President expands Azerbaijan Investment Holding's powers

By Azernews

By Ayya Lmahamad

President Ilham Aliyev has expanded powers of the Azerbaijan Investment Holding, Azertag reported on November 2.

The Azerbaijan Investment Holding has been empowered to approve corporate governance standards for the management of state-owned enterprises.

This is envisioned by the amendment made to the holding’s charter in accordance with the decree signed by President Aliyev.

The Azerbaijan Investment Holding was established on August 7 under a relevant presidential decree. It is a public legal entity that carries out activities in the field of management of state-owned companies and enterprises, economic enterprises with a state share of participation based on common principles.

The Holding was created for managing state companies and enterprises, as well as economic companies with the state share according to unified principles. In addition, it is envisaged to increase transparency and economic efficiency of investment projects implemented by state enterprises.

The authorized fund of the Azerbaijan Investment Holding is AZN 10 million ($5.8m).