Approved according to Minutes 15

Non- Bank Credit Organization

Closed Joint Stock Company

dated 19.09.2016 of the meeting of

Supervisory Board of KredAqro NBCO CJSC

_________________________ D. Leavens
(signature the Supervisory Board Chair)

HUMAN RESOURCES
MANUAL POLICY

This documents is KredAgros commercial and intellectual property and may not be shared or
copied in whole or in part without the express written consent of KredAgro Management.

Baku 2016

CONTENTS
Introduction............................................................................................................................................................3
What is KredAqro NBCO CJSC?....................................................................................................3
History of KredAqro NBCO CJSC..................................................................................................4
1. General Provisions...............................................................................................................5
2. KredAqro NBCO CJSC Management.................................................................................5
3. Recruitment, Hiring.............................................................................................................5
4. Experience Period................................................................................................................7
5. Employment Classification..................................................................................................8
6. Employment Probation Period.............................................................................................8
7. Signing the Employment Contract.......................................................................................9
8. Working hours, Attendance and Breaks...............................................................................9
9. Apolitical Policy.................................................................................................................10
10. Working Conditions...........................................................................................................11
11. Disciplinary Procedures.....................................................................................................12
12. Resignation........................................................................................................................13
13. Termination of the Employment Contract by KredAqro...................................................14
14. Termination of the employment contract due to circumstances beyond the control of the
employer or the employee........................................................................................................14
15. Termination of the employment contract as its expiration.................................................15
16. Other Terms in the Employment Contract.........................................................................15
17. Salary and Taxes................................................................................................................16
18. Annual Performance Evaluations......................................................................................17
19. Employee incentives..........................................................................................................17
20. Illness and Temporary Disability.......................................................................................20
21. Accidents injuries on the job............................................................................................20
22. Official Holidays...............................................................................................................21
23. Employee grievance Procedure........................................................................................21
24. Leaves................................................................................................................................22
25. Annual Vacation Leave.....................................................................................................22
26. Travel and Travel Expenses...............................................................................................23
27. Vehicle Management.........................................................................................................24
28. Requisitioning supplies and equipment.............................................................................24
29. Relationships with outsiders..............................................................................................24
30. KredAqro NBCO employee Code of Conduct.24
APPENDIX 1 BONUS CALCULATIONS AND METHODOLOGY.27
Branch Manager...27
Credit Manager........................................................................................................................28
Loan Oficcer............................................................................................................................29
Risk specialist...........................................................................................................................30
Quaterly Bonus Calulation Methodology for Back Office Staff of Branches.........................30
Quaterly Bonus Calculation Methodology for Head Office Staff...32
APPENDIX 2 EMPLOYEE PERFORMANCE EVALUATION FORM .32
APPENDIX 3 SAFETY AND ACCIDENT PROCEDURES.34
APPENDIX 4...35

Note: KredAqro reserves the right at any time to change, revise, supplement, or delete any policy
or procedure in this manual. Employees will be notified of any changes as they occur. Please
bring any errors to the immediate attention of the Human Resources Officer.
INTRODUCTION
Welcome to KredAqro!! If you are a new employee, this Human Resources Manual Policy will
answer a lot of your questions about the organization you are now joining. If you are a veteran
employee, this Policy will remind you of the policies and procedures that you live with and must
follow every day in the office.
This manual lists and describes KredAqro NBCO CJSC internal regulations (personnel policies
and procedures), including, hiring and dismissal of employees, rights and duties of employees
and management, work days and hours, salary and benefits, encouragement (incentives) for
successful job performance, performance appraisals, and many other topics.
WHAT IS KREDAQRO NBCO CJSC?
KredAqro NBCO CJSC is a mission-driven organization with operating branches in Azerbaijan
that
provide financial services to rural entrepreneurs and businesses. The company upholds a
dual mission of providing affordable capital to people while furthering national economic
development. Since 2000, KredAqro NBCO CJSC has provided lending services to rural people
considered unacceptable risks by formal financial institutions or in areas where financing is not
readily available. By operating a profitable lending business, KredAqro NBCO CJSC supports
the economic development of Azerbaijan and seeks to demonstrate a business model that will
enhance Azerbaijans micro-finance industry.
HSTORY OF KREDAQRO NBCO CJSC
The Azerbaijan Rural Credit Project (ARC) began activities in May 2000 when ACDI/VOCA
received $5.3 million from USAID-Caucasus to implement a three-year rural credit
cooperative system in the regions of Azerbaijan. Of this amount, $3.0 million was loan
capital. By July 2000, ACDI/VOCA had established KredAqro NBCO CJSC. In January 2008
Microfinance Rating valued Organizations activities as A class. It is one of the highest ratings
in microfinance sphere.
On September 2010 legal name of Organization is KredAqro NBCO.
KredAqro increases its branches and representative offices speedily. According to November 19,
2013 KredAqro has 14 branches and 9 representative offices, one of them is in Absheron
peninsula and others are in different regions of Azerbaijan.

WHAT IS KREDAQRO NBCO CJSC PHILOSOPHY?

KredAqro NBCO CJSC conducts business in a highly professional and open manner. The
companys
philosophy is centered on knowing its customers, working with them to help
them become
successful, making sure they understand how their loans work, and rewarding
good borrower behavior.
As an employee, youll be pleased to know that KredAqro NBCO CJSC has a philosophy of
supporting and helping its employees become well-trained and competent professionals. We

consider ourselves all members of a family dedicated to working together to help our country
become prosperous and peaceful. We hope youll be happy working with us. If you have
questions or problems, all you need to do is ask and well be there to help you!
Following are the Mission, Vision and Core Value statements that developed by KredAqro
NBCO CJSC as part of its strategic planning process. You should become familiar with the
principal goals and objectives as set forth in the Strategic Plan.
Mission:
Providing loans to rural micro and small scale entrepreneurs and their households in
Azerbaijan to improve their economic opportunities and living standards, thus benefiting the
communities where they live and contributing to the development of the non-oil economy.
Vision:
Expanding KredAqros customer base and portfolio as a leading MSME lender providing
sustainable financial services adapted to the needs of microenterprises and small businesses
operating in rural markets across the major regions of Azerbaijan, with a specific focus on
agriculture, trade and related economic activities.
Core Values:
Anticipating customers financial needs with timely and innovative products and
services that earn high customer satisfaction ratings
Attracting, developing and retaining highly qualified and committed employees by
providing frequent training programs, defined career progression paths, and
performance based compensation
Achieving triple bottom line results in terms of profitability, social impact and
green/environment protection, as a leading provider of financial services championing
global standards for financial inclusion and transparency within the communities we
serve.

1. GENERAL PROVISIONS
1.1. Unless otherwise specified in the employment agreement the following provisions applied to
all employees of KredAqro NBCO CJSC.
1.2. All employees operating in any KredAqro NBCO CJSC office must read Policies and
Procedures applied in organizations operations relevant to their positions; sign the special
form, Policies & Procedures Reading Checklist, to confirm that they read and understood
them. Each
employee is obliged to strictly observe the policies and procedures used in
organizations
activities. Unfamiliarity with its contents is not an excuse for noncompliance with human resources policies and procedures.
1.3. Employees are required to read and acknowledge the KredAqro NBCO CJSC Human
Resources Manual Policy (see Appendix 4).

1.4. Internal procedures are provided to describe and regulate how work should be done, as well
as to encourage employees. An employee will be subject to disciplinary measures in case of
violation of work discipline.
1.5. It is KredAqro NBCO CJSC policy that we conduct our activities according to the highest
moral and ethical standards, and in compliance with applicable laws of the Republic of
Azerbaijan. It is our intention to follow business, financial, and accounting practices that are
recognized as lawful and ethical by other organizations involved in lending and credit.
1.6. In case this policy manual contravenes any law of the Republic of Azerbaijan, the law will
prevail and relevant sections of this manual must be changed to comply with the Law.
2. KREDAQRO NBCO CJSC MANAGEMENT
2.1. The KredAqro NBCO CJSC organizational structure is shown in Appendix 1 attached to this
manual.
2.2. The Chairman of the Management Board directs the activities of KredAqro NBCO CJSC and
bears responsibility for successful operations. If the Chairman of the Management Board
absence, he will assign a person to represent him and act on his behalf.
2.3. Each employee operating in KredAqro NBCO CJSC will have a job description, which
identifies his/her main tasks and responsibilities. These tasks and responsibilities may vary
depending on the
specific activities in the KredAqro NBCO CJSC office where the employee
is assigned. For this reason
employee job descriptions will be regularly reviewed and
changed if necessary.
2.4. KredAqro NBCO CJSC policies require that its employees be free of a personal interest that
could influence his/her judgment or produce an action in the conduct of KredAqro NBCO CJSC
business that would not be in the best interests of KredAqro NBCO CJSC, its employees, its
clients, or its sponsors. Such a conflict of interest would occur if an employee in a position to do
so were to approve a loan in exchange for a gift of money. Violation of this conflict of interest
policy will result in disciplinary action or dismissal; it may also result in legal action.
3. RECRUITMENT, HIRING
3.1. All CVs that submitted according to duly posted vacancy advertisements (through the
newspapers, radio, TV, Internet and etc.) should be delivered HR/Administrative Department.
After deadline of submission date, all collected CVs should be filed.
3.2. Structure that constituted with at least three persons, with one permanent member as
representative of HR and with other two key Employee that should be defined according to
specification of announced position, then will establish Interview Committee (thereafter will
be called as Committee ) (While Interview Committee will be organized temporarily (interim) for
a special purpose and while the composition of this Committee will be permanently changed
(exempt HR) in terms of the interviewers according to a specification of announced position,
there is not necessity to develop a special Charter for it. Composition of this Committee should
be organized eternally by the HR representatives, and with other two key Employees of the
related Department. For instance, if selection is proposed for Accountant position, so one person
from Financial Department, if selection is purposed for Lawyer position, so Legal Unit related

