SOCAR Supervisory Board held its next meeting

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

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

The meeting discussed and approved the Regulations of the committees established to increase the efficiency of the Supervisory Board and improve the management of the State Oil Company in line with modern corporate management standards. In total, 3 committees have been established for this purpose; the SB meeting appointed the heads of these committees and the corporate secretary.

SOCAR`s financial statement for 2021 was discussed at the meeting between the meeting attendees.

It should be noted that the Supervisory Board of the State Oil Company was established based on the 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” dated the 23rd of January 2021.