A number of management functions were transferred to Azerbaijan Railways CJSC

On March 30, Azerbaijani President Ilham Aliyev signed a decree according to which a number of management functions of the Azerbaijan Railways CJSC was transferred to  Azerbaijan Investment Holding (AIH). The head of state also approved the composition of the supervisory board of Azerbaijan Railways. The aim of the measures taken is to increase the transparency and economic efficiency of projects implemented by the state-owned enterprise. This is reported by the railway magazine Railway Supply with reference to Gudok.

Azerbaijan Railways
Picture: Ady.az

According to the document, the AIH was empowered to approve the structure of AZhD, annual reports and accounting documents of the company, dividend policy and make decisions on the issue of securities.

“AIK within six months needs to approve corporate governance standards of Azerbaijan Railways, as well as a system for assessing the activities of management bodies,” the order says. – Within six months, the holding also needs to ensure the involvement of an international consultant to diagnose the results of the company’s activities in the legal, financial, tax and commercial areas.

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After the completion of the audit and depending on its results, the AIH should prepare proposals on the new charter and structure of the Azerbaijan Railways within two months and submit them for consideration to the President of Azerbaijan.

For the implementation of general control and management of the activities of the Azerbaijan Railways, by order of the President, the composition of the Supervisory Board was approved, the chairman of which was appointed Minister of Transport, Communications and High Technologies of Azerbaijan Rashad Nabiyev.

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