Employee and if selection is purposed for Loan Specialist, so one person from Credit Department
should be involved and included to this Committee.)
3.3. Temporarily established Committees members are provide a screening process of collected
CVs, by a special requirement criterias (respective education, experiences etc.) that is necessary
for the announced position and will develop the short list of candidates who they believe have the
potential to perform the job requirements successfully.
3.4. Records about received applications and short listed candidates will be hold by the HR
Services Representative.
3.5. Number for short listed CVs as 3 will be accepted as optimal. If number of applicants will be
very few for competition, advertisement should be prolonged, renewed and HRS should carry out
in other option for poster.
3.6. HR representative along with Committee members should be agreed about the interview
appointment scheduling for short listed candidates. HR representative should assign exact time
with candidates within agreed schedule. (Prior to Interview, it is advisable to organize special
tests for key positions. In this case, questions should be prepared by the professionals in advance
and their confidentiality should be ensured.)
3.7 Interview
Interview should be hold in appointed time and location as agreed in advance.
Exact time schedule is prepared for each interviewee and delivered to Committee
members. In order to provide independently participation of Internal Audit Services staff,
they also should be informed about that.
Prior to Interview candidates must complete a special Application Questionnaire
Employment form. This documentation critical importance in that it provides the
candidates
authorization for reference checking. Besides, applying this form allows
collecting necessary information, to receive answers in advance without questions that
could be given during the
interview, to avoid repeated questions, to achieve interview
efficiency. Moreover, applying this form allows eliminating surprise in case of
relationship with staff.
3.8. Applicants must meet the following minimum qualifications for employment with
KredAqro NBCO CJSC:

Be at least fifteen 15-years of age on the date of hire.

Have no convictions for criminal or economic offenses by a Court of Law.
Have no restrictions against taking the position by a Court of Law.
Not use illegal drugs nor have a record of addiction to alcohol.

3.9. At this time a physical examination is not required; however, applicants must be in good
physical and mental health to be considered for employment.
3.10. In order to fully understand the professional and work skills of the applicant, management
may ask for demonstrations of skills (such as computer skills) or to describe previous experience
relevant to the position. KredAqro NBCO CJSC reserves the right to request a candidate to
provide job related and/or personal references, and has the right to verify the candidates

background with those references. Any false statements made by an applicant during the hiring
process will terminate the process.
3.11. Prior to hiring by KredAqro NBCO CJSC, the following documents are required. If the
following documents are not submitted by the date required, hiring is terminated.
The documents required by law:
1. Government issued ID
2. Guide to Labour
3. State social insurance policy (except for beginners to work for the first time)
The documents required by the organization:
1.
2.
3.
4.
5.
6.
7.
8.
9.

Copy of Diploma
Personal registration form for staff
Curriculum vitae
Last 1 year taken picture (3x4) 2.
Military sertificate
Some employees (drivers, cleaning ladies) extend medical certificate
Copy of Marriage certificate
Birth certificate of children.
Documents for quota (veteran of war, refugees, handicapped, women with disabilities
children, under 14 years old mother of many children, martyrs family)

Documents such as a diploma that certify the level of education or professional specialization
(in case positions or tasks require specific educational /or professional skills).

3.12. Upon hiring, the HR/Administration department director and/or Branch Manager/Direct
Supervisor will provide an Orientation that will:

Official welcoming of the employee; getting acquainted with fellow employees.

Familiarize new employees with job tasks, confirm that new employees understand their
rights and responsibilities, terms of salary payment, how he or she will be evaluated.

Familiarize new employees with KredAqro NBCO CJSC Human Resources policies and
procedures, and provide a copy of this Policies and Procedures Manual to each employee.

Inform new employees about the rules for safety, sanitation, and fire and accident prevention.

Confirm that new employees understand their responsibilities for maintaining the
confidentiality of all documents, discussions, and commercial activity while working for
KredAqro NBCO CJSC.

KredAqro NBCO CJSC is and will remain an equal opportunity employer and will not
discriminate on the basis of gender, race/ethnicity, color, national origin or ancestry, religion,
language, residence, disability, age, marital status, political views or affiliation, membership

in trade unions or social organizations, official status, or any other conditions which do not
affect work output and the professional skills of the employee.
4. EXPERIENCE PERIOD
4.1 According to the result of interview in Head office of KredAqro NBCO the interviewer pass
the experience in the addressed sphere after the order. In order to make official the order
candidate should right an application and also present his ID card to Human Recourse
Service. Experience period shouldnt be more than 2 (two) months. Salary is not paid during
the experience period. Branch manager should provide all conditions for the citizen to have
experience period. Before having an order for experience permission of citizen branch
manager mustnt give permission for experience.
4.2 After the finishing of experience period according to the branch managers presentation
citizen should be called to the Head office. Corresponding decision is taken according to the
interview. Being late for work without any swim reason is not permitted. There will be held
necessary measures in dependence of the amount of being late for work and duration
according to the legacy. The swim ness of the reason will be measured according to the
corresponding document.
4.3 According to the Internal Rule Policy candidate can have experience period after the
Management Board Chairmans signed the order. It is not permitted to get experience in
branches before signing the order for permission.
5. EMPLOYMENT CLASSIFICATION
5.1.

KredAqro uses only the following employment classifications:

Full-time Regular Employees
Management
Non-management

Part-time Regular Employees

Management
Non-management

Employees with service contract

The job description and the employment contract signed with the employee will indicate the
employment classification assigned to the position, its specific duties and responsibilities, the
budgetary requirements, and the status of occupied positions.
5.2. Employees signed contract with KredAqro NBCO CJSC can be assigned to different
branches/positions (rotation) in branch and head office level by management. Employee rotation
period is one through four month.
5.3. Employee of KredAqro NBCO is not allowed to work in other place as second
employment within working time, if he has no written permission from the Chairman of the
Board. After the work time Employee may have second employment only in organization that
does not compete with Employers one and do not to cause damage to parties liabilities.
5.4. Casual workers hired to complete specific service tasks will perform their duties and be
treated according to civil law and appropriate government regulations. They are not considered
employees of KredAqro NBCO CJSC.
8

6. EMPLOYMENT PROBATION PERIOD

6.1. The Probation Period will apply to all new employees.
6.2. The Probation Period begins on the date of hire and will not exceed three (3) months.
6.3. During the Probation Period, an employees qualifications and the skills required for the job
will be monitored and evaluated. Monitoring and Evaluation tools/forms prepared by HR
Manager and is conducted together with employees direct supervisor.
6.4. The Probation Period involves only time on the job. Time taken off work when the
employee is ill or temporarily disabled will not be included in the Probation Period.
6.5. During the Probation Period, either party may terminate the employment contract with three
(3) days prior written notice.
6.6. If neither party terminates the employment contract, upon completion of the Probation
Period, an employee is considered fully employed and will be given a formal performance
appraisal. The results will be discussed with the new employee.
7. SIGNING THE EMPLOYMENT CONTRACT
7.1. Employment in KredAqro NBCO CJSC is based on employment contracts. The Chairman of
the Management Board signs the
employment contracts on behalf of KredAqro NBCO
CJSC.
7.2. The composition of the employment contract is determined according to Azerbaijan law and
based on an agreement between the parties involved.
7.3. The employment contract includes:

Employees full name and address.

Employers full name and address.
Employees workplace and position
The signing date of the employment contract and the date when employee should start to
his/her work.
The term of the employment contract.
Employees work duties.
Employees working conditions, including working and rest times, salary and compensation,
annual vacation period, labor protection, and social and other related insurance coverage.
Obligations of the parties under the employment contract.
Additional terms identified by the parties.

7.4. Employment contract should be signed at least within three days employee starts to work.
7.5. Work place will be specified in Work Order signed after contract is signed.

8. WORK HOURS, ATTENDANCE, AND BREAKS

8.1. KredAqro NBCO CJSC observes a five-day workweek (non-working days are Saturday and
Sunday). Regular work hours for KredAqro NBCO CJSC will be: 9:00 a.m. to 6:00 p.m. except
for days prior to
holidays and mourning day when work hours will be 9.00 a.m. to 5.00 p.m.
8.2. Lunch break for all employees is from 1:00 p.m. to 2:00 p.m. Other break periods are not
specified at this time; however, employees are allowed to take short breaks from time to time so
that they do not become overly tired at their jobs. These breaks are left to the employees
discretion but it is expected that they will not interfere with work or with other employees, nor
will they be excessively long and/or frequent.
8.3. Staff is required to sign-in and sign-out in an Attendance Book; separate books are kept for
each Branch Office and for Headquarters.
8.4. This process in the branches is carried by Branch Managers. Staff of the Branches is required
to sign in and sign out in an Attendance Book every working day.
8.5. Arrival time process control is carried by Administration Service.
Once per month Administration Service is sending results of control to the Chairman of the
Management Board.
8.6. There will be held necessary measures in dependence of the amount of being late for work
and duration according to the legacy. Valid reason to be late in case whether or not, with
addressed and approved documents justified only by directors.
8.7. If employee is late for work more than 3 hours, this day will be considered as his/her
vacation day or if he/she hasnt any unused vacation day, will be entitled to unpaid leave of
absence.
Being late for work or asking for absence till 3 hours is permissible in below 2 cases:
- To ask for absence after coming to work (absence during a working day).
In this case employee asks for the permission from the head of department whom he/she is
subordinated, in case of positive response, he/she must inform the head of Administrative Service
and HR about this by e-mail. If branch manager asks for leave, he/she has to inform Chairman of
MB about reason of leaving and after his/her permission branch manager has to inform about
leaving Administrative Service, Credit Department, Finance Department and RMD by e-mail.
- In urgent or sudden situations not to come to work and ask for absence by phone (call or
sms).
In this case employee has to inform the head of department whom he/she is subordinated about
reason of being late until 9.30. This head of department defines validity of reason and if the
reason isnt acceptable, this day is considered as employees vacation day or if he/she hasnt any
unused vacation day, is entitled to unpaid leave of absence. If the reason is acceptable, head of
department has to inform Administrative Service and HR about it.
If this case is concern to head of department, he/she has to inform assistant of Chairman of MB
about reason of being late and Chairmans assistant informs the Chairman. Validity of reason is
defined by Chairman and if the reason isnt acceptable, this day is considered as employees
vacation day or if he/she hasnt any unused vacation day, is entitled to unpaid leave of absence. If
the reason is acceptable, Chairmans assistant has to inform Administrative Service and HR about
it.

