SOCAR Supervisory Board approves new committees, reviews finances

The Supervisory Board of the State Oil Company of the Republic of Azerbaijan (SOCAR) held a meeting, where participants discussed follow-up tasks arising from relevant decrees and orders of the President of the Republic of Azerbaijan.

Zaur Gurbanov, Deputy CEO of Azerbaijan Investment Holding, gave a presentation on the organization of SOCAR’s Supervisory Board activities.

The meeting discussed and approved the regulations of committees established to enhance the Supervisory Board's effectiveness and improve the management of the State Oil Company in line with modern corporate governance standards. Three committees were established for this purpose. The Supervisory Board meeting appointed the heads of these committees and the corporate secretary.

SOCAR’s 2021 financial statements were also discussed at the meeting.

The Supervisory Board of the State Oil Company was established by decree of the President of the Republic of Azerbaijan “On Measures to Improve the Management of the State Oil Company of the Republic of Azerbaijan” on January 23, 2021.