The first meeting of the Supervisory Board of the State Oil Company of Azerbaijan (SOCAR), created on the basis of the decree of the president of Azerbaijan "On measures to improve the management of the State Oil Company of the Azerbaijan Republic" dated January 23, 2021, was held, the Azerbaijan Investment Holding told Trend on Feb. 4.
The members of the Supervisory Board, representatives of SOCAR attended the video conference meeting chaired by the Chairman of the Supervisory Board, Minister of Economy Mikayil Jabbarov.
The chairman and members of the Supervisory Board of SOCAR thanked the president for his confidence. Jabbarov stressed that SOCAR is entering a new stage of development.
The Supervisory Board will work to improve the efficiency of SOCAR’s activity within the advanced experience and modern management requirements, improve management in line with modern corporate governance standards. The Supervisory Board will act in cooperation with SOCAR’s Board.
During the meeting, the sides discussed the measures to be taken to ensure the fulfillment of tasks arising from the relevant decree of the president of Azerbaijan, as well as the principles of the corporate governance system of SOCAR, the activity of the Supervisory Board, the role of the Azerbaijan Investment Holding in the management of the company and other issues.
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