Azerbaijan sets up Supervisory Board of Caspian Shipping Company

President Ilham Aliyev signed an order on February 11 to set up The Supervisory Board of the Azerbaijan Caspian Shipping Company, local media has reported.

In line with the order, the president will exercise the authority to reorganize and liquidate the company, appoint and dismiss members, as well as heads of the Supervisory Board and executive body.

The Azerbaijan Investment Holding will exercise such powers as approving the charter and structure of the company, determining the amount of its authorized capital, approving the company's annual reports, financial statements, distributing profit and losses, approving dividend policy, making decisions on the issue of securities.

The Supervisory Board consisting of five people, including a chairman, is being created to exercise general control and manage the activity of the company.

The Supervisory Board will be empowered to approve the long-term development strategy of the company, approve cost and income estimates, monitor its implementation, as well as other powers.

The Azerbaijan Investment Holding within six months must approve the corporate governance standards of the Azerbaijan Caspian Shipping Company, as well as the system for assessing the activity of the members of its management bodies.