Azərbaycan İnvestisiya Holdinqi yaradılıb-165

Xəbərlər | 07.08.2020

President Ilham Aliyev signed a decree on the establishment of Azerbaijan Investment Holding, AIH.

According to the Decree, the ongoing structural reforms in Azerbaijan serve the purpose of further increasing the efficiency of the economy. To this end, the institutional and regulatory framework has been improved, with a firm foundation for the sound development and complete transparency of management in the economic structures that form the basis of the national economy.

The above-mentioned reforms have significantly improved the business environment in the country, where the socio-economic infrastructure has developed, and the flexibility of management that properly meets the challenges of the new strategic phase has increased.

With due regard to the importance of the structural reforms in the past, the management of public services and production of goods based on advanced principles has become a special focus. In this regard, several measures have been undertaken to increase the financial and economic sustainability of major state-owned companies to further strengthen the control over their revenues and costs, while carrying out important reforms to improve the management of legal entities with controlling state-owned shares.

These days, economic development can only be fostered thanks to the fully-fledged development of free-market relationships, alongside the expansion of sustainable private property and management based on sound principles. Therefore, it is necessary to deepen the structural reforms to improve the management system of state-owned enterprises, increase their efficiency and transparency, while fully rehabilitating them through the optimization of their costs and risks.

The Decree states that Azerbaijan Investment Holding shall be established as a public legal entity.

2. The Charter of Azerbaijan Investment Holding was approved.

3. It is set forth that the Supervisory Board and the Management Board shall be established to manage the operation of Azerbaijan Investment Holding (hereinafter to be referred to as “AIH”). Under the Civil Code of the Republic of Azerbaijan, AIH shall resolve issues of state-owned companies and enterprises, as well as business entities with a share of the state capital (hereinafter to be referred to as “State enterprises”), which will be transferred to the management of AIH, within the exclusive competence of the highest governing body and in coordination with the President of the Republic of Azerbaijan.

The exercising of the powers of the founder of AIH shall be entrusted to:

The President of the Republic of Azerbaijan:

  • approval of the Charter and determination and change of the Charter Capital.
  • establishment of governing bodies.
  • appointment and dismissal of the Members of the Supervisory Board (including the Chairman), as well as the Chairman of the Board of Directors.
  • liquidation and reorganization.

 

AIH:

-           resolution of other issues within the powers of the founder of a public legal entity as outlined in Article 8.2 of the Law of the Republic of Azerbaijan “On Public Legal Entities”, except for those specified in Paragraph 4.1 of this Decree.

The Cabinet of Ministers shall, within three months, prepare and submit to the President of the Republic of Azerbaijan proposals on improving the laws of the Republic of Azerbaijan about the establishment of AIH. The Cabinet of Ministers shall, within two months, prepare and submit to the President of the Republic of Azerbaijan proposals on state-owned enterprises to be transferred to the management of AIH. The Cabinet of Ministers shall, within two months, prepare and submit to the President of the Republic of Azerbaijan proposals on the mechanism of forming the fee to be paid by the state enterprises to AIH to finance the costs of organizing and ensuring the operation of AIH. The Cabinet of Ministers shall, within three months, prepare and submit to the President of the Republic of Azerbaijan proposals on bringing the acts of the President of the Republic of Azerbaijan into compliance with this Decree. The Cabinet of Ministers shall, within three months, ensure compliance of normative-legal acts of the Cabinet of Ministers of the Republic of Azerbaijan with this Decree and shall accordingly inform the President of the Republic of Azerbaijan. The Cabinet of Ministers shall, within one month, take measures to provide AIH with an administrative building from the date of its state registration and to resolve the issues of financial and logistical support, and shall accordingly inform the President of the Republic of Azerbaijan. The Cabinet of Ministers shall, within five months, control the compliance of normative-legal acts of central executive bodies with this Decree and shall inform the President of the Azerbaijan Republic on its implementation. The Cabinet of Ministers shall, within three days from the date of entry into force of this Decree, apply to the Ministry of Economy of the Republic of Azerbaijan for the state registration (of AIH) in the order established by the Law of the Republic of Azerbaijan “On the state registration and the state register of legal entities”. The Cabinet of Ministers shall resolve other issues arising from the Decree.

The Ministry of Finance shall, together with the Ministry of Economy of the Republic of Azerbaijan, provide financing in the amount specified in Paragraph 5.1 of the Charter, which was approved by this Decree.

The Ministry of Justice is tasked with ensuring the compliance of normative-legal acts and executive legislation of central executive bodies with this Decree and informing the Cabinet of Ministers of the Republic of Azerbaijan.