SOCAR’s Supervisory Board holds its first meeting

The first meeting of the Supervisory Board of the State Oil Company of Azerbaijan (SOCAR), established by decree of President Ilham Aliyev "On Measures to Improve the Management of the State Oil Company of the Republic of Azerbaijan" on January 23, 2021, was held.

The meeting, chaired by Mikayil Jabbarov, Chairman of the Supervisory Board and Minister of Economy, was attended by the Board members and SOCAR officials.

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

Mikayil Jabbarov stressed that SOCAR is entering a new phase of development. The Supervisory Board, established by presidential decree, will work to increase SOCAR's operational efficiency and improve its management in accordance with modern corporate governance standards, applying best practices and modern management principles. The Supervisory Board will cooperate with SOCAR’s Board of Directors.

The meeting discussed measures to ensure the implementation of tasks arising from the decree of the President of the Republic of Azerbaijan, the principles of SOCAR's corporate management system, the organization of the Supervisory Board, the role of Azerbaijan Investment Holding in managing the Company, and other relevant matters.