10

8.8. The Chairman of the Management Board must approve all overtime work; that is, working
more than scheduled work hours, including weekends and holidays.
8.9. Every employee of KredAqro NBCO CJSC can have 6 day-offs by permission of his
Department Director. Employee should inform HR Service at least 3 days forward to get day-off.
On the application needs to be subordinated note and the signature of the Head Department
Director. Employee can't get more than 2 days-off in a row.
8.10. KredAqro NBCO CJSC will not require staff members to work after hours and/or overtime.
In case of extreme situations (emergencies), when a need for after hours work and/or overtime
arises,
KredAqro NBCO CJSC will comply with appropriate rules and regulations set forth by
the Government of Azerbaijan, Labor Code of Azerbaijan, and other governing rules and
regulations of the
Republic. With written agreement of the parties, employees who work
on weekends and holidays may take off an equal number of days to compensate for the days they
work.
8.11. No compensation is provided if an employee works outside the scheduled work hours or
works on non-work days on his/her own initiative.
The following are prohibited:

To disturb another employee who is working by speaking over the phone or talking to others
in a loud voice; to disturb the work environment in KredAqro NBCO CJSC by making loud
and
unnecessary noises; to unnecessarily wander or walk up and down in the office.

To entice an employee from work to participate in activities those are not connected with the
job or to participate in unofficial social activities.

To conduct unapproved social gatherings or meetings and consultations unrelated to work.

Employees are expected to work in a professional manner that reflects the Values of
KredAqro NBCO CJSC.

9. APOLITICAL POLICY
9.1. It is necessary for all KredAqro NBCO CJSC employees to avoid any activity that may be
perceived as placing KredAqro NBCO CJSC for or against a political cause, issue, or faction.
9.2. Individuals may speak out as individuals on matters of political concern. However, care must
be taken to ensure that such statements are not made, nor likely to be interpreted as being made,
on behalf of KredAqro NBCO CJSC.
10. WORKING CONDITIONS
10.1. Unless specifically instructed by management in writing or specified in an employees
official position description, all KredAqro NBCO CJSC employees work in KredAqro NBCO

11

CJSC offices. Unless

work days.

authorized, employees should not have access to the office on non-

10.2. If a KredAqro NBCO CJSC employee moves his primary residence to a different location
and wishes to be reassigned to a KredAqro NBCO CJSC Branch Office near his new home, he
must address this request in
writing to the Chairman of the Management Board in advance.
All such requests for reassignment will be judged on the basis of employee need, current staffing
arrangements, and the employees performance record.
10.3. KredAqro NBCO CJSC will:

Provide all conditions for efficient job performance by its employees; use appropriate
opportunities to improve the qualifications and educational levels of employees.

Provide employees with appropriate office space and safe working conditions.

Provide material incentives to encourage employees to improve their job performance and the
organizations overall performance; periodically evaluate the performance of all employees
performance; and pay the salaries due for the time worked.

Provide required office equipment; organize working conditions according to labor protection
rules.

Take other measures to provide appropriate working conditions for all employees.

10.4. An employee will:

Perform the tasks and activities stipulated in the employment contract; be in the office during
scheduled working hours; execute all orders, directions, and tasks given by management in a
precise and timely manner; avoid any actions that prevent other employees from performing
their work.

Safeguard organizational property, including cash and other valuables trusted to the employee
according to the Material Responsibility Agreement; preserve and protect material resources
and documents, both hard-copy and electronic. Immediately report any theft or misuse of
supplies or equipment.

Keep confidential all information that an employee possesses due to the performance of
his/her work while working in any KredAqro NBCO CJSC office and after leaving it.

Take care of personal property in the office and that of his/her colleagues. Immediately
report to the Human Resources Manager any theft or damage to personal property.

Constantly try to improve the quality of work, prevent deficiencies and omissions during job
performance, take initiative to improve professional skills, and provide for the timely and
effective performance of all tasks.

Use computers and other office equipment, including the Internet (e-mail), web browsing and
other forms of communications and internal network only for business purposes; use office
telephones only for work (not for personal use).

12

Take measures to avoid any conditions that affect or prevent the normal execution of the
work; immediately inform the employer of any problems; strictly observe labor protection
and safety rules.

Keep the work place clean; observe normal sanitation practices if food and drink are
consumed in the office; try to conserve energy, water, and material resources.

Bear responsibility for any damage to any KredAqro NBCO CJSC office caused by his/her
improper or illegal actions.

Employees who smoke must do so outside the office. Alcoholic beverages are prohibited in
the office except when authorized as part of a celebration. Illegal activity, gambling and using
illegal drugs are prohibited at all times.

Pay attention to his/her appearance and follow acceptable standards of dress and cleanliness;
communicate with fellow workers politely and respectfully, so as not to offend their honor
and dignity; maintain appropriate decorum when communicating with senior management
and visitors; avoid engaging in the spread of rumors or in vocal complaining.

10.5. Employees who need assistance or help in any matter that has an impact on their work
should consult their direct supervisor or the Human Resources Manager. KredAqro NBCO CJSC
fosters a
supportive work environment involving the free exchange of ideas. Employees are
encouraged to come forward with constructive comments and suggestions at any time.
11.

DISCIPLINARY PROCEDURES

11.1. An employee bears responsibility for performing his/her work as required. He/she may be
called to account in accordance with legislation for failing to carry out his/her assigned duties
and responsibilities as stipulated in the employment contract and job description, as well as for
any attempts to take improper advantage of his/her position.
11.2. In accordance with legislation, an employee may receive one of the following disciplinary
procedures for failing to carry out his/her assigned tasks or for improper job performance, as well
as for violating the duties and procedures explained in this Manual:

Reprimand.
Severe reprimand with final warning.
Termination of the employment contract.

11.3. When applying disciplinary procedures, an employees personality, authority,

qualifications, and the nature of the infraction must be considered.
11.4. Employees may receive oral or written warnings before any of the disciplinary procedures
mentioned in section 10.2 is applied. Such a warning is not considered part of the disciplinary
procedure.

13

11.5. The Chairman of the Management Board only may give three final stages to an employee.
Disciplinary reprimand is given by employers order and HR Services informs an employee
about this Order gives him/her copy of the order.
11.6. An employee is required to submit written explanation before any disciplinary procedures is
applied.
11.7. Disciplinary procedures may be applied within thirty (30) days after the date of the
violation has been discovered. Sick leave and business trip days are not included within that
period. However, disciplinary procedures may not be applied after six (6) months following the
date of the violation.
11.8. In case of an official violation of KredAqro NBCO CJSC activity revealed as the result of a
financial or business audit, disciplinary procedures may be conducted up to one year after the
date of the
violation.
11.9. Only one disciplinary procedure may be applied to an employee for one violation.
11.10. A disciplinary procedure is applied for duration of six (6) months. In instances where the
performance of the employee related to the disciplinary procedure has improved, the Chairman of
the Management Board may terminate the disciplinary procedure ahead of time.
11.11. If an employee receiving a disciplinary procedure believes it is a violation of his/her civil
or legal rights, he/she may appeal, file a grievance, or apply for redress to a Court of Law. An
appeal is submitted to the Chairman of the Management Board in writing not less than five (5)
work days after the date of the disciplinary action.
12.

RESIGNATION

12.1. An employee may terminate the employment contract by submitting a letter of resignation
to the of the Management Board at least thirty (30) calendar days in advance of the proposed
final day of employment. An employee has the right to leave the job thirty (30) calendar days
after
submitting a letter of resignation.
12.2. If an employee retires on disability or old-age pension, enters an appropriate educational
center for the purpose of continuing his/her education, moves to a new location, signs a contract
with another employer, the employment contract may be terminated on a date stated in a letter of
resignation.
12.3. If, after a letter of resignation has been submitted and been accepted by the of the
Management Board, the employee changes his/her mind and wishes to be reinstated,
reinstatement is at the discretion of the of the Management Board and may require re-application.
To be considered for reinstatement, an employee must submit a letter to the of the Management
Board. Reinstatement is not permitted after thirty (30) days following resignation.
13. TERMINATION OF THE EMPLOYMENT CONTRACT BY KREDAQRO
13.1. The Chairman of the Management Board of KredAqro NBCO CJSC may terminate the
employment contract in the following cases:

14

If KredAqro NBCO CJSC is closed permanently.

If mandatory staff reduction occurs.

If the employees qualifications and/or specialty do not comply with the requirements of the
position.

If the employee fails to carry out his/her duties and obligations under the employment
contract.

