Baku: Azerbaijan's State Oil Company (SOCAR) and the UK's Chartered Institute of Management Accountants (CIMA) have signed a Memorandum of Understanding (MoU) to foster collaboration between the two organizations. The agreement was formalized by Zaur Gurbanov, SOCAR Vice President, and Andrew Harding, CIMA Chief Executive Officer.

According to Azerbaijan State News Agency, the MoU aims to enhance financial and managerial knowledge and skills within SOCAR. It focuses on advancing corporate governance and accounting practices in line with international standards, improving the financial operations of SOCAR, and facilitating joint training programs, certifications, and the exchange of expertise in relevant fields.

The Chartered Institute of Management Accountants (CIMA), founded in 1919, has been influential in shaping the accounting profession for over a century. In 2017, CIMA joined forces with the American Institute of CPAs® (AICPA) to create a global alliance that supports accounting and finance professionals across the globe. Today, AICPA and CIMA represent 580,000 members, candidates, and registrants in 150 countries and territories. They also offer the Chartered Global Management Accountant (CGMA) designation, a credential recognized worldwide for expertise in finance, operations, strategy, and management.