Advanced Corporate Governance

To achieve operational excellence, the Karabakh Revival Fund will apply advanced corporate governance standards in its daily operations (by the requirements of Article 4.1 of the Charter).

For the implementation of these standards in operations along with  adhering to the provisions of the Charter, the Fund intends to:

• Create and enhance a governance system founded on rules, policies, and processes that address the interests of diverse stakeholders, including the government, internally displaced persons, donors, partners, employees, contractors, and others,
• Focus on long-term strategy, corporate objectives , continuous improvement, business ethics, corporate culture, and related issues,
• Ensure the Fund's transparency and accountability by providing regular annual reports to relevant stakeholders, including the government and  the broader public, and conducting independent audits,
• Increase operational efficiency by applying risk management principles across all activities (such as ensuring the security of personal information, dividing responsibilities, and implementing dual supervision), using advanced technologies, and digitizing business processes.

To this end, the Fund will pay special attention to the preparation and continuous improvement of relevant documents describing the activities of its functional divisions, business processes, as the duties of all employees in detail. This framework will pay specialattention to setting precise targets and key performance indicators (KPI) for functional structure divisions and employees.

As noted, the Karabakh Revival Fund will be established on a digital foundation, encompassing the digitization of business processes, effective project management procedures, partner relations, and the donation collection process

Digitization will cover the following aspects of the Fund's activities:

• A unified corporate website (which will be the focal point of the Fund's external communications),
• Enterprise Resource Planning (ERP) / electronic document management,
• Intranet,
• Project management and CRM (management of relationships with partners),
• Accounting,
• Storage and archiving of information,
• Enhancement of opportunities for collecting donations in digital format.

Approved by the resolution of the Supervisory Board of the Karabakh Revival Foundation on December 20, 2021.