Azerbaijan Caspian Shipping Company Supervisory Board held its first meeting

The first meeting of the Supervisory Board of Azerbaijan Caspian Shipping Closed Joint-Stock Company (CJSC), which was established pursuant to the Decree of President Ilham Aliyev dated the 11th of February 2021, was held.

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

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

Minister Samir Sharifov stressed that the first meeting of the Supervisory Board of the Azerbaijan Caspian Shipping Closed Joint-Stock Company took place in the recently opened by the President building of the joint-stock company. Azerbaijan Caspian Shipping Company, as one of the oldest companies in the country, has come a long way. The company, with more than 160 years of rich experience, has made significant contributions to the development of our national economy at every stage of its glorious history. The geography of the company's activity is not limited to the Caspian region, but covers many well-known areas of the world, including freight markets.

Azerbaijan's favourable geographical position between Europe and Asia and the international cargo routes through the Caspian Sea now increase the special importance of the Caspian Shipping Company's fleet in transit cargo transportation. Azerbaijan Caspian Shipping Company plays an important 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, and the company will continue to work harder to maintain its leading position in the Caspian Sea.

Samir Sharifov mentioned that, under the leadership of President Ilham Aliyev, the Azerbaijani economy has entered a new stage of reforms, and at this new stage, one of the main challenges ahead is to increase the financial and economic sustainability of major state-owned companies in the country and to further strengthen control over their revenues and expenditures, while improving the management of state-owned legal entities.

The main priority of the Supervisory Board is to take steps to improve and further develop the activities of the Azerbaijan Caspian Shipping Closed Joint-Stock Company. Sharifov expressed confidence that the Supervisory Board will work in cooperation with the Management Board of the CJSC to increase the efficiency of the company within the framework of best practices and modern management, to improve its management taking into account modern corporate governance standards.

During the meeting, Deputy CEO of Azerbaijan Investment Holding Zaur Gurbanov made 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 the topical issues with regard to the company’s activities. Discussions were held on the implementation of the follow-up tasks issued from the relevant Presidential decrees and orders.