SOCAR’s Supervisory Board held its first meeting

The first meeting of the Supervisory Board of the State Oil Company of Azerbaijan (SOCAR), which was established pursuant to the Decree of President Ilham Aliyev "On measures to improve the management of the State Oil Company of the Republic of Azerbaijan" dated the 23rd of January 2021, was held.

Chaired by Mikayil Jabbarov, the Supervisory Board Chairman and Minister of Economy, the live meeting was attended by the Board Members and SOCAR officials.

At the outset, the Chairman and the Supervisory Board Members of SOCAR thanked the President for his confidence in them.

M. Jabbarov stressed that SOCAR is entering a new stage of development. The Supervisory Board established by the Presidential Decree will work to increase the efficiency of SOCAR's activities and improve its management in accordance with modern corporate management standards as part of best practices and modern management requirements. The Supervisory Board will work in cooperation with SOCAR’s Board of Directors.

The meeting discussed the measures to be taken to ensure the implementation of the tasks issued from the Decree of the President of the Republic of Azerbaijan, the principles of SOCAR's corporate management system, organization of the Supervisory Board, the role of Azerbaijan Investment Holding in managing the company and other relevant issues.