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Design and introduction of corporate governance system requires strong will of a company owners and management and readiness of continuous maintenance of corporate governance of the system. The best corporate governance models will not work if a firm commitment to implement and work will not be in place. This commitment is a starting point of for a consultant involvement. The corporate governance policy formulation process is a joint effort of company owners and management and the consultant. The best international practices,experience in business advisory services in Armenia and our understanding of our reality show that the corporate governance system should take into consideration the following most important pillars:


Corporate Governance formal framework 

This is a formal corporate governance framework, which defines the roles of main players of the company, such as board of directors, executive and non-executive directors, management of the company and etc.


Staff succession framework 

Staff succession framework- is aimed at securing business from leaving of most valuable employees and ensuring availability of adequate replacement.


Accountability and transparency framework 

Accountability and transparency framework-is a formal, transparent accountability system aimed at provision of reliable information to all shareholders of the business.


Board of Directors and its operations framework

Board of Directors and its operations framework– is a setup of Board of Directors responsible for ensuring dynamic growth of the business, accompanied with precise scope of work, responsibilities and liabilities.


Financial reporting and audit framework

Financial reporting and audit framework– is a formal financial reporting system which is in full compliance with the legal requirements and best international standards accompanied with periodic external audits.


Quality and internal control framework

Quality and internal control framework– is a formal system of quality control of all business operations; this system is aimed at ensuring the highest possible quality of business production and mitigation of possible risks.


Stakeholders’ needs framework

Stakeholders’ needs framework– is written policies which should protect needs of business stakeholders (employees, clients, customers, suppliers, etc.).


Family business framework

Family business framework– is a framework which formalise family relations with and expectations from business.


Avenue Consulting Group continuously advocates the idea of development of businesses through establishment of formal corporate governance systems in large and medium size businesses. Avenue Consulting Group applies individual approach for each client in during design and introduction of corporate governance systems. Our experience shows that each business is unique and individual approach for every consulting assignment should be applied. Avenue Consulting Group qualified consultants has extensive experience in design and introduction of business-tuned corporate governance systems and we are confident that after introduction of corporate governance systems our client will witness significant positive changes in their business in Armenia in a short period of time.

 


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Doing Business 2015 appreciates our efforts2015-01-15 For the valuable contribution to the development Doing Business 2015-Going Beyond Efficiency report World Bank acknowledged our team members efforts with Certificate of Appreciation. 
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