Yerevan /Mediamax/. The main problem in the sphere of corporate management in Armenia is the difference between the quality of the legislation and its implementation, Chief Advisor of European Bank for Reconstruction and Development (EBRD) Gian Piero Cigna said this in Yerevan today.

Mediamax reports that, speaking at “Capital Markets in Armenia” international conference, Gian Piero Cigna stated that EBRD is interested in implementation of a corporate management code in Armenia and that its assists the Ministry of Economy in composing it.

“Corporate management rules for Armenia should not be copied from other legal fields. One should establish a set of rules, which would meet both international norms and the national concept”, Gian Piero Cigna stated.

According to EBRD assessments of the conformity of corporate management quality in Armenia with the national legislation, the less weak sides are the obligations of the Boards of Directors, information disclosure and the rights of shareholders.

Among the primary tasks to apply in Armenia corporate management rules, Gian Piero Cigna named the clear-cut definition of management functions, information disclosure for shareholders and affiliated entities and the policy of dividend distribution.