The final meeting of the Ethics Commission of the Karabakh Revival Fund was held

On December 26, 2022, the Ethics Commission of the Fund held its final meeting for the year 2022.

At the meeting, discussions were held regarding the educational activities on ethical behavior issues within the Fund throughout 2022, as well as cases of violations of ethical behavior rules.

Rashad Gasimzade the chairman of the Ethics Commission of the Fund, stated that the Fund operates within the framework of established ethical norms, focusing primarily on compliance with progresssive corporate governance standards, including ensuring transparency, accountability and ethical behavior in all operations, in a fair manner and in accordance with relevant laws and regulations.

The chairman of the commission highlighted that, for the purpose of defining ethical behavior principles and rules for the Fund's employees, the "Code of Conduct for Employees" was approved by the Supervisory Board of the Fund on July 27, 2022, under decision No. 05-22/03. According to him, this document not only regulates the ethical behavior rules for Fund employees and their adherence to rules but also regulates monitoring and accountability for violations in this area, reflecting the Fund's corporate values and requirements.

It was noted that as a rule, every employee hired by the Fund is obligated to become familiar with the Rules through written approval by the responsible person appointed by the Chairman of the Executive Board, to integrate them into their daily conduct and to consider them when making decisions. New employees hired in 2022 were also briefed on the Fund's ethical behavior rules in a similar manner.

During the discussions, it was reported that no cases of violations of ethical behavior rules were identified within the Fund in 2022.

At the meeting, the necessity of implementing the "Anti-Bribery and Anti-Corruption Policy" and the "Code of Conduct for Employees" of the Fund was reiterated.

Finally, the Ethics Commission determined its goals for the next year, 2023, as well as the list of trainings and events to be conducted on ethical behavior issues within the Fund.

Additionally, it was decided to propose to the Executive Board of the Fund the obtaining of certification under the ISO 37001 "Anti-Corruption Management System" international standard during the years 2023-2024.