President Ilham Aliyev signs decree on ensuring operation of Azerenerji

President of Azerbaijan Ilham Aliyev has signed a decree regarding Azerenerji.

Report informs citing the decree that the powers of the General Assembly within the joint-stock company have been distributed.

According to Report, under the decree, the powers of the general assembly of the company's shareholders have been redistributed, and the Azerenerji Board of Directors has been established.

The exercise of the powers of the general shareholders' meeting has been entrusted to the President of the country, the Cabinet of Ministers, and the Ministry of Economy. The President has been granted the authority to make decisions on the reorganization and liquidation of the company, establish the executive body, appoint and dismiss the Chairman of the Board and its deputies.

The Cabinet of Ministers, in coordination with the head of state, will approve the company’s charter and structure, determine the authorized capital size, make amendments to them, define the development strategy, approve annual and financial reports, distribute profits and losses, etc.

The Ministry of Economy has been granted the authority to consent to the creation or liquidation of the company’s departments, representations, and branches, the establishment, reorganization, or liquidation of subsidiaries, make decisions on capital investments in other legal entities, and contribute property or funds to joint projects involving the company.

The Board of Directors is composed of 3 members: a chairman and two deputies, who are appointed and dismissed by the President of the country. The Cabinet of Ministers is required to approve the company’s charter and structure within one month, in coordination with the head of state.