A new holding company under creation in Azerbaijan


August 7, Fineko/abc.az. President Ilham Aliyev has signed a decree on the establishment of an Azerbaijani Investment Holding.

ABC.AZ reports that in accord with the decree the Cabinet Ministers is tasked to prepare within two months a list of state-owned enterprises that will be subordinated to the AIH, as well as a mechanism for forming contributions that state-owned enterprises will transfer to the Holding.

According to Holding’s approved charter, AIH will manage state-owned companies and enterprises on the basis of general principles, improving their activities, as well as increasing the efficiency and transparency of their investment programs.

The AIH governing bodies are the Supervisory Board and the Management Board. The Supervisory Board of the Holding will consist of the chairman and four members to be appointed by the head of state. The Board will also consist of five members. The chairman of the board will be appointed by the president, members of the Management Board and the Supervisory Board based on the submission of the President. One of the board members will be appointed chief executive officer.