

TuranBank Partners with Switzerland’s responsAbility Investments AG

TuranBank OJSC, one of the leading financial institutions supporting the development of the real sector in Azerbaijan, has signed a new cooperation agreement with Swiss impact asset manager responsAbility Investments AG as part of its strategy to strengthen its position in international financial markets and expand financing of the local economy. Under the agreement, responsAbility Investments AG has provided TuranBank with funding equivalent to USD 10 million in local currency for a period of three years. The funds...

TuranBank and ITFC Sign Line of Trade Financing Agreement to Support the Private Sector and SMEs in Azerbaijan

Baku, Azerbaijan - TuranBank ASC, one of Azerbaijan’s leading banks, has signed a US$10 million line of trade financing agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group. The agreement aims to expand financing solutions for international trade activities, enhance SMEs’ access to finance and promote the use of Islamic trade finance instruments. The strategic partnership is designed to strengthen import-export activities of Turanbank’s clients,...

TuranBank Secures Local Currency Financing from a Reputable International Financial Institution

TuranBank OJSC, one of the leading banks in Azerbaijan supporting the real sector, has achieved another strategic milestone in advancing the development of Micro, Small and Medium-sized Enterprises (MSMEs) and enhancing access to finance. In this regard, the Bank has entered into a loan agreement with the EMF Microfinance Fund, managed by Enabling Qapital, a leading Swiss Impact Asset Manager regulated by FINMA. Pursuant to the agreement, the Fund has extended financing to TuranBank in local currency equivalent to USD 5 million. The funds,...

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TuranBank OJSC has started cooperation with the “Üçüncü Bahar” Public Union.

TuranBank OJSC, adhering to the principles of socially responsible banking, has commenced cooperation with the Public Union "Üçüncü Bahar"with the aim of promoting the meaningful use of leisure time among older adults, enhancing their quality of life, and strengthening their social well-being. Within the framework of this partnership, the Bank will provide support for the activities and infrastructure development of the İçərişəhər “YAŞA” Center operating under the Union. The principal...

TuranBank Secures Revolving Credit Line of up to USD 8 Million from the Asian Development Bank

The Asian Development Bank’s Trade & Supply Chain Finance Program (ADB TSCFP) has confirmed an increase in TuranBank’s overall limit under the Credit Guarantee Product to USD 8 million. This expansion marks another significant milestone in the long-standing cooperation between TuranBank and ADB TSCFP, underscoring the growing confidence of international financial institutions in TuranBank’s strategic development, risk management practices, and operational capabilities. ADB TSCFP has also assigned a new revolving credit...

TuranBank attracts local-currency financing from an International Financial Institution

Invest in Visions (IIV), through the IIV Mikrofinanzfonds and the IIV FINANCIAL INFRASTRUCTURE FUNDS, FCP RAIF – DKM MIKROFINANZFONDS A, has successfully invested in TuranBank, one of Azerbaijan’s leading banks in financing small and medium-sized enterprises (SMEs). The transaction was structured in cooperation with the reputable Incofin Investment Fund. Under the agreement, the international investors are providing TuranBank with a synthetic loan in Azerbaijani manats (AZN), equivalent to USD 15 million, with a maturity of three...

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