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DECREE OF THE PRESIDENT OF THE REPUBLIC OF AZERBAIJAN
On the establishment of the Azerbaijan Investment Holding

Sustainable structural reforms in Azerbaijan serve the purpose of further increasing the efficiency of the economy. In this regard, the institutional and regulatory framework in the country has been improved, and a solid foundation has been laid for the development and full transparency of governance based on sound principles in the economic structures that are the core of the national economy.

The above-mentioned reforms have significantly improved the business environment. The country's socio-economic infrastructure has also developed, and the flexibility of governance, adequate to the challenges of the new strategic phase, has increased.

Given the importance of structural reforms in the past period, special attention was paid to the management of public services and production on the basis of advanced principles. In this regard, a number of measures have been taken to increase the financial and economic sustainability of large state-owned companies, to further strengthen control over their revenues and expenditures, and to carry out important reforms to improve the management of legal entities with state-owned controlling shareholding.

In modern times, it is possible to accelerate economic development only on the basis of the comprehensive development of free market relations, the expansion of sustainable private property, governance based on sound principles. Therefore, there is a need to deepen structural reforms to improve the management system of state-owned enterprises, increase their efficiency and transparency, optimize costs and risks, and fully rehabilitate them.

 

Guided by paragraph 32 of Article 109 of the Constitution of the Republic of Azerbaijan, in order to manage the state companies and enterprises, as well as state-owned economic societies on the basis of common principles, to improve their activities, as well as to increase transparency and economic efficiency of their investment programs, their competitiveness, to improve financial health and sustainability, I decide:

 

To establish “Azerbaijan Investment Holding” public legal entity.

To approve “Charter of the Azerbaijan Investment Holding” (addendum).

To determine that:

3.1. The Supervisory Council and Management Board are established to manage the activities of the Azerbaijan Investment Holding (hereinafter –  AIH);

3.2. AIH resolves the issues of state companies and enterprises, as well as state-owned economic societies (hereinafter – state enterprises) given under its governance, within exclusive competence of the supreme governing body in accordance with the Civil Code of the Republic of Azerbaijan, except the cases determined by the President of the Republic of Azerbaijan, in coordination with the President of the Republic of Azerbaijan.

To entrust exercise of authorities of the AIH founder to:

4.1. the President of the Republic of Azerbaijan:

4.1.1. approval of the charter and determination of the amount of the charter fund, change them;

4.1.2. establishment of governing bodies;

4.1.3. appointment and dismissal of members of the Supervisory Council (including Chairman), as well as Chairman of the Management Board;

4.1.4. its dissolution and re-establishment.

4.2. to AIH:

       4.2.1. resolution of other issues referred to the authorities of the founder of a public legal entity in Article 8.2 of the Law of the Republic of Azerbaijan “On Public Legal Entities”, except for those specified in paragraph 4.1 of this Decree.

the Cabinet of Ministers of the Republic of Azerbaijan:

5.1. to prepare and submit to the President of the Republic of Azerbaijan the proposals on improving the laws of the Republic of Azerbaijan on establishment of AIH within three months;

5.2. to prepare and submit to the President of the Republic of Azerbaijan the proposals on state enterprises to be given to the AIH governance within three months;

5.3. to prepare and submit to the President of the Republic of Azerbaijan the proposals on the mechanism of formation of the fee to be paid by state enterprises to AIH to finance the costs of organizing and maintaining the activities of AIH within two months;

5.4. to prepare and submit to the President of the Republic of Azerbaijan the proposals on bringing the acts of the President of the Republic of Azerbaijan in line with this Decree within three months;

5.5. to provide compliance of normative legal acts of Cabinet of Ministers of the Republic of Azerbaijan with this Decree within three months and to inform the President of the Republic of Azerbaijan;

5.6. to take measures to provide AIH with an administrative building and resolve the issues of logistics within a month from the date of state registration and inform the President of the Republic of Azerbaijan;

5.7. to retain control over compliance of normative legal acts of the central executive bodies with this Decree and inform the President of the Republic of Azerbaijan of its implementation within five months;

       5.8. to apply to the Ministry of Economy of the Republic of Azerbaijan for the state registration in the order established by the Law of the Republic of Azerbaijan "On the state registration and the state register of legal entities" within three days from the date of entry into force of this Decree;

5.9. to resolve other issues arising from this Decree.

The Ministry of Finance of the Republic of Azerbaijan together with the Ministry of Economy of the Republic of Azerbaijan shall ensure funding in the amount defined by Clause 5.1 of the Charter approved by this Decree.

