The meeting of the Supervisory Board of Azerbaijan Caspian Shipping Closed Joint-Stock Company (ASCO) was held.
In the meeting attended by the members of the Supervisory Board and the management of ASCO, ASCO's revenue and expenditure estimates for 2022 to be submitted to the Commission on Income and Expenditure Estimates of the largest SOEs were discussed and approved by considering some opinions. The Commission on Income and Expenditure Estimates of largest SOEs was created to review and evaluate projects of upcoming year’s income and expenditure estimates of SOEs, review of SOE performance, improve their accountability, however corporate governance.
The Supervisory Board held discussions on a detailed presentation, which indicates the items of the estimated budget, the Company's cargo transportation activities; services on oil and gas operations in Azerbaijan, as well as outside Azerbaijan; performance of the Company's vessels operating outside the Caspian Sea, current trends and expectations on corporate social responsibility projects and other areas, risks and forecasts on their impact on the Company's income and expenditure items and a comparison with the relevant indicators of previous years.
The Supervisory Board of Azerbaijan Caspian Shipping Closed Joint-Stock Company was established by the Decree of the President of the Republic of Azerbaijan dated February 11, 2011.