“ACSC is one of the first state companies, which applied international corporate...

“ACSC is one of the first state companies, which applied international corporate governance system in the country.”

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From the first day of its activity Azerbaijan Caspian Shipping Company pays a great attention to applying of best practice in shipping industry, implementation of advanced methods and conducting its activities in accordance with requirements of international.

ACSC regularly carries out large-scale projects to form a modern corporate governance system and to transform Azerbaijan Shipping Company into a leading international company.

Azerbaijan Caspian Shipping Company held a presentation of the Encouragement and Awarding Program (Performance Based Remuneration System – KPI), which includes methodology of employees performance evaluation and payment for the performance system.

Farhad Guliyev, Deputy Chairman for Strategic Development, Investment Projects and Logistics of ACSC and Tariyel Mirzayev, Head of the Strategic Development and Investment Projects Department presented detailed information on implementation of Encouragement and Awarding System in the Company. It was noted that the activities on development of the Program started in the Company since last year.

So, in July 2016 Kazakhstan office of a leading international consulting company EY was engaged to conduct the development of the program. The corporate governance system was evaluated and ACSC’s Roadmap was improved.  Along with a number of projects, Roadmap also provides for the development of Encouragement and Awarding Program. At the same time, on the basis of the Decree dated September 5, 2016 of the President of the Republic of Azerbaijan the methods of employee performance evaluation and the payment system based on the company’s performance, the majority shareholding, which belongs to the state was ordered to develop.

The Company has been developed and approved the “Encouragement and Awarding Policy” on September 2, 2016 for the purpose of implementation of the payment system according performance. Further, in accordance with this policy A Key Performance Indicator (KPI) system aimed to achieve the strategic objectives of the Company has been presented on January 1, 2017.

“Encouragement and Awarding” system is aimed to stimulate employees to develop, to evaluate additional efforts, to achieve strategic objectives of the Company, to increase the efficiency and effectiveness of operations, and attract a highly qualified personnel.

Chairman of Azerbaijan Caspian Shipping Company, Rauf Veliyev made a speech at the presentation and stressed that the employees will be evaluated according to achievement of respective corporative and individual KPIs applying to them.Mr. Veliyev noted that currently ACSC is the first state-owned company that implements this system, which quite well justifies itself in international experience. Application of this system is extremely important for corporate management and development of the Company.

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