If the employee rejects an assigned position or refuses to move to another position as a result
of changes in work conditions

13.2. A contract may be terminated if an employee is proven guilty of gross misbehavior. Gross
misbehavior includes the following:

Absence from duty for all business day without a valid reason, except in an emergency if an
employee is sick or in the case of a close relatives sickness or death.

Drunkenness or use of alcohol, drugs, or other intoxicants while on duty.

Financial damage to any KredAqro NBCO CJSC office as a result of willful negligence or
inaction in the face of willful damage by others.

Negligence or disregard for the safety of other employees.

Intentional disclosure or distribution of confidential information belonging to the

organization or failure to protect the confidentiality of information provided by clients.

Infringement of the legal interests of any KredAqro NBCO CJSC office as a result of gross
misbehavior or illegal actions by the employee

Repeated infractions by the employee within 6 months after the end of any disciplinary
procedures.

Administrative infractions or criminal activity committed during working hours or on

KredAqro NBCO CJSC promises at any time.
14.
TERMINATION OF THE EMPLOYMENT CONTRACT DUE TO
CIRCUMSTANCES BEYOND THE CONTROL OF THE EMPLOYER OR THE
EMPLOYEE

14.1. The employment contract will be terminated in the following cases:

If the employee is called to military or any other alternative service.

If, in the case of a valid judgment by a Court of Law, the employee is restored to a position
taken earlier, the later contract will be terminated.
15

If the employee fails to work due to disability that continues for more than 6 months without
a break.

If an employee is sentenced by a Court of Law to imprisonment or is assigned social work

(except when this social work is to be performed at the work place) for crimes, or is
prohibited by a Court of Law from working in certain positions or engaging in certain
activities.

In case of an employees death

15.

TERMINATION OF THE EMPLOYMENT CONTRACT AT ITS EXPIRATION

15.1. Within seven (7) days following the expiration of an employees contract, KredAqro NBCO
CJSC will notify the employee whether his/her contract is extended or terminated. If work
continues and notification of status is not given to the employee within seven (7) days, that
employment
contract will be considered extended for the length of its original term.
15.2. If the contract term expires while an employee is absent due to acceptable reasons, that
contract is terminated on a day determined by the Chairman of the Management Board but not
later than seven (7) days after his/her return to work.
16.

OTHER TERMS IN THE EMPLOYMENT CONTRACT

16.1. In case of staff reduction the Chairman of the Management Board will provide employees
with official notice two (2) months in advance.
16.2. An employee will be released from fulfilling his/her duties and obligations at least one day
each work week in order to seek another job; the employees salary will be paid for that day.
16.3. If the contract is terminated by KredAqro NBCO CJSC due to staff reduction, affected
employees will receive the following compensation:

A dismissal compensation of not less than the average salary during the first month.

Compensation in the amount of the average salary for the second and third months following
the date of dismissal or until the employee is hired for a new job.

16.4. Upon agreement with an employee, the Chairman of the Management Board may pay the
salary for two months at once and terminate the contract immediately.
16.5. If an employee is called to military or other alternative service or suffers a disability that
prevents him/her from working for more than 6 months, the employee will receive double
average monthly salary for the periods specified in section 15.3.
16.6. If the contract is terminated due to an employees death, a beneficiary is entitled to receive
compensation equal to three average monthly salaries.
17.

SALARY AND TAXES

16

17.1. Salary will be paid monthly based on the employment contract signed by the employee and
CredAgro. Salary will be paid not later than the fifth day of the following month. No advance
payment of salary for more than one month is allowed and repayment term for such advance
should not be greater than 30 days.
17.2. Timesheets recording the actual hours worked are required prior to the monthly pay day.
These are submitted to the Human Resources Manager, who compiles the records for the
Accountant.
17.3. An employees salary may be increased based on the results of the annual performance
evaluation as shown in part 17.0.
17.4. After KredAqro NBCO Chairmans confirmation of head office, branches and
representative offices state tables, they are copied and Human Recourse confirms it as Arrange
with origin and then they are peresented to Finance Department. Based on state tables Finance
Departmnet pays salaries. If there are any corrections in salaries they are confirmed by Chairman
of the Managment Board and then they are given to Finance Department. According to every
structure changes in KredAqro it reflects in state tables and peresented to Finance Department.
17.5. Average salary raise will be based on the organizations financial performance for the prior
year and budget projection for the next year.
17.6. The raise for each individual employee will be based on the job performance of the
employee in the prior year.
17.7. Promotions may be considered following a performance appraisal but all decisions
regarding promotions are made by the Management Board and depend entirely on the
organizations need and the presence of suitable openings in the staffing roster. An excellent
rating on a performance appraisal does not guarantee a promotion.
17.8. In addition to salary adjustments, KredAqro NBCO CJSC reserves the right to give awards
for length of service and merit awards for unique services to KredAqro NBCO CJSC that may
occur but are not recognized elsewhere in this Manual.
17.9. Employer is responsible for remitting income taxes and all other compulsory payments
from employee gross salaries, including but not limited to: social fund fees, social security
payments. If either new fees are levied or existing fees are raised by the government of
Azerbaijan and/or any of its agencies, employees will assume sole responsibility for paying any
fees and/or taxes due. KredAqro NBCO CJSC bears no responsibility for any employee-related
fees, taxes, or remittances; it only acts as an agent on behalf of its employees, as required by the
Labor Code of Azerbaijan, in withholding and remitting such payments to appropriate
government agencies.
17.10. KredAqro NBCO CJSC employees are not allowed to enter into credit contracts or take
loans from the organization except Consumer Loans. All family, business, organizational, or
other relationships with borrowers must be disclosed by KredAqro NBCO CJSC employees.
Failure to do this is grounds for
disciplinary action and possible dismissal for cause.
18. ANNUAL PERFORMANCE EVALUATIONS
18.1. The performance of all employees will be evaluated annually on the anniversary date of
their employment to KredAqro NBCO CJSC. There are two parts to the performance evaluation
process: a self-evaluation and a formal evaluation by the employees supervisor.
17

18.2. As part of the Performance Evaluation process, all employees must complete the selfevaluation form and submit it to the HR Services by the date indicated on the form. Failure to
complete this form in good faith and by the due date will result in penalties
attached to the
formal performance evaluation described below.
18.3. It is the responsibility of all supervisors to complete and submit to the Chairman of the
Management Board (or to the Human Resources Manager, if so instructed) the annual
performance evaluations of their employees.
18.4. The formal Performance Evaluation Form (see Appendix 3) includes two sections.
Section 1 is an item-by-item judgment of the employees main duties as listed on the job
description. Section 2 is an item-by-item judgment of a set of behavioral characteristics important
in the performance of any KredAqro NBCO CJSC employees job. Each item in each Part is
scored on a scale of one to five, as follows:
Score
five
four
three
two
one

=
=
=
=
=

Component
Very successful
Successful
Partially successful
Needs improvement
Unsatisfactory

The performance rating for each section is computed by averaging the individual item scores in
that section. The Overall Rating is computed by averaging the scores of Section 1 and Section 2.
18.5. In addition to annual performance evaluations, the daily performance of all employees is
regularly monitored by KredAqro NBCO CJSC management and the Internal Auditor.

19.

EMPLOYEE INCENTIVES

19.1. Employee incentives system may be reviewed and updated annually or more frequently
with appropriate modifications made depending on the strategic changes in the Organization.
19.2. Bonus incentive is applied KredAqro NBCO CJSC Branch Managers, Credit Managers,
Loan Officers and Credit Risk Management Specialists is based on monthly results and are
paid within 10 business days of the following month.
19.3. Bonus calculation is made using the standardized bonus calculation and methodology stated
in Appendix 2. The weights for each evaluation area are set according to the position being
evaluated. The bonus is tied to the employees direct activities or other measurable
performance indicators.
19.4. The bonus is calculated by evaluating the employee in several key areas, with a percentage
of the bonus coming from each category based on the performance level. Moreover each
category consists of different levels and each level is certain percentage of total amount.
(See Appendix 2 for Bonus calculation methodology).

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19.5. The maximum bonus amount for Branch Managers and Credit Managers is determined as
0.2% of monthly Average Active Loan Portfolio of the branch divided by 12 (months) plus
0.5% of monthly net profit of branch. Credit managers in charge of particular representative
office will receive bonuses based on the performance of that representative office.
The maximum bonus amount for Loan Officer is determined as the 1% of monthly Average
Active Loan Portfolio that they managed divided by 12 (months).
If the implementation of monthly loan disbursement for Branch managers and Credit managers is
more than 110% and for loan officers is more than 105% in that case due to extra implementation
the base part for bonus calculations may increase without restrictions. The increase of the basic
part of bonus calculated by multiplying the specific weight of bonus on the non-fulfilled plan.
Additionally loan officers who will attract up to 7 new micro loan customers during the month
will receive 5 AZN for each, for attracting more than 7 micro loans customer during the month
will receive 10 AZN for each, 25 AZN for each new business loan client (collateralized loan) and
15 AZN for each repeated business loan client.
19.6. Performance Bonus is usually not applied during the probation period of newly hired
employees (except for the bonus, paid to loan officers for meeting the requirements related to the
size and quality of the loan portfolios under their control). New employees will be eligible for
quarterly bonuses on the next business day following successful completion of their probation
period calculated on a pro-rata basis for the number of working days remaining in the quarter in
which they become eligible. The minimum employment period eligible for bonus calculation is
one month.
19.7. Paying bonus to the employee who worked at the quarterly reporting period of time (for the
persons who receive bonuses during the monthly reporting period), but then left KredAqro
NBCO CJSC should be assessed by Department Manager of leaving person. The manager
provides written reasonable assurance/feedback for the leaving employee. This feedback is
discussed in MB and exceptional bonus could be granted for leaving employee.
A. Cases when bonus amounts may be altered or withheld
19.8. If an employee receives a written Reprimand then he/she is not eligible for a bonus for 3
months starting with the month when the reprimand was received. If the employee is waiting for
receipt of last periods bonus at the time when he/she receives a reprimand, then the reprimand
will be deemed to be in effect from the previous period and no bonus in arrears will be received
by the employee. If an employee receives a strong written Reprimand within a month then he/she
is not eligible for a bonus for 6 months starting with the month when the reprimand was received.
If the employee is waiting for receipt of last periods bonus at the time when he/she receives a
strong reprimand, than the reprimand will be deemed to be in effect from the previous period and
no bonus in arrears will be received by the employee.
19.9. If an employee receives a written warning then the calculated bonus may be reduced by up
to 50% of the bonus amount.
19.10. If the branch is not financially self-sustainable then its employees are not awarded a bonus
(except for the bonus, paid to credit managers and loan officers for meeting the requirements
related to the size and quality of the loan portfolios under their control). Self-sustainability is
measured as the interest income divided by (expenses of the Branch + expenses of Head Office).
If this ratio equal or higher than 110%, then self-financing level is considered as acceptable.
Head Offices expenses are allocated to the branches in proportion to their portfolios. Calculation
of branch expenses as well as allocation of Head Office expenses to the branches are made on
accrual basis with necessary adjustments at the end of each month. Corporate income tax is not
19

