ASCO holds Supervisory Board’s next meeting

Azerbaijan Caspian Sea Shipping Closed Joint Stock Company (ASCO) held the next meeting of the Supervisory Board for 2021.

In addition to members of the Supervisory Board, members of the Board of Directors of Azerbaijan Caspian Sea Shipping CJSC also participated in the meeting.

The meeting focused on the Strategy of Azerbaijan Caspian Sea Shipping CJSC covering the years 2021-2030, amendments to the income and expenditure estimate, as well as approval of the main efficiency indicators of the Company's activity and other current issues. 

The Strategy of Azerbaijan Caspian Sea Shipping CJSC covering the years 2021-2030 was generally supported by the Supervisory Board, and it was decided to submit it for the approval of the Supervisory Board after discussing the Strategy in detail at the Strategy and Investments Committee of the Supervisory Board.

It has been decided to make amendments to the Company's income and expenditure estimates, to reconcile the issues of approval of main efficiency indicators with the Decision of the Cabinet of Ministers of the Republic of Azerbaijan No. 534 dated December 30, 2016 "On Income and Expenditure Estimates of Large State Companies" and the Decision No. 257 dated June 4, 2019 "On approval of a number of normative legal acts related to increasing efficiency of the activities of legal entities whose shares (stocks) belong to the state" respectively in a due manner and in this regard to hold relevant discussions in the Supervisory Board of Azerbaijan Investment Holding and submit proposals to the Cabinet of Ministers.

The Supervisory Board discussed other current issues of Azerbaijan Caspian Sea Shipping CJSC and made appropriate decisions.

The Supervisory Board of Azerbaijan Caspian Sea Shipping Closed Joint Stock Company was established according to the Decree of the President of the Republic of Azerbaijan dated February 11, 2021.