Mikayil Jabbarov: SOCAR is entering a new stage of development

The Supervisory Board of the State Oil Company of Azerbaijan (SOCAR), established by the Decree of the President of the Republic of Azerbaijan "On measures to improve the management of State Oil Company'of the Republic of Azerbaijan" dated January 23, 2021, held the first meeting.

Report informs, citing SOCAR, that members of the Board and officials of the State Oil Company of Azerbaijan (SOCAR) attended the video conferencing chaired by the Chairman of the Supervisory Board, Minister of Economy Mikayil Jabbarov.

First of all, the chairman and members of the Supervisory Board of the State Oil Company of Azerbaijan thanked the President for the confidence.

The Supervisory Board Chairman stressed that the State Oil Company is entering a new stage of development. The Supervisory Board established by the Presidential Decree will increase the efficiency of the State Oil Company's activities within the framework of advanced practices and modern management requirements and improve its management, taking into account the current corporate governance standards. The Supervisory Board will work in cooperation with the Board of the State Oil Company.

The meeting participants discussed measures to ensure the implementation of the tasks arising from the Decree of the President of the Republic of Azerbaijan, the principles of the corporate governance system of the State Oil Company, the organization of the activity of the Supervisory Board, the role of the Azerbaijan Investment Holding in the company's management and other issues.