BAKU, Azerbaijan, March 30
President of Azerbaijan Ilham Aliyev signed the order on March 30 altering the presidential order “On the institution of the Azerbaijan Airways CJSC” #2761 dated April 16, 2008, Development studies.
In accordance with the order, the next powers are vested within the president of Azerbaijan:
– reorganization and abolition of the Firm;
– appointment and dismissal of members of the Supervisory Board and the manager physique of the Firm.
The Azerbaijan Funding Holding, in settlement with the president of Azerbaijan, has the next powers:
– approval of the constitution and construction of the Firm, willpower of the quantity of the licensed capital;
– approval of annual studies, monetary statements of the Firm, distribution of its revenue and losses;
– approval of the dividend coverage of the Firm;
– making a call on the problem of the Firm’s securities;
– making a call on concluding a transaction in an quantity exceeding 25 p.c of the worth of the Firm’s web belongings (transactions of particular significance), in addition to on the conclusion of a transaction by an auditor with a related particular person, the worth of which is 5 or extra p.c of the Firm’s belongings.
Furthermore, the Supervisory Board consisting of seven members is created to manage and handle the Society’s exercise.
The Supervisory Board is allowed to:
– to approve the long-term growth technique of the Firm;
– to approve estimates of bills and earnings of the Firm and monitor their implementation;
– to make proposals on the basic assembly in reference to the conclusion of a transaction in an quantity exceeding 25 p.c of the worth of the Firm’s web belongings (a transaction of particular significance), in addition to the conclusion of a transaction with a related particular person by the auditor, the worth of which is 5 or extra p.c of the Firm’s belongings;
– to approve the transactions envisaged for concluding with the related folks, the worth of which is lower than 5 p.c of the Firm’s belongings;
– considering the present regulatory authorized acts, to offer consent to the conclusion of transactions associated to the switch to administration and privatization of the belongings of the Firm;
– to approve the coverage, inner guidelines on sure spheres of exercise, in addition to the provisions of the branches and consultant workplaces of the Firm;
– to offer consent to the approval of the company construction and staffing desk of the Firm;
– to create the Audit Committee and different committees of the Firm, approve their rules, appoint and dismiss their heads and members;
– considering half 2 of this order, to unravel different points attributed by the Civil Code of Azerbaijan, the Constitution of the Firm and different normative authorized acts of Azerbaijan regulating the relations on this sphere, to the powers of the Supervisory Board.
The Cupboard of Ministers was instructed to resolve the problems arising from this order.
The Azerbaijan Funding Holding was entrusted with:
– to approve the company governance requirements inside six months for the administration of Azerbaijan Airways CJSC, in addition to the system for assessing the exercise of the members of the administration our bodies of the Firm;
- to make sure the diagnostics of the outcomes of exercise of the Firm within the authorized, monetary, tax and industrial spheres and inform the president of Azerbaijan in regards to the end result inside six months by attracting a global consulting firm and in case of compliance with the present contractual obligations of the Firm;
– upon completion of the abovementioned diagnostics, relying on its end result, put together and submit a draft of a brand new constitution and construction of Azerbaijan Airways CJSC to the president of Azerbaijan for approval inside two months, in addition to resolve different points arising from this order.