“The environmental, social and corporate management (ESG) standard was developed mainly based on the recommendations of the international standardization organization. In international practices, ESG existed in the form of reports. For the first time in Azerbaijan we achieved acceptance of the ESG at the state standards level.”
Oku.Az It reports that Natig Hasanov, first vice-chairman of the board of directors of the Agency for the Development of Small and Medium-sized Businesses, expressed these views at a briefing on the adopted state standard for ESG.
He said a strategic review document was first prepared in the last quarter of 2022:
“We have formulated a systematic agenda of actions and activities for 2023 and subsequent years. Since the step in question is a new experience, we focus on international experience and the steps we can take. In 2024, we should have paid attention to regulatory issues. The national standard adopted on ESG is the most widely adopted and is a measurable and results-oriented product.
He added that the most important essence of ESG for companies is that it contributes to the optimization of commercial activities and the economic functioning of productive activities. When choosing between two companies that develop the same activity profile, companies with ESG standards are preferred. This contributes to increasing the financial resources and competitiveness of companies.
“With the adoption of this standard, the business community will get more benefits in the future. Our goal is to bring it to more companies and achieve adoption of the standard,” said N. Hasanov.
Maharram Aliyev
