Azerbaijan Railways Supervisory Board outlines key priorities

The first meeting of the Supervisory Board of Azerbaijan Railways (ADY) Closed Joint-Stock Company, established by order of President Ilham Aliyev on March 30, 2021, was held.

The meeting was chaired by Rashad Nabiyev, Minister of Digital Development and Transport of the Republic of Azerbaijan and Chairman of the Supervisory Board.   

Javid Gurbanov, Chairman of the ADY Board of Directors, and ADY Supervisory Board members were among the other participants.

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

At the meeting, Supervisory Board Chairman Rashad Nabiyev noted that significant work has been carried out in recent years to improve transport infrastructure, including the railway system, in line with international standards, while expanding, upgrading, and renewing the country’s railway network. The Chairman added that Azerbaijan has been actively involved in implementing international and regional transport corridors, such as the Baku-Tbilisi-Kars and North-South projects.

Azerbaijan Railways plays a vital role in strengthening the country’s competitiveness and transit potential in the region. “Azerbaijan Railways must work even harder to maintain its leading position in the region,” Nabiyev stated.

The Chairman of the Supervisory Board recalled that under the President’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 government-owned legal entities.

Emphasizing that the Supervisory Board's primary task is to take steps to improve and further develop Azerbaijan Railways’ activities, Nabiyev stressed, “The Supervisory Board will cooperate with the ADY Board of Directors and, applying best practices and modern governance principles, will work to increase efficiency and improve management, taking into account modern corporate governance standards.”

The meeting discussed the implementation of follow-up tasks arising from relevant decrees and orders of the President of the Republic of Azerbaijan, including the principles of ADY’s corporate management system, the organization of the Supervisory Board, and the functions of Azerbaijan Investment Holding in the company management system.