The Ministry of Justice of the Republic of Azerbaijan shall ensure compliance of normative legal acts and normative acts of central executive bodies with this Decree and inform the Cabinet of Ministers of the Republic of Azerbaijan.

 

Ilham ALIYEV,

President of the Republic of Azerbaijan

 

Baku city, August 7, 2020

  

No. 1120

 

 

 

 

Approved by Decree No. 1120 of August 7, 2020 issued by the President of the Republic of Azerbaijan

 

C H A R T E R

of 

the Azerbaijan Investment Holding

General provisions

 

      1.1. Azerbaijan Investment Holding (hereinafter - AIH) is a public legal entity operating in the fields of managing the state-owned companies and enterprises, economic societies with state-owned controlling shareholding (hereinafter - state-owned enterprises) given under its governance  on the basis of common principles, improving their activities, as well as increasing the transparency and economic efficiency of their investment programs, ensuring their competitiveness, improving their financial health and sustainability (hereinafter - the relevant field).

       1.2. AIH is guided by the Constitution of the Republic of Azerbaijan, international treaties to which the Republic of Azerbaijan is a party, laws of the Republic of Azerbaijan, this Charter, other decrees of the President of the Republic of Azerbaijan, as well as decrees and orders of the Cabinet of Ministers.

      1.3. While performing its duties and exercising its rights, AIH interacts with state and local authorities, international and non-governmental organizations, and other legal entities and individuals.

      1.4. AIH engages in activities of national and (or) public importance. AIH can also engage in business activities to achieve the goals set forth in this Charter.

1.5. AIH has an independent balance sheet, property, treasury and bank accounts, a stamp engraved with its name, appropriate stamps and letterheads, and a logo (emblem).

      1.6. AIH has the right and duties to enter into transactions, acquire and exercise property and non-property rights on its own behalf. It may act as a plaintiff or defendant in court.

1.7. The official name of AIH is as follows:

1.7.1. full name – Azərbaycan İnvestisiya Holdinqi, abbreviated – AİH;

1.7.2. full name in English – Azerbaijan Investment Holding, abbreviated in English – AIH.

1.8. AIH is based in Baku.

 

AIH areas of activity

 

2.1. The areas of activity of AIH are as follows:

2.1.1. ensuring the development of the relevant field;

2.1.2. participating in the formation of state policy in the relevant field and ensuring the implementation of this policy;

       2.1.3. cooperating with relevant state bodies (institutions) in the relevant field, participating in the development and implementation of proposals;

       2.1.4. organizing the management in state enterprises using advanced international experience;

       2.1.5. improving the financial health and sustainability of state-owned enterprises, managing their financial resources for this purpose, as well as attracting foreign loans on the basis of effective criteria;

      2.1.6. attracting the private investment in the market of services where the state enterprises operate, stimulating the development of the partnership between the public and private sectors for this purpose;

2.1.7. determining and monitoring the efficiency indicators of the state enterprises in order to assess their efficiency;

2.1.8. undertaking measures to optimize costs of the state enterprises and ensure the financial transparency;

2.1.9. increasing the international competitiveness of the state enterprises;

2.1.10. controlling the effective use of the state investment in the state enterprises;

2.1.11. participating in preparation of the state enterprises for privatization (wholly or partly);

2.1.12. acting in other areas determined by this Charter.

 

AIH duties and rights

 

       3.1. In accordance with the areas of activity defined by this Charter, the duties of AIH are as follows:

      3.1.1. to participate in the development and implementation of normative-legal acts, development concepts and target programs in the relevant field;

      3.1.2. to ensure the management of state-owned shares (stakes) in the state enterprises, except as otherwise determined by the President of the Republic of Azerbaijan;

      3.1.3. to achieve the development of the state enterprises through investment attraction and effective management, to ensure their pre-privatization rehabilitation;

3.1.4. to give feedback for the approval of long-term development and business plans of the state enterprises, to monitor the goals set in business plans;

       3.1.5. to prepare proposals and take measures to stimulate investments in the areas of activity of the state enterprises, including foreign investments;

       3.1.6. to take measures to increase the economic efficiency of the state enterprises, as well as to improve their financial situation and increase their income;

3.1.7. to make proposals on improving the quality of services in the areas of activity of the state enterprises;

3.1.8. to participate in the development and implementation of programs for the modernization and diversification of the economy;

3.1.9. to participate in innovative industrial programs of social importance to ensure sustainable development of the economy;

3.1.10. to make proposals on restructuring the state enterprises;

3.1.11. to determine requirements for the reports of the state enterprises and to hold monitoring of submitted reports;

       3.1.12. to take measures to coordinate activities of the state enterprises considering the international experience and increase their economic efficiency, including financial sustainability;

