On March 6, the Corporate Governance Center held the “How to Develop Corporate Policies” seminar discussion to support organisations that follow, or intend to follow, the RA Corporate Governance Code.
The Code assigns an important role to corporate policies and provides that organisations should independently shape their own corporate governance practices, including by establishing and following their own “corporate rules of the game.”
During the event, Narine Melikyan, Director of the Corporate Governance Center, presented the “How to Develop Corporate Policies” guide, authored by CGC. In addition to outlining the advantages of managing corporate policies and providing methodological support, the guide also includes several model policies.
In her remarks, she emphasised the evidence-based, risk-based, and participatory nature of the policy development process as important preconditions for overcoming potential resistance during implementation. From this perspective, she also placed particular emphasis on conducting trainings for stakeholders and on establishing and applying clear oversight mechanisms.
Representatives of Armenian organisations also shared their experience in managing corporate policies. Alina Shirinyan, Head of Quality and Risk at Grant Thornton Armenia, presented the importance of corporate codes of conduct and the company’s practice in applying them. Tatevik Vardevanyan, Head of PR and CSR at IDBank CJSC, presented the Bank’s communication policy and its approaches to integrating it into the corporate code of conduct. Anush Petrosyan, Chief Financial Officer of FINCA UCO CJSC, discussed the importance of compliance as an essential internal control policy and, using FINCA as an example, outlined the mechanisms and functions responsible for its practical implementation. Zaruhi Petrosyan, Head of Compliance at Viva Armenia CJSC, substantiated the role of anti-corruption policies in managing the corruption risks and reputation of organisations, presenting the experience of Viva Armenia.
The event was organised by the Corporate Governance Center, in collaboration with the Center for International Private Enterprise and as part of the ”Responding to Threats of Corrosive Capital in Armenia. Phase III” project, funded with UK International Development from the UK government.
