Changes were made to the Decree of the President of the Republic of Azerbaijan dated January 24, 2003 N 844 “On improving the structure of the State Oil Company of the Republic of Azerbaijan”. President Ilham Aliyev signed the decree on May 8.
According to the changes in the company’s charter, its structure is approved by the Azerbaijan Investment Holding in agreement with the President of the Republic of Azerbaijan.
Decisions on the creation, reorganization and liquidation of organizations belonging to the structure of SOCAR, as well as subsidiaries and dependent companies are made by the Supervisory Board of the State Oil Company of the Azerbaijan Republic. The corporate governance standards of the company have been approved by the Azerbaijan Investment Holding.
The supreme governing body of the company is the General Meeting. The management bodies of the company are the Supervisory Board and the collegial executive body – the Management Board. Meetings of the Supervisory Board must be held no later than 3 months, and meetings of the Management Board – once a month. The Chairman of the Board convenes, organizes and conducts meetings Members of the Management Board of the Company can hold the position of the head of the relevant body that is part of the SOCAR structure.
The president of the company organizes the work of SOCAR and manages its current activities. Ensures implementation of decisions of the General Meeting and the Supervisory Board, makes decisions on the appointment and dismissal of employees of the SOCAR Head Office. In agreement with the Supervisory Board, appoints and dismisses deputy heads of subsidiaries and affiliates of SOCAR, as well as its affiliates.
According to the decree, three committees will be created in the Supervisory Board of the State Oil Company: an audit committee, personnel and remuneration committee, and a strategy and investment committee.