The Supervisory Board of the Azerbaijan Railways Closed Joint-Stock Company (CJSC), established by the Order of the President of the Republic of Azerbaijan dated March 30, 2021, held its first meeting.
The meeting, chaired by Chairman of the Supervisory Board, Minister of Transport, Communications and High Technologies Rashad Nabiyev, was attended by members of the Supervisory Board, Chairman of the Board of Azerbaijan Railways CJSC Javid Gurbanov and other members.
At the beginning of the meeting, the Chairman and members of the Supervisory Board of Azerbaijan Railways CJSC expressed gratitude to the President for the confidence placed in them.
Chairman of the Supervisory Board Rashad Nabiyev stressed that over recent years, intensive work has been done to improve the transport infrastructure, including the railway transport system in accordance with international standards, to expand, modernize and upgrade the country’s railway network. The active participation of Azerbaijan in the implementation of international and regional transport corridors, projects Baku-Tbilisi-Kars and North-South was also ensured.
“Azerbaijan Railways CJSC plays an important role in strengthening the country’s competitiveness and transit potential at the regional level. The joint-stock company must continue to work harder to maintain its leading position in the region,” Rashad Nabiyev said.
The chairman of the Supervisory Board recalled that under the leadership of the President, the Azerbaijani economy has entered a new stage of reforms. At this new stage, one of the main challenges ahead is to increase the financial and economic sustainability of large state-run companies in the country, further strengthen control over their revenues and expenditures, and improve the management of legal entities whose controlling shares are owned by the government.
Emphasizing that the main task of the Supervisory Board is to take steps to improve and further develop the activities of Azerbaijan Railways CJSC, Rashad Nabiyev said : “The Supervisory Board will work in cooperation with the management of the CJSC to improve the effectiveness of the Company’s activities within the framework of best practices and modern governance, to improve its management taking into account modern corporate governance standards.”
The meeting also discussed measures that need to be taken to ensure the implementation of tasks arising from relevant decrees and orders of the President of the Republic of Azerbaijan, the principles of corporate governance of Azerbaijan Railways CJSC, the organization of the activities of the Supervisory Board, the role of Azerbaijan Investment Holding in the management of the company and other issues.