The Supervisory Board of the Azerbaijan Airlines (AZAL) Closed Joint-Stock Company, established by the Order of President of the Republic of Azerbaijan Mr. Ilham Aliyev 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, President of Azerbaijan Airlines CJSC Jahangir Asgarov and other board members.
At the beginning of the meeting, the Chairman and members of the Supervisory Board expressed gratitude to the head of state for the confidence placed in them.
At the meeting, Chairman of the Supervisory Board Rashad Nabiyev noted that AZAL, which is a major air carrier in the region and one of the leaders of the CIS aviation community, plays a special role in the country’s economy.
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 major 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.
“I am sure that 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,” Rashad Nabiyev stressed.
Then President of Azerbaijan Airlines CJSC Jahangir Asgarov spoke on topical issues on the activities of AZAL. Member of the Supervisory Board of AZAL and Deputy Chief Executive Officer of Azerbaijan Investment Holding Zaur Gurbanov made a presentation on the principles of AZAL’s corporate governance system, the functions and powers of the Supervisory Board. Discussions were held on 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.