Ilham Aliyev created "Azerbaijan Investment Holding"

Baku/07.08.20/Turan: The Investment Holding was created by the decree of President Ilham Aliyev.

The holding will be a public person by status.

The decree of the head of state says that the "Investment Holding" is created for the purpose of managing state-owned companies and enterprises, as well as business entities with a state share, according to uniform principles. The creation of the "Investment Holding" also pursues the goal of increasing the transparency and economic efficiency of investment projects implemented by state-owned enterprises.

The holding will be managed by the Supervisory Board and the Management Board. The holding will resolve issues related to state-owned enterprises and companies, which will be transferred to its management with the consent of the president.

According to the decree of the head of state, the Cabinet of Ministers within three months must propose to the President the improvement of the laws related to the creation of the Investment Holding. In addition, within two months, the Cabinet must provide the president with proposals for state-owned enterprises, which will be transferred to the holding.

Ilham Aliyev also approved the charter of the Investment Holding. According to the charter, the Supervisory Council will exercise general management and control over the holding. It will consist of 5 people appointed by the President. Council members will work on a voluntary basis.

The Council will monitor and audit the activities of the Holding's Management Board. The Council will also make decisions on operations, the volume of which is more than 5% of the holding's assets.

The holding's board will also consist of five members, including the chairman. The chairman of the board will be appointed by the president. One of the board members will also be the CEO, who will be responsible for the management of the holding. The General Director will be appointed by the Supervisory Board based on the appeal of the Chairman of the Management Board. Board meetings will be held at least once a month. Decisions will be taken by majority vote, with board members not being allowed to remain abstaining from voting. –71D-