Three committees established to improve SOCAR's management

The next meeting of the Supervisory Board (SB) of the State Oil Company of Azerbaijan (SOCAR) was held today, Report states, referring to the Azerbaijan Investment Holding.

The conference discussed measures to be taken to ensure the implementation of the tasks arising from the decrees and orders of the President.

Deputy Chief Executive Officer of the holding Zaur Gurbanov made a presentation on the organization of the Board of Directors.

The meeting reviewed and approved the regulations of the committees to increase the efficiency of the Board, to improve the management of the Company under modern corporate governance standards. Three committees have been established for this purpose, their heads and corporate secretary have been appointed.

Besides, the Company's financial plan for 2021 was discussed.

The SB was created by the President's decree dated January 23, 2021, "On measures to improve the management of the State Oil Company."