SOCAR Supervisory Board established in Azerbaijan

Today, Azerbaijani President Ilham Aliyev signed a decree on measures to improve the management of the State Oil Company of Azerbaijan (SOCAR), creating a Supervisory Board for the general management of the company’s activities.

"Within the framework of the requirements of best practice and modern management, as well as improving management, taking into account modern corporate governance standards:

- The Supervisory Board of the State Oil Company of the Azerbaijan Republic (SOCAR) is created to carry out general management and control over the activities of SOCAR;

- it is determined that the Supervisory Board consists of seven members, including the chairman appointed and dismissed by the President of Azerbaijan,” the document reads.