      3.1.13. to evaluate the efficiency of the state enterprises on the basis of the results of the analysis of their efficiency indicators;

      3.1.14. to demand from the state enterprises necessary information and reports in order to optimize their costs, to analyze these information and reports and to give relevant instructions to the management bodies of the state enterprises;

3.1.15. to take measures to form managing bodies of the state enterprises fully;

3.1.16. to analyze the activities of the managing bodies of the state eneterprises;

3.1.17. to take comprehensive measures to create favorable access to financial resources of the state enterprises;

3.1.18. to take measures to stimulate, support and promote innovation in the state enterprises;

3.1.19. to investigate the factors affecting competitiveness and export potential of the state enterprises;

3.1.20. to create a single electronic information system containing data of the activities of the state enterprises;

3.1.21. to analyze economic and financial situation of the state enterprises and to take measures to increase the efficiency of their activities;

3.1.22. to control effective use of budget funds, loans, grants and other financial resources allocated to AIH and the state enterprises as well;

3.1.23. to coordinate the activities of government organizations, local authorities, legal and physical entities in the relevant field;

3.1.24. to organize e-services in the relevant field in accordance with the Decree of the President of the Republic of Azerbaijan dated September 12, 2018 No. 263 "On approval of the" Rules for the formation, maintenance, integration and archiving of state information resources and systems "and some measures related to e-government";

       3.1.25. to ensure informing the population about own activities, creation of a website, placement of public information on its website, the list of which is to be publisized by the Law of the Republic of Azerbaijan “On access to information” and constant updating of this information;

3.1.26. to take measures to improve the structure and activity of AIH;

3.1.27. to take measures to protect state and commercial secrets, as well as confidentiality;

3.1.28. to organize the information support of AIH and ensure its security;

      3.1.29. to consider incoming appeals in accordance with the laws of the Republic of Azerbaijan “On Citizens' Appeals”, “On Administrative Proceedings” and “On Access to Information” and to take measures in accordance with the law;

3.1.30. to organize clerical work and meeting with the citizens in accordance with the requirements of relevant normative-legal acts, to take measures for additional training and professional development of AIH staff;

      3.1.31. to ensure the application of scientific and technical achievements in the relevant field, considering the best international practices;

     3.1.32. to make proposals on the training of professionals in the relevant field and the development of curricula and to participate in their implementation;

     3.1.33. to ensure the fulfillment of commitments of the Republic of Azerbaijan on issues arising from international agreements, to which the Republic of Azerbaijan is a party, and within the competence of AIH;

     3.1.34. to prepare and submit proposals on reforms related to the areas of activity;

     3.1.35. to carry out procurement of goods (works and services), as well as to meet needs in the relevant field in accordance with the Law of the Republic of Azerbaijan “On Public Procurement”;

3.1.36. to carry out other duties determined by this Charter and the acts issued by the President of the Republic of Azerbaijan.

3.2. AIH has the following rights in line with the areas of activities set out by this Charter:

      3.2.1. to make relevant proposals on adoption of the draft normative-legal act in the relevant field, amendment to the act, interpretation of the act, suspension or annulment of the act;

3.2.2. to investigate issues related to the areas of activities, to establish working groups and commissions;

      3.2.3. to nominate employees for state awards and prizes, to take measures to encourage them;

      3.2.4. to make proposals on the accession of the Republic of Azerbaijan to international agreements in the relevant field;

      3.2.5. to involve independent experts and specialists in its activities on a contractual basis;

      3.2.6. to cooperate with international organizations and relevant state bodies (institutions) of other countries in order to explore the possibility of applying international experience, to study the relevant experience of other countries;

      3.2.7. to make inquiries to state bodies and institutions, local self-government bodies, legal entities and individuals on necessary information (documents) and to receive such information (documents) from them;

3.2.8. to give binding instructions and to undertake other measures arising from;

3.2.9. to give feedback and make proposals on areas of activities, to conduct analyzes and generalizations, to prepare analytical materials;

3.2.10. to hold conferences, meetings, workshops and other events in accordance with the areas of activity;

3.2.11. to organize or participate in economic societies for the purpose of fulfilling the duties;

3.2.12. to issue special bulletins and other publications;

3.2.13. to exercise other rights determined by this Charter and the acts issued by the President of the Republic of Azerbaijan.

 

AIH management

 

4.1. AIH applies the principles of progressive corporate management to its activities.

4.2. The governing bodies of AIH are the Supervisory Council and Management Board.

4.3. AIH Supervisory Council (hereinafter referred to as the Council) provides overall guidance and oversight to AIH.

4.4. The Council consist of 5 (five) members – Chairman and other members – appointed and dismissed by the President of the Republic of Azerbaijan.