included into calculation of self sustainability ratio.

19.11. If the implementation of monthly loan disbursement for Branch managers and Credit
managers is less than 80% and for loan officers is less than 70% in that case they will not be paid
bonus in any category (excluding bonuses of branch managers and loan officer for collection of
nonperforming loans .
19.10. Head Office Staff will be awarded with a quarterly bonus incentives based on the
accomplishment of the certain performance indicators set in the Organizations goals.
20. ILLNESS AND TEMPORARY DISABILITY
20.1. KredAqro NBCO CJSC does not provide medical or social insurance as part of its
compensation to
employees. According to Legislation part of Employees sick leave (work
days within first 14 calendar days of sick period) is paid by the organization and the rest from
State Social Security Fund.
20.2. Minutes of the Commission that attributes a compensation for the illness of employee are
sending to the State Social Security Fund. Commission that attributes a compensation for the
illness of employee consists of following staff members:

Chairman of Management Board

Head of Financial Department
Head of HR
Head of Legal Department

20.3. It is the duty of an employee to inform the KredAqro NBCO CJSC Head of HR Services or
immediate supervisor as soon as possible in case of illness; Employees are required to bring a
medical certificate from an authorized medical center when they are sick, otherwise his/her sick
leave days will not be paid.
20.4. When employees return to work, they must obtain the approval of their supervisor in order
to be compensated for sick days.
21.

ACCIDENTS AND INJURIES ON THE JOB

21.1. If an employee suffers an accident or injury requiring medical attention as a direct result of
working on KredAqro NBCO CJSC related activities, KredAqro NBCO CJSC will cover medical
costs for the services
provided through government health care.
21.2. All KredAqro NBCO CJSC employees are required to know what to do in the case of
emergencies, such as fire, earthquake, automobile accident, civil disturbance, or medical
emergency. The HRS is responsible for identifying and posting telephone numbers to call in case
of emergencies. Emergency procedures are detailed in Appendix 1 of this Manual.
21.3. All KredAqro NBCO CJSC employees driving or riding in company cars are required to
wear seat belts. If an accident occurs and an employee is not wearing his/her seat belt, serious
injury may result.

20

20.4. For other policies and procedures relating to workplace safety and accidents, see Appendix
4.
22.

OFFICIAL HOLIDAYS

22.1. In accordance with Azerbaijan legislation, the following holidays are non-work days at
Headquarters and in the Branch offices:

January 1-2 New Year

January 20 National Mourning Day
March 8 International Womens Day
May 9 Victory Day
May 28 Republic Day
June 15 National Rescue Day
June 26 Azerbaijan Armed Forces Day
December 31 Solidarity Day of Azerbaijan people throughout the World
Novruz holiday 5 days
Gurban holiday 2 days
Ramazan holiday 2 days

By the end of January of each year, the Cabinet of Ministers determines and announces the dates
of the Novruz, Gurban, and Ramazan holidays.
23.

EMPLOYEE GRIEVANCE PROCEDURE

23.1. All employees have the right to grieve to management regarding any failure by KredAqro
NBCO CJSC to abide by the terms of employee contracts or by policies and procedures in this
Manual. All grievances must be conducted according to procedure.
23.2. The first step in the Grievance Procedure is to verbally discuss the matter with the
employees direct supervisor. If there is no direct supervisor, then the matter is discussed with
the HRS.
23.3. If section 22.2 does not achieve a satisfactory resolution of the matter, the second step is for
the employee to address a letter to the Chairman of the Management Board and/or HR Service in
which he/she outlines all relevant facts and provides evidence of any claim. The Chairman of the
Management Board or his appointee (in case he is absent) is required to act on this letter within
seven (7) working days of receipt.
23.4. If section 22.3 does not achieve a satisfactory resolution of the matter, the third step is for
the employee to address the letter to the Deputy Chair of the Supervisory Committee. He is
required to act on this letter within fourteen (14) working days of receipt.
23.5. If section 22.4 does not achieve satisfactory resolution of the matter, the Management
Committee is required to identify an independent and unbiased third party whom the employee
agrees to accept as absolute arbitrator in resolving the matter. After hearing both sides, the
Arbitrator will make a decision and that decision will be final and accepted by both sides.
24. LEAVES

21

24.1. Each employee in KredAqro NBCO CJSC is entitled to annual vacation that consist of
main and
additional leaves, social leaves of female employees for bringing up their child,
educational and activities leaves for continue the education and scientific work, and unpaid leave
of absence.
24.2. Female employees will be entitled to social leave with full compensation for up to 126
calendar days (70 calendar days before the birth and 56 calendar days after the birth). In case of
a difficult birth or birth of twins or more children, an employee is entitled to 70 calendar days
after the birth.
24.3. A regular employee will be entitled to unpaid leave of absence of three (3) work days in the
case of a death in the close family. Close family in all cases means parents, brothers, sisters,
children, grandchildren, and grandparents.
24.4. A regular employee who is working and attending a qualified education facility at the same
time is entitled to paid educational leave for the following:

To take seasonal exams and fulfill laboratory work.

To take state (final) exams.
To prepare degree work and to defend it.

24.4. A regular employee attending evening classes at an institute of higher education is

entitled to educational leave of twenty (20) calendar days for first-year and second-year students,
and thirty (30) days for the senior courses during the examinations.
24.5. A regular employee taking correspondence courses is entitled to educational leave of thirty
(30) calendar days for first-year and second-year students, and forty (40) days for the
senior
courses during the examinations.
24.6. KredAqro NBCO CJSC makes every attempt to provide its employees with on-the-job
training, workshops, seminars, and other opportunities to improve their skills and capabilities.
All employees are encouraged to seek additional sources for improving themselves.
24.7. In exceptional circumstances, including family emergencies, social and other problems
connected with education, performing scientific research work, and problems of age and other
physical circumstances, an employee has the right to request an unpaid leave of absence.
24.8. The Chairman of the Management Board only may approve an unpaid leave of absence
after consultation with the direct supervisor.
25.

ANNUAL VACATION LEAVE

25.1. All employees operating in KredAqro NBCO CJSC have the right to annual vacation.
25.2. An employee must submit a Request for Vacation letter to the HR/Administration
Department Director at least fifteen (15) days in advance of the dates requested for annual
vacation.
25.3. The direct supervisor of an employee must approve a Request for Vacation letter. If an
employee has no direct supervisor, the Chairman of the Management Board must approve the
Request for Vacation letter.

22

25.4. The HR Manager tracks employees vacation records each year. By year-end, the HR
Manager will make report on vacations and submit it to the Chairman of the Management Board.
25.5. The maximum Annual Vacation Leave possible for KredAqro NBCO CJSC management
and specialists is thirty (30) calendar days and twenty-one (21) calendar days for support
personnel. Depending on length of service the employees are entitled to additional leave days:

5 to 10 years 2 calendar days

10 to 15 years 4 calendar days
more than 15 years 6 calendar days
2 children under 14 years old are entitled - 2 calendar days
3 children under 14 years old are entitled - 5 calendar days
invalid child under 16 years old are entitled - 5 calendar days

25.6. The sole male parent who brings up the children alone or the person who adopts the
children is entitled additional leave days as indicated in item (117.2 as in Labor Code).
25.7. Upon an employees wish and the Chairman of the Management Boards agreement, annual
vacation may be utilized in more than one allotment; however, the sum of days in all allotments
shall not exceed the total number of days to which the employee is entitled and the number of
days in one divided vacation should not be less than 14 days.
25.8. An employee leaving on vacation is paid vacation payment (compensation). Vacation
payment is calculated based on the average salary during the previous 12 months.
25.9. If an employee who failed to use vacation leave is terminated, he/she may be given an
opportunity to take vacation prior to termination, otherwise he/she will be entitled to the cash
equivalent for all accumulated unused annual leave days.
26.

TRAVEL AND TRAVEL EXPENSES

26.1. Before an employee goes to an official travel he or she should address to KredAqro NBCO
CJSC about the purpose of his/her trip in written form for official approval of his or her travel.
26.2. Any official travel by a KredAqro NBCO CJSC employee requires a signed travel order
from the Chairman of the Management Board. The travel order will state the travel objective,
intended duration of travel, and other required information.
26.3. Each employee starting an official travel will be complete a travel form. A travel form
includes information about employees departure date, destination and arrival date, and date of
his/her return to the office. An employee may not take official travel without a signed travel
order. After coming back from official travel employee should submit the filled travel form to HR
or relevant person.
26.4. Employees on official travel will be given a fixed travel advance. Unused travel advance
must be returned.
26.5. Employees have a right to be reimbursed by KredAqro NBCO CJSC for official and
previously approved expenses they are forced by circumstances to pay out-of-pocket. All
23

reimbursed expenses
require a receipt clearly stating the date, the payee, and the amount.
Requests for reimbursement not accompanied by receipts will not be honored.
27.

VEHICLE MANAGEMENT.

27.1. The Chairman of the Management Board will carry out analysis of vehicle needs for
KredAqro NBCO CJSC. If required and with their permission, KredAqro NBCO CJSC may rent
cars belonging to employees. Compensation for the use of an employees car will not be higher
than stipulated in KredAqro NBCO CJSC regulations.
27.2. An employee can drive organizations automobile after he/she has been given power of
attorney for it.
27.3. An employee bears full responsibility for the safety of the automobile while using it.
27.4. If any accidents happened while driving the car an employee must immediately inform
SRP, Insurance Company (If Insurance Company has branch office in the area accident happened
then that branch) and Head office without moving the automobile from accident sight to any
place. Only after SRP write an Act automobile can be taken from accident sight.
27.5. While using automobile an employee should fill milage forms KredAqro NBCO CJSC
designed accordingly.
28.

REQUISITIONING SUPPLIES AND EQUIPMENT

28.1. Employees who need supplies must present a requisition form, properly completed, to the
Administrative Department. Employees are cautioned not to wait until the last of an important
item is used before requesting a new supply
28.2. Requests to have equipment repaired or routinely maintained must be submitted in writing
to the HR Service or IT Department.
28.3. Employees who are assigned equipment, such as laptop computers, must fill out and sign a
Delivery-Capitulation Act that presented by IT Department employee which will contain
appropriate identifiers (serial numbers), the dates of assignment, and the condition of the
equipment. These records will be kept by the IT Department employee.
28.4. Accounting Department is responsible for taking annual inventory of all supplies and
equipment, and presenting the Chairman of the Management Board with a report on the condition
of the inventory.
29.

RELATIONSHIPS WITH OUTSIDERS

29.1. All employees must take steps whenever appropriate to maintain the most cordial and
respectful relationships with representatives of the local and national governments, and with the
representatives of KredAqro NBCO CJSCs founders and sponsors. Official visitors are always
welcome at KredAqro NBCO CJSC. In the Branch Offices, the Branch Manager is responsible.
Unless authorized by the Director, no visitor has any right to access confidential documents at
any KredAqro NBCO CJSC office.
29.2. All relations with the press, radio and TV, and any media representatives will be handled by
the Chairman of the Management Board. Employees are cautioned not to reveal any information
24

about Chairman of the Management Board to the media at any time unless authorized to do so.
To do so is a breach of contract and may result in disciplinary procedures or dismissal.
29.3. Employees meeting with the customers should be held according to the corresponding
schedule. Every Department should separate some day for this. There is applied certain appeal
form for meeting (customers desire, problem which customer wants to discuss). If there is any
need for urgent meeting it should be discussed with Chairman and then the same form should be
applied.
29.4. Every emploee before meeting with the customer should discuss it with Chairman and by
his confirmation can hold the meeting with the customer if it is needed.
Employee should hold the meeting with the customers only in rooms for meeting.
-

29.5. Employees must not give information about KredAqro NBCO CJSC staff to unknown
persons. All inquiries from outsiders about KredAqro NBCO CJSC staff their names,
addresses, telephone numbers, or any personal information must be referred immediately to the
Chairman of the Management Board, the Country Representative, and/or the Lawyer.
30. KREDAQRO NBCO CJSC EMPLOYEE CODE OF CONDUCT
30.1. KredAqro NBCO CJSC employees understand that the financial and economic welfare of
our customers and clients are the reason we are in business. KredAqro NBCO CJSC activities
will, to the extent possible, contribute to democratic processes and self-help for all its customers
and clients, with due respect for their customs and social values.
30.2. KredAqro NBCO CJSC activities will comply with the laws and regulations of the
government of the Republic of Azerbaijan. KredAqro NBCO CJSC employees are highly visible
and commonly viewed as representatives of Azerbaijan. Accordingly, they must maintain the
highest standards of professional conduct and personal demeanor.
30.3. KredAqro NBCO CJSC is and will remain an equal opportunity employer and will not
discriminate on the basis of gender, race/ethnicity, color, national origin or ancestry, religion,
language, residence, disability, age, marital status, political views or affiliation, membership in
trade unions or social organizations, official status, or any other conditions which do not affect
work output and the professional skills of the employee.
30.4. KredAqro NBCO CJSC fosters a supportive work environment involving the free exchange
of ideas. Employees are encouraged to come forward with constructive comments and
suggestions at any time. Employees who need assistance or help in any matter that has an impact
on their work should consult their manager or the Chairman of the Management Board.
30.5. All KredAqro NBCO CJSC employees are expected to devote their full time, energy, and
skills to KredAqro NBCO CJSC business during scheduled working hours. They are expected to
perform the tasks and activities stipulated in their employment contract in a professional manner;
be in the office during
scheduled working hours; execute all legal orders, directions, and
tasks given by management in a precise and timely manner; and avoid any actions that prevent
other employees from
performing their work.
30.6. KredAqro NBCO CJSC employees are expected to seek opportunities to improve the
quality of their work, take initiative to improve their professional skills and knowledge,

25

conscientiously share relevant experience and information with colleagues, and participate fully
in activities designed and
designated as internal training.
30.7. KredAqro NBCO CJSC employees may not engage in any business relationship outside of
their KredAqro NBCO CJSC responsibilities that could be considered as a conflict of interest.
30.8 No KredAqro NBCO CJSC employee shall seek or accept from or offer or provide to a
supplier, official, or any other person in a business relationship with KredAqro NBCO CJSC any
cash, personal loans, special and unusual services, gifts (other than gifts of modest or nominal
value), or employment in order to secure a personal benefit that might be considered a breach of
ethics, a conflict of interest, or improper and unacceptable business behavior. KredAqro NBCO
CJSC does not prohibit normal and customary business courtesies or hospitality given or
received in connection with the usual conduct of business affairs in Azerbaijan.
30.9. KredAqro NBCO CJSC employees are duty bound to safeguard all organizational property
and project
assets, including cash and equipment; preserve and protect material resources,
confidential
information, and documents; and safeguard the personal property of colleagues.
Employees are required to keep confidential any and all information used in the performance of
their work while in any KredAqro NBCO CJSC office and after leaving it. KredAqro NBCO
CJSC funds may not be used for any unlawful purpose or in any manner other than in accordance
with appropriate project documentation
supporting the such use. The establishment of secret
funds or the falsifying of project accounts for any reason is strictly prohibited.
30.10. Any employee learning that a theft, misappropriation, or misuse of money, supplies, or
equipment is about to occur or has occurred is obligated to report the matter immediately.
Retaliation is forbidden against an employee who submits a grievance, an appeal of a
management decision, or a report of suspected or actual malfeasance (whistle-blowing).
Retaliation is an act of revenge that hurts an employee, such as the denial of promotion, wage or
salary increase, or termination. It is also considered retaliation when an employee is personally
harassed by others for submitting a grievance, an appeal, or a report of wrongdoing. Findings
and consequences resulting from official investigations into personnel matters are not considered
retaliation.
30.11. KredAqro NBCO CJSC does not tolerate workplace sexual harassment or other forms of
personal or social harassment. KredAqro NBCO CJSC considers all forms of harassment to be
serious because it disrespects the needs of co-workers and disrupts the work place. KredAqro
NBCO CJSC will avoid or discontinue any activity that subjects its employees to physical danger
or harassment. Employees who violate the KredAqro NBCO CJSC policy on harassment are
subject to disciplinary measures up to and including termination.
30.12. KredAqro NBCO CJSC maintains a drug-free workplace. All KredAqro NBCO CJSC
employees are hereby notified that the unlawful manufacture, distribution, dispensing, buying,
selling, exchange, possession or use of a controlled substance or illegal drug is strictly prohibited
in all work sites. Gambling, smoking, and using alcoholic beverages are prohibited in offices,
except when authorized by the Chairman of the Management Board as part of a celebration.
30.13. While in the workplace, KredAqro NBCO CJSC employees shall avoid any participation
or involvement in any political or religious activities that may be perceived as being for or
against a specific political or religious cause, issue, or faction. Employees are free to speak out
as private individuals on matters of political and religious concern outside the workplace.
However, they must take care to ensure that such statements are not made, nor likely to be

26

interpreted by others as being made, on behalf of KredAqro NBCO CJSC.

30.14. KredAqro NBCO CJSC employees are expected to pay attention to their appearance and
follow acceptable standards of dress and cleanliness. They are expected to communicate with
fellow workers politely and respectfully so as not to offend their honor and dignity; maintain
appropriate decorum when communicating with senior management; and avoid engaging in the
spread of rumors, gossip, and petty complaints.
30.15. KredAqro NBCO CJSC employees are expected to act toward guests and visitors with the
highest degree of decorum and professional courtesy. In ordinary business affairs, they should
welcome visitors to the office, introduce guests and KredAqro NBCO CJSC staff to one-another,
and provide customary Azeri hospitality.

