Azerbaijan Caspian Shipping Company Supervisory Board holds its first meeting

The first meeting of the Supervisory Board of Azerbaijan Caspian Shipping Closed Joint-Stock Company (CJSC), established by decree of President Ilham Aliyev on February 11, 2021, was held.

The meeting, chaired by Samir Sharifov, Minister of Finance and Chairman of the Supervisory Board, was attended by members of both the Supervisory Board and the Board of Directors of Azerbaijan Caspian Shipping Company.

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

Minister Samir Sharifov stressed that the first meeting of the Supervisory Board of Azerbaijan Caspian Shipping Closed Joint-Stock Company took place in the Company's recently opened building. Azerbaijan Caspian Shipping Company, one of the country's oldest companies, has a long and distinguished history, making significant contributions to the development of the national economy at every stage. The Company's operations extend beyond the Caspian region to numerous well-known areas worldwide, including freight markets.

Azerbaijan's favorable geographical position between Europe and Asia, and the international cargo routes through the Caspian Sea, now further emphasize the importance of the Caspian Shipping Company's fleet in transit cargo transportation. Azerbaijan Caspian Shipping Company plays a crucial role in the successful implementation of large-scale oil and gas projects and international cargo transportation in the Caspian Sea, strengthening the country's competitiveness and transit potential. The Company will continue to strive to maintain its leading position in the Caspian Sea.

Samir Sharifov noted 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, further strengthening control over their revenues and expenditures, and improving the management of state-owned legal entities.

The Supervisory Board's primary priority is to take steps to improve and further develop the activities of Azerbaijan Caspian Shipping Closed Joint-Stock Company. Sharifov expressed confidence that the Supervisory Board will cooperate with the Company's Board to increase the Company's efficiency in line with best practices and modern management principles and to improve its management by incorporating modern corporate governance standards.
During the meeting, Zaur Gurbanov, Deputy CEO of Azerbaijan Investment Holding, gave a presentation on the principles of the corporate management system, including the functions and powers of the Supervisory Board. Rauf Valiyev, Chairman of the Board of Directors of Azerbaijan Caspian Shipping Company, reported on current operational matters related to the Company’s activities. Discussions were held on the implementation of follow-up tasks arising from relevant presidential decrees and orders.