4.5. The Council operates on a voluntary (unpaid) basis.

4.6. The Council is independent in decision-making.

4.7. The responsibilities of the Council are as follows:

4.7.1. to submit proposals and relevant documents (including AIH financial reports and annual report on AIH activity) to the President of the Republic of Azerbaijan for fulfillment of the founder’s authorities;

4.7.2. to determine development directions, strategic goals and plans of AIH;

4.7.3. to approve annual financial report of AIH;

4.7.4. to approve financial planning and budget of AIH;

4.7.5. to monitor AIH activities;

4.7.6. to give consent to AIH establishment or participation of economic societies, as well as to establishment of AIH offices, branches and representative offices;

4.7.7. to control and inspect the activities of the Management Board;

4.7.8. to review and make decisions on the appeals of the Council members and the Management Board;

4.7.9. to appoint external auditor to AIH and to receive audit report;

4.7.10. to review the results of external auditor’s and other inspections and to make proposals for undertaking relevant measures;

4.7.11. to monitor the activity of internal audit unit of AIH, if there is such a unit, and receive its reports, to apont and dismiss its members as well;

4.7.12. to decide on the conclusion of a transaction (deal of special significance) in the amount of more than 25 percent of the value of the AIH's net assets and a transaction with the relevant person, the value of which is 5 percent or more of the AIH's assets;

       4.7.13. to approve the internal rules of AIH (including the rule of exclusion of conflicts of interest), as well as the regulations of offices, branches and representative offices, the charters of subsidiaries;

       4.7.14. to approve the structure of AIH, the number of employees and their salaries (including pay supplements, bonuses and other payments, taking into account the relevant rules approved by the Cabinet of Ministers of the Republic of Azerbaijan);

4.7.15. to appoint and dismiss the members of the Management Board in accordance with Clause 4.19 of this Charter;

4.7.16. to make the decision considered by Article 3.3 of the Law of the Republic of Azerbaijan “On public legal entities;

4.7.17. to hear AIH’s annual report;

4.7.18. to resolve the issues of the state enterprises, within exclusive competence of the supreme governing body, in accordance with the Civil Code of the Republic of Azerbaijan, except the cases determined by the President of the Republic of Azerbaijan, in coordination with the President of the Republic of Azerbaijan;

4.7.19. to approve the system of performance appraisal of the Supervisory Council members by the state enterprises;

4.7.20. to carry out other responsibilities determined by this Charter.

       4.8. The Chairman of the Council convenes a meeting of the Council at least once a year. A member of the Council or the Chairman of the Management Board initiates the meetings of the Council. Meetings of the Council are valid if more than half of the members of the Council are present. Decisions of the Council shall be taken by a simple majority of one vote of each member. Members are not allowed to abstain during the voting. In the case of a tie in vote, the chairman of the meeting shall have the casting vote.

      4.9. Members of the Council shall be informed in writing about the place and time of the meeting, as well as the issues included in the agenda at least 3 (three) working days prior to the meeting, with the addition of the necessary documents.

4.10. Members of the Management Board attend the Council meeting.

       4.11. If an issue affecting the interests of any member of the Council is included in the agenda of the meeting, that member shall provide detailed information on his / her interests and shall not participate in the discussion of this issue.

       4.12. Decisions may not be made on issues that have not been included in the agenda or that all required documents have not been submitted prior to the meeting, except the cases with the consent of all members present.

       4.13. The results of the meeting of the Council shall be formalized in the protocol signed by the members and the Secretary of the Council. If the Secretary of the Council is unable to attend the meeting of the Council, the Chairman of the Council shall appoint a person to replace him/her. The Council approves the protocol and sends it them to the Chairman of the Management Board.

4.14. The Secretary of the Council shall be appointed by the Chairman of the Council from among the employees who are not members of the Council, and the Secretary of the Council shall report to the Chairman of the Council.

4.15. The Secretary of the Council:

4.15.1. organizes meetings of the Council;

4.15.2. provides written information on venue and time of the Council meetings to the members of the Council, as well as to the Chairman of the Management Board and persons invited to the meetings of the Council at least 3 (three) working days prior to the meeting;

4.15.3. Compiles protocols of the Council meetings and submits them to the Council members for signing;

4.15.4. prepares draft decisions of the Council and submits them to the Chairman of the Council for consideration and signing;

4.15.5. ensures sending the decisions made by the Council to relevant authortities.