27

APPENDIX 1 BONUS CALCULATIONS AND METHODOLOGY

Bonus calculation system is conducted by the following method according to each position and
performance level.
I. BRANCH MANAGERS
1. Portfolio-at-Risk (PAR) more than five days.
This category is designed as a measure of the ability of the Branch Managers to manage
operational risks. Maximum achieved value for this category is 25% of total bonus amount.
2. Collection of nonperforming loans
This category motivates branch managers to solve the problems of loans overdue more than 30
days, with an additional bonus incentive. The bonus base is loans which are at risk more than 30
days. Bonus is calculated according to the net decrease of PAR 30 loans as a defined percentage
of the branchs portfolio at risk. In order to calculate the percentage of net decrease of PAR 30 on
a monthly basis, the branches will be divided into three categories as below:
Branch categories
Decrease in portfolio at risk

PAR 30-day <5% of the branches portfolio

PAR 30-day 5%-10% - branches between
PAR 30-day >10% branches exceeding

Bonus percentage of net decrease

1%
0.5%
0.25%

3. Meeting Monthly Disbursement Targets

This category is designed measure the ability of branch manager to meet monthly disbursement
targets as set in portfolio dynamics. Maximum value for this category is 25% of the total bonus
amount.
4. Management
This category is designed to measure the ability of Branch Manager to plan, manage and control
branch and representative office activities; to constantly maintain low level of idle cash on
branchs accounts; to effectively work with problematic loans; to prepare reports requested by
head office correctly and submit them timely; to manage branch staff, such as to motivate them,
to make an effort for their training; to respect and comply with Organizations written or orally
communicated policies and procedures; to admit of no any situation that may harm the interests
of Organization; to promote the organization; to establish a good working environment in the
branch. The evaluation of this category is prepared by HR Manager in coordination with and
based on inputs of members of the Management Committee. Evaluation results are presented to
the Management Committee by HR Manager prior to bonus distribution each month. Maximum
value for this category is 25% of total bonus amount.
5. Self sustainability
This category is designed to measure the ability of Branch Manager to control expenses and to
increase interest income from lending activities. Maximum value for this category is 25% of
total bonus amount.
The following tables show the Branch Manager Bonus percentage amount for each category by
the level of performance indicators:

28

Portfolio-at-Risk (PAR)

Dinamics Execution
Amount of the bonus

Sef- sustainability
Bonus percentage
Managment
Bonus percentage

25% * (3% - PAR 5) / (3% - 0)

Note: negative that the lowest value for
this area of performance is 0.
Execution
<80%

80% Exec<
100%

100% Exec
110%

Execution>110%

Non category
(excluding
bonuses for
problem loans)

For this category

0%

25%

25%* Execution%

110%

<110%

25%

Non category(excluding
bonuses for problem
loans)

Good
25%

Satisfactory
15

Unsatisfactory
0%

Bonuses will be calculated and paid on monthly basis.

Decrease of PAR 30 due to receiving new property to the Organizations balance or due to
restructuring will not be considered while calculating the bonuses.
In order to prevent abuse of new bonus opportunities PAR 30 trend of branch will be analyzed
monthly by related body. If any negative trend or simulations are detected Management Board
can reject to give bonus after justification of fact.
II. Credit Manager:
1. Portfolio-at-Risk (PAR) more than five days.
This category is designed as a measure of the ability of the Credit Manager to manage
operational risks. Maximum achieved value for this category is 25% of total bonus amount.
2. Meeting Monthly Disbursement Targets
This category is designed measure the ability of Credit manager to meet monthly disbursement
targets as set in portfolio dynamics. Maximum value for this category is 40% of the total bonus
amount.
3. Management
This category is designed to measure the ability of Credit Manager to manage portfolio and risks
of branch; to distribute the loan products division according to the dynamics; to prepare reports
correctly; to actively participate at the meetings of the local credit committees and review and
analyze the documents submitted by the Loan Officers. The evaluation criteria for this category is
prepared by HR Manager in coordination with and based on inputs of members of the
Management Board and Branch Managers. Evaluation results are presented to the Management

29

Board by HR Manager prior to bonus distribution each month. Maximum value for this category
is 20% of total bonus amount.
4. Self sustainability
This category is designed to measure the ability of Credit Manager to control expenses and to
help increase interest income from lending activities. Maximum value for this category is 15% of
total bonus amount.
The following tables show the Credit Manager Bonus percentage amount for each category by
the level of performance indicators:
25% * (3% - PAR 5) / (3% - 0)
Note: negative that the lowest value for
this area of performance is 0.

Portfolio-at-Risk (PAR)

Dinamics Execution

Execution
<80%

Amount of the bonus

Non category

Sef- sustainability
Bonus percentage
Managment
Bonus percentage

80% Exec<
100%

100% Exec
110%

Execution>110%

40%

40%* Execution%

For this category

0%

110%
15%
Good
20%

<110%
Non category
Satisfactory
10%

Unsatisfactory
0%

Bonuses will be calculated and paid on monthly basis.

III. Loan Officer:
1. Portfolio-at-Risk (PAR) more than five days
This category is designed as a measure of the ability of Loan Officers to manage the quality of
the analysis of risks associated with individual loan portfolios. Maximum value for this category
is 40% of total bonus amount.
2. Collection of nonperforming loans
This category motivates loan officers to solve the problems of loans overdue more than 30 days,
with an additional bonus incentive. The bonus base is loans which are at risk more than 30 days.
Bonus is calculated according to the net decrease of PAR 30 loans as a defined percentage of the
branchs portfolio at risk. In order to calculate the percentage of net decrease of PAR 30 on a
monthly basis, the branches will be divided into three categories as below:
Decrease in portfolio at risk

Category
PAR 30-day <5% of the LO portfolio
PAR 30-day 5%-10% - of the LO portfolio between

Bonus percentage of net decrease

1%
0.5%

30

PAR 30-day >10% of the LO portfolio exceeding

0.25%

3. Meeting Monthly Disbursement Targets

This category is designed to measure the ability of loan officer to meet monthly disbursement
targets as set in the monthly portfolio dynamics. Maximum value for this category is 45% of the
total bonus amount.
4. Additional bonus for each new client and repeated business loan clients
This category is determined to define the loan officer ability of attracting new clients thereby
increasing existing client base, lending micro and also business loans and to encourage all loan
staff for these targets.
4.1 To pay on micro credits: for new 7 clients - 5 AZN for each, for more than 7 clients 10 AZN
for each. For attracting up to 7 clients during the month - 5 AZN for each, for more than 7 new
client 10 AZN for each. While preparing monthly plans number of new clients for each loan
officer will be fixed. If plan for this criterion is implemented less than 70% then loan officer will
not get this bonus. According to existing bonus system, if general monthly plan for loan officer is
fulfilled less than 70% no bonus will be paid for any category including implementation of
criterion 3.1.
4.2. To pay 25 AZN for each new business loan client (collateralized loan), 15AZN for each
repeated business loan client.
Additionally 25 AZN will be paid for each new client and 15 AZN for repeated client monthly.
According to existing bonus system, if general monthly plan for loan officer is fulfilled less than
70% no bonus will be paid for any category including implementation of criterion 3.2.
5. Self -sustainability
This category is designed to measure the ability of Loan Officer to do his/her job in a sufficient
way and to increase interest income from lending activities. This is the measure of financial selfsustainability of branch. Maximum value for this category is 15% of total bonus amount.
The following tables show the Loan officer Bonus percentage amount for each category by the
level of performance indicators:
Portfolio-at-Risk (PAR)
Implementation of monthly
plan for new clients on
micro credits

Business loans per month

40%*(3% - PAR 5) / (3% - 0)

Note: negative that the lowest value for
this area of performance is 0.
70%

<70%

For each client up to 7 - 5 AZN, for

each client more than 7 10 AZN

No bonus for this

criterion

New client
25 AZN for each client

Repeated client
15 AZN for each client

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Dinamics Execution

Execution
<70%

Amount of the bonus

Non
category(excludin
g bonuses for
problem loans)

Sef- sustainability
Bonus percentage

70% Exec<
100%
For this category
0%

110%
15%

100% Exec
105%
45%

Execution>105%
45%* Execution
%

>110%
For this category 0%

Bonuses will be calculated and paid on monthly basis.

Decrease of PAR 30 due to receiving new property to the Organizations balance or due to
restructuring will not be considered while calculating the bonuses.
In order to prevent abuse of new bonus opportunities PAR 30 trend of branch will be analyzed
monthly by related body. If any negative trend or simulations are detected Management Board
can reject to give bonus after justification of fact.
IV. Collector:
This category is designed to measure the ability of the Collector to manage collection of problem
loans in each branch, measure of the personal initiative of the Collectors participation in
collection of problem loans.
1

The loans which are not disbursed by loan officer himself (transferred portfolio) and are
in overdue more than 30 days should be hand overed to Colletors portfolio.
2 Additional loans should be added to Collectors portfolio only after written permission of
Credit and CRM Departments.
3. Collector receive a bonus on a monthly basis, according to the amount repaid.
3.1 If the loan is overdue (PAR30 and more) on bonus applied date and when collector
make the client to repay and get out of PAR30 he will get 10% of paid amount;
3.2 If the loan is overdue (PAR30 and more) and when collector make the client to repay
but the loan is still in PAR30 he will get 1% of paid amount;
3.3 If the loan is overdue (PAR30 and more) on bonus applied date and when collector
make the client to repay getting out of the delay (PAR30) and keep the same status on
the next months, then he will get 5% of paid amount each time;
3.4 If the loan is overdue (PAR30 and more) and when collector make the client to repay
principal amount fully he will get 10% of paid amount;
3.5 If the loan is not in PAR30 on bonus applied date and keep the same status on the next
months, collector will get 2% of monthly paid amount;
3.6 Collected minimum amount for getting bonus is 5000 AZN;
3.7 Bonus amount should not exceed 100% of monthly salary;

