Azerbaijan Airlines Supervisory Board holds its first meeting

The first meeting of the Supervisory Board of Azerbaijan Airlines (AZAL), established by order of President Ilham Aliyev on March 30, 2021, was held.

The meeting was chaired by Rashad Nabiyev, Minister of Digital Development and Transport of the Republic of Azerbaijan. The meeting was attended by members of the Supervisory Board, AZAL President Jahangir Asgarov, and other members of the Board of Directors.

At the outset, the Chairman and members of the AZAL Supervisory Board expressed their gratitude to President Ilham Aliyev for his confidence in them.

At the meeting, Supervisory Board Chairman Rashad Nabiyev noted that AZAL, a major air carrier in the region and a leading member of the CIS aviation community, plays a significant role in the country’s economy.

The Chairman of the Supervisory Board recalled that under President Ilham Aliyev’s leadership, the Azerbaijani economy has entered a new phase of reforms. At this stage, key challenges include increasing the financial and economic sustainability of major state-owned companies and further strengthening control over their revenues and expenditures while improving the management of state-owned legal entities.

“I am confident that the Supervisory Board will cooperate with the AZAL Board of Directors and, applying best practices and modern management principles, will work to increase efficiency and improve management, taking into account modern corporate governance standards,” Rashad Nabiyev stated.

AZAL President Jahangir Asgarov spoke about current operational matters related to AZAL's activities. The meeting also included a presentation by Zaur Gurbanov, a member of AZAL’s Supervisory Board and Deputy CEO of Azerbaijan Investment Holding, on the principles of AZAL’s corporate management system and the functions and powers of the Supervisory Board. Discussions were held on measures to ensure the implementation of tasks arising from decrees and orders of the President of Azerbaijan.