4.16. The Chairman of the Council:

4.16.1. organizes the work of the Council and guides its activities;

4.16.2. determines agenda of the Council meetings, convenes and chairs the meetings;

4.16.3. invites other persons to attend the Council meeting on his/her own initiative, as well as at the request of any other member of the Council or the Chairman of the Management Board;

4.16.4. undertakes other measures to organize the work of the Council.

4.17. Members of the Council:

4.17.1. participate in resolving issues under the authority of Council;

4.17.2. get acquainted in advance with the agenda of the Council meeting and materials considered to be reviewed;

4.17.3. express their views on decisions to be taken by the Council;

4.17.4. make proposals on reviewing the issues under the authority of the Council at the meetings of the Council;

4.17.5. get acquainted with the decisions, meeting protocols and other documents of the Council.

       4.18. Members of the Council must be impartial in their approach to issues considered at the meetings of the Council, prevent actions and speeches that may damage the name of a member of the Council, as well as comply with other requirements set out in Article 49 of the Civil Code of the Republic of Azerbaijan.

      4.19. The Management Board consists of 5 (five) members - the Chairman of the Management Board and other members. The Chairman of the Management Board is appointed and dismissed by the President of the Republic of Azerbaijan. One of the members of the Board is also the Chief Executive Officer, who is responsible for managing AIH. Other members of the Management Board, including the Chief Executive Officer, shall be appointed and dismissed by the Council on the recommendation of the Chairman of the Management Board.

      4.20. Meetings of the Management Board are convened at least once a month. Meetings of the Management Board are initiated by a member of the Management Board or the Council. Meetings of the Management Board are valid if more than half of its members are present. Decisions of the Board meeting are made by a simple majority of votes, with one vote of each member. Members are not allowed to abstain during the voting. In the case of a tie in vote, the Chairman of the Board (or another member replacing him/her) shall have casting vote. The provisions of paragraphs 4.9, 4.11 and 4.12 of this Charter shall apply to the meeting of the Management Board.

      4.21. In case of temporary absence of the Chairman of the Management Board and the Chief Executive Officer, their powers shall be exercised by a person appointed by the Chairman from among the members of the Management Board.

4.22. Duties of the Management Board are as follows:

4.22.1. to organize the activity of AIH;

4.22.2. to execute the decisions of the Council;

4.22.3. to submit proposals and documents to the Council for fulfilling the duties determined by this Charter;

       4.22.4. to decide on the conclusion of a transaction with the relevant person, the value of which is up to 5% of the assets of AIH;

4.22.5. to control the implementation of strategic goals and plans, as well as budget of AIH;

4.22.6. to ensure effective use of the funds provided by sub-Clause 3.1.22 of this Charter;

4.22.7. to inform the Council about the current and immediate issues;

4.22.8. to review appeals of the Management Board members and make decisions;

4.22.9. to undertake measures to resolve the issues considered by sub-clauses 3.1.1 and 3.2.1 of this Charter;

4.22.10. to decide on all other issues not within the competene of the Council, the Chairman of the Management Board and the Chief Executive Officer.

4.23. The Chairman of the Management Board:

4.23.1. organizes the work of the Management Board, determines the agenda of the meetings and chairs the meetings;

4.23.2. makes decision on other issues not within the competence of the Council, the Management Board and the Chief Executive Officer.

4.24. Members of the Management Board:

4.24.1. participate in resolving the issues within the competence of the Management Board;

4.24.2. get acquainted in advance with the agenda of the Management Board meeting and materials to be considered;

4.24.3. express views on decisions to be taken by the Management Board;

4.24.4. make proposals for reviewing the issues within the competence of the Management Board at its meetings;

4.24.5. get acquainted with the decisions of the Management Board, meeting protocols and other documents.

4.25. The Chief Executive Officer:

4.25.1. directs the current work of AIH and represents it;

4.25.2. convenes the meetings of the Management Board on own initiative or initiatives of the Chairman or other member of the Management Board, the Council;

4.25.3. invites other persons to attend the Management Board meeting on own initiative or at request of any other member of the Management Board;

      4.25.4. approves the structure, staffing and cost estimates of AIH Office, departments, branches and representative offices, as well as economic societies within the established structure, salary fund and number of employees;

4.25.5. organizes payment of salaries, pay supplements, prizes and other payments of AIH employees within the salary fund;

4.25.6. makes decisions on appointment and dismissal of employees of AIH, including its offices, branches and representative offices, as well as organizations under its authority (in economic societies – only managers), incentive or disciplinary measures against them, except the cases specified by this Charter;

4.25.7. ensures the effective use of the funds allocated for AIH from the sources considered by the law for AIH maintenance and fulfