SOCAR’s Supervisory Board established

On January 23, President Ilham Aliyev signed a decree “On Measures to Improve the Management of the State Oil Company of the Republic of Azerbaijan.”
According to the decree, the Supervisory Board of SOCAR was established to exercise general management and control over the activities of the State Oil Company of the Republic of Azerbaijan (SOCAR). The Supervisory Board consists of seven members, including the Chairman, who is appointed and dismissed by the President of the Republic of Azerbaijan.
The President of the Republic of Azerbaijan has the authority to reorganize and liquidate SOCAR, as well as to appoint and dismiss the members of the Supervisory Board and its Executive Body.
Azerbaijan Investment Holding, in coordination with the President of the Republic of Azerbaijan, has the authority to make decisions on:
•    Approving SOCAR’s Charter and Structure and determining the size of its Authorized Capital;
•    Approving SOCAR’s Annual Reports and Financial Statements and allocating its profits and losses;
•    Approving SOCAR’s dividend policy;
•    Deciding on the issuance of SOCAR’s securities (bonds);
•    Deciding to conclude a transaction (transaction of special significance) for an amount exceeding 25 percent of the value of SOCAR’s net assets, and a transaction, based on the conclusion of an independent auditor, with a related party, the value of which is equal to or more than 5 percent of the value of SOCAR’s assets.