ASCO Supervisory Board reviews financial performance

The Supervisory Board of Azerbaijan Caspian Shipping Closed Joint-Stock Company (ASCO) held a meeting.

The meeting, attended by members of the Supervisory Board and the Board of Directors of Azerbaijan Caspian Shipping CJSC, discussed ensuring fiscal stability in the financial and economic activities of large state-owned companies. Discussions also focused on strengthening control over revenue and expenditure forecasting and execution, as well as ASCO's 2022 income and expenditure estimates. These estimates, intended for submission to the Commission on income and expenditure estimates of large state-owned companies (established to improve management and increase transparency in this area), were approved by the Supervisory Board with certain considerations.

The meeting also discussed in detail the Company's cargo transportation activities, services related to oil and gas operations both in Azerbaijan and abroad, the activities of the Company's ships operating outside the Caspian Sea, current trends and expectations for corporate social responsibility projects, and other areas. The impact of forecasts on risks and their management on the Company's income and expenditure indicators was also discussed, along with a comparison of these indicators with those of previous years.

The Supervisory Board of Azerbaijan Caspian Shipping Closed Joint-Stock Company was established by decree of the President of the Republic of Azerbaijan on February 11, 2011.