32

3.8 Collection from the write-off loans 15%.

In the folowing cases Collector is not considered as the expert returning the amount from the
risk:
1. Loans which are paid based on the court decision should not be considered as Collectors
portfolio. (According to the court decision payments of loans are diverted to official salary)
2. Credits secured by collateral and take on the balance of the KredAqro by the decision of
the Management Board, in this case Collector does not receive a bonus.
Bonuses will be calculated and paid on monthly basis.
V. QUARTERLY BONUS CALCULATION METHODOLOGY FOR BACK OFFICE
STAFF OF BRANCHES
Back office staff of the branches (accountants, lawyers, operational officers, office managers,
drivers and all other staff who is not directly working with loan portfolio) will receive a bonus
equal to monthly 15% of the base salary on quarterly bases. Staff will get maximum 45% of
his/her monthly salary at the end of each quarter according to assessment report filled out by
related departments/persons. Accountants will be accessed by finance department, lawyers will
be assessed by legal department of head office, and other staff will be assessed by related branch
manager. Assessment form is attached to this file. Bonus amount will be portion of monthly
salary and will be calculated based on following table:
Assessment rate
11 - 12
9 - 10
7-8
0-6

Bonus percentage
100%
75%
50%
0%

If the branch is not operating self-sufficient during the relative quarter, then none of the back
office staff will get the abovementioned bonus. Self sufficiency ratio must be at least 110% for
the branch which is calculated as branches total income divided by sum of branch expenses and
head offices expense allocated to that branch.
Maximum Bonus = 15% + 5% * (OSS 110%)/ (134%-110%)
No extra bonus will be paid for achieving OSS greater than 134%. Therefore, maximum bonus
amount for the back office staff of the branches may not exceed 20%.

VI. QUARTERLY BONUS CALCULATION METHODOLOGY FOR HEAD OFFICE

STAFF.
Head office staff will receive a bonus equal to monthly 25% of the base salary on quarterly bases.
Staff will get maximum 75% of his/her monthly salary at the end of each quarter in case of
reaching the following indicators:
Performance indicator

%-age

Weight

33

Portfolio quality- PAR more than 30

days
Return on Equity before taxes
(excluding extraordinary items)
Portfolio level

Not more than

budgeted figure
As budgeted

30%

As budgeted

35%

35%

Allow the back office staff (Management Board and back office staff of headquarters) to receive
greater bonus for achieving greater than budgeted ROE by applying the following formula (given that
they meet or exceed other applicable bonus criteria):
Bonus for HQ back office staff: 25% + 5% * (ROE Budgeted ROE)/( Budgeted ROE*50%)
Bonus for Management Board: 25% + 10% * (ROE Budgeted ROE)/( Budgeted ROE*50%)
Where ROE is cumulative (year-to-the end of each respective quarter) and annualized.
No extra bonus will be paid for achieving more than 150% of budgeted ROE. Therefore, maximum
bonus amounts are 35% and 30% for the management board and HQ back office staff, respectively.

No bonus for any area of performance will be paid to headquarters staff when one or more
of the following is true:
If PAR 30 > 5%
If ROE (before taxes and excluding extraordinary items) < 5%
If KredAqro fails to make payments to the creditors as scheduled

34

APPENDIX 2 EMPLOYEE PERFORMANCE EVALUATION FORM

While evaluating each employee the relevant scope of responsibilities, decision making
authorities and therefore the level of impact determined by the position have to be taken into the
consideration.
Employee:

Position:
Section I- Primary Responsibilities
Component

Rating

1.
2.
3.
35

4.
5.
Evaluation Score Section I (average of individual scores):
Section II Other Factors
Component

Rating

1.
2.
3.
4.
5.
Evaluation Score Section II (average of individual scores):
Strengths and Areas for Improvement:
______________________________________________________________________________
Improvement/Development Objectives:
______________________________________________________________________________
Overall Performance Rating:
Section I
Section II
Average

Current net Salary:

New net Salary:
Increase (%)
Effective Date:

Employee Comments:
______________________________________________________________________________
I understand the responsibilities of my position and how my performance has been evaluated. I
have read this performance evaluation and have clarified its content with my supervisor.
Employees Signature: __________________

Date:___________________

Supervisor: ___________________
Ratings
5 Very successful: performance level is above expectations; exceeds level of other effective
performers. Employee regularly self-initiates and completes tasks with little or no supervision,
36

makes decision in her/his performance area, and creatively solves problems with little or no
management involvement. There are no instances of missed deadlines, incomplete work
assignment or failure to follow general instructions. Promotes the organization, even though its
not his job, demonstrates high integrity in performing tasks and duties; makes suggestions on
improvements
4 Successful: performance meets job requirements in all facets of the job description in its
entire components. Employee self-initiates and completes tasks, makes some decisions, but tents
requires some supervision. There are no instances of critical missed deadlines, incomplete work
assignment, or failure to follow general instruction.
3 Partially successful: Performance meets the job requirements in all facets of the job
description in all of its components. Employee completes the assigned tasks, provides basis for
decisions even though he/she may hesitate to making decisions. There are no instances of critical
missed deadlines, incomplete work assignments, or failure to follow general instructions,
infractions must be minor and few
2 Needs improvement: Performance level is below the requirements for the job in one or more
facets of the component. Employee completes the assigned tasks but misses deadlines, work is
incomplete, or doesnt follow general instructions on several occasions. The employee generally
fails to make decisions and take initiative.
1 Unsatisfactory: Overall performance is below the job requirements. Employee misses work
and deadlines, fails to complete several assigned tasks and follow instructions, and submits
incomplete work. A performance level of Unsatisfactory on two or more components is ground
for dismissal.
The salary increases might be determined if theres a necessity for it based on the above rates as
follows:
Level
5
4
3
2
1

Component
Very successful
Successful
Partially successful
Needs Improvement
Unsatisfactory

The percentage of raise for each level is determined based on the annual average salary increase
in the organization.

37

APPENDIX 3 SAFETY AND ACCIDENT PROCEDURES

1. Completion of emergency data card. Each employee will have filed with the Human
Resources Manager a data card that contains the following information:
Full name, address, telephone number and cell phone number, and ID card number
Full name of the next-of-kin (spouse, parent, etc.), addresses, and telephone numbers
The name, address, and telephone numbers of people to contact in case of an emergency
A description of any medical condition, required use of medication, or special instructions
The name of the employees doctor, telephone number, and any special instructions
2. Health and first aid. The health of the KredAqro NBCO CJSC employees is a vital concern
and every
attempt will be made to maintain a healthy workplace. If any employee becomes
ill on the job, it is KredAqro NBCO CJSC responsibility to help and/or summon appropriate
assistance (doctor, ambulance). Illness should be reported immediately to the Human Resources
Manager or the Director. Under no conditions will an ill employee be required to remain at his or
her job. It is the employees responsibility to report any illness that might affect job performance
and, if ill with a cold or other contagious illness, to remain home or outside the workplace in
avoid contaminating others.
3. First aid kit. KredAqro NBCO CJSC will have on hand a basic First Aid Kit containing typical
first aid supplies (antiseptic, band-aids, mild analgesic tablets, and other usual supplies or those
recommended for this purpose by a doctor). This kit will be periodically inspected by the
HR/Administrative Department Officer and supplies replaced as needed. The kit is for
emergency and special needs only, and is not to be used as a source of routine use by employees.
4. Safety precautions in travel and use of vehicles. The risk from injury is highest when
traveling, or driving/ riding in motor vehicles. The assigned person is responsible for the safety
and road-worthiness of all KredAqro NBCO CJSC vehicles. While riding in KredAqro NBCO
CJSC vehicles, employees are expected to wear seat belts and refrain from any behavior that
might distract the driver. Drivers are cautioned not to drive in traffic and talk on a cell phone.
5. Reporting hazards and accidents. All accidents and hazards that might cause accidents will be
reported immediately to the assigned person. If necessary, an accident report will be filed with
the assigned person stating who was involved in the accident, when it occurred, where it
occurred, how it happened, and what the injuries/damages were.
6. Fire prevention and control. Smoking is not allowed in KredAqro NBCO CJSC offices. When
cooking in Branch Offices, appropriate care must be taken to ensure that the fire is properly
contained and safety precautions are taken to prevent burns or damage.
7. Fire-alarm box and fire extinguisher stations. All KredAqro NBCO CJSC offices must have at
least one all-purpose fire extinguisher on the premises of every office in plain view and at a
central location. If the building has an internal fire alarm system, all employees are required to
know where it is and how to operate it. If there is no fire alarm box, the emergency number of
the fire company must be known and kept on hand by the receptionist. If a fire occurs, no matter
its size, it should be immediately reported to the Branch Manager or Chairman of the
Management Board after calling the fire department. Dont wait until a fire gets out of control!

38

APPENDIX 4
KredAqro NBCO CJSC Human Resources Manual Policy:
Acknowledgement and Certification of Compliance
1. I hereby certify that I have received and have read the KredAqro NBCO CJSC Human
Resources Manual Policy.
2. I further certify that to the best of my understanding, ability and knowledge, I am in
compliance and will comply with the provisions of said Policy throughout the period of my
service with KredAqro NBCO CJSC. If situations arise or conditions change to cause a
question regarding compliance with this policy, I will report those changes or situations to the
Chairman of the Management Board of
KredAqro NBCO CJSC.
3. Should I have reason to question the applicability of this Policy to any given situation, I shall
immediately bring the matter to the attention of the Chairman of the Management Board of
KredAqro NBCO CJSC.

Signature
Print Name
Title
Location
Date

39