Azerbaijan Railways Supervisory Board held its first meeting

The first meeting of the Supervisory Board of Azerbaijan Railways (ADY) Closed Joint-Stock Company, which was established pursuant to the Order of President Ilham Aliyev dated the 30th of March 2021, was held.

The meeting was chaired by the Minister of Transport, Communications and High Technologies of the Republic of Azerbaijan and Chairman of the Supervisory Board, Rashad Nabiyev.

Javid Gurbanov, Chairman of ADY Board of Directors, and ADY’s Supervisory Board Members were present among the other participants of the meeting.

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

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

Azerbaijan Railways plays an important 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,” R. Nabiyev said.

The chairman of the Supervisory Board recalled that under the leadership of the President, the Azerbaijani economy has entered a new stage of reforms. At this new stage, one of the main challenges ahead is to increase the financial and economic sustainability of major  state-run companies in the country, further strengthen control over their revenues and expenditures, and improve the management of legal entities whose controlling shares are owned by the government.

 Emphasizing that the main task of the Supervisory Board is to take steps to improve and further develop the activities of Azerbaijan Railways, R. Nabiyev stressed, “The Supervisory Board works in cooperation with the AYD Board of Directors, and as part of best practices and modern governance, it will work to increase efficiency and improve its management, taking into account modern corporate management standards”.

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