WNAM REPORT: President of the Republic of Azerbaijan Ilham Aliyev has signed a decree aimed at ensuring the functioning of the “Azerenergy” Open Joint Stock Company (OJSC).
The decree outlines the delegation of authority for conducting the general assembly of the OJSC as follows:
To the President of the Republic of Azerbaijan:
Reorganization or liquidation of the company.
Creation of the company’s executive body.
Appointment and dismissal of the Chairman of the Board of Directors and their deputies.
To the Cabinet of Ministers of the Republic of Azerbaijan:
In agreement with the President, approval of the company’s charter and structure, determination of the authorized capital, and any changes to these documents.
Defining the development strategy of the company.
Approval of the company’s annual reports, financial statements, profit distribution, and loss allocations.
Decision-making for transactions that exceed 25 percent of the company’s net assets or those that involve independent auditors with transactions involving 5 percent or more of the company’s assets.
Addressing any other matters outlined by the Civil Code related to the general assembly of shareholders.
To the Ministry of Economy of the Republic of Azerbaijan:
Consent for the establishment or liquidation of the company’s branches, subsidiaries, and representative offices, as well as decisions regarding capital investments in other legal entities.
Approval for property and/or financial contributions to joint projects involving the company.
A Board of Directors consisting of three members will be formed to oversee the company’s operations. This includes the Chairman of the Board, appointed by the President of Azerbaijan, and two deputies.
The Cabinet of Ministers is required to approve the company’s charter and structure within one month in agreement with the President and resolve any other issues arising from this decree.
