List of state-owned companies to be managed by AIH approved

The list of state-owned companies and enterprises, as well as business entities with a share of state capital, to be managed by Azerbaijan Investment Holding (AIH) was approved by the Decree signed by President Ilham Aliyev “On Ensuring the Activities of Azerbaijan Investment Holding.”

According to the decree, the following state-owned companies and enterprises, as well as business entities with a share of state capital, are to be transferred to the management of Azerbaijan Investment Holding:
•    State Oil Company of the Republic of Azerbaijan
•    Azerbaijan Airlines Closed Joint-Stock Company
•    Azerbaijan Railways Closed Joint-Stock Company
•    Azerbaijan Caspian Shipping Closed Joint-Stock Company
•    Baku Metro Closed Joint-Stock Company
•    AzerGold Closed Joint-Stock Company
•    Azerenergy Open Joint-Stock Company
•    Azersu Open Joint-Stock Company
•    Azerishig Open Joint-Stock Company
•    Azerbaijan Amelioration and Water Resources Open Joint-Stock Company
•    Azerkosmos Open Joint-Stock Company
•    International Bank of Azerbaijan Open Joint-Stock Company
•    Azer-Turk Bank Open Joint-Stock Company
•    Azeristiliktechizat Open Joint-Stock Company
•    Clean City Open Joint-Stock Company

The following bodies under the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan:
•    Baku International Sea Trade Port Closed Joint-Stock Company
•    Aztelekom Limited Liability Company
•    Azerbaijan International Telecom (AzInTelecom) Limited Liability Company
•    Azerpocht Limited Liability Company
•    Baku Telephone Communication Limited Liability Company
•    State Insurance Commercial Company of the Republic of Azerbaijan

Except in cases determined by the President of Azerbaijan, the powers provided for in the Charter of Azerbaijan Investment Holding to manage the listed state-owned companies and enterprises, as well as business entities with a share of state capital, shall be transferred to AIH from the date of each entity's transfer to AIH management.
The costs of organizing and maintaining AIH activities are funded from the following sources:
•    The state budget for the first three years (including funds allocated to AIH’s authorized capital).
•    20% of the annual net profit of state-owned enterprises paid to AIH.
•    Other sources not prohibited by law.

The Cabinet of Ministers is tasked with preparing proposals to bring acts of the President of the Republic of Azerbaijan into compliance with this decree and submitting them to the President within three months. The Cabinet of Ministers must also ensure the compliance of its own normative legal acts with this decree within three months and report this to the President of the Republic of Azerbaijan. The Cabinet of Ministers will monitor the compliance of normative legal acts of central executive bodies with this decree and will report on its implementation to the President of the Republic of Azerbaijan within five months.

The Ministry of Finance shall provide the funds required to organize and maintain AIH in the draft state budgets for the coming years, in accordance with Sub-Paragraph 2.2.1 of this Decree.

Prior to the transfer of the listed state-owned enterprises to AIH management, proposals on advanced corporate management principles and improvements shall be submitted to AIH within two months.

The Ministry of Justice shall ensure the compliance of the normative legal acts and executive legislation of the central executive bodies with this decree and report accordingly to the Cabinet of Ministers of the Republic of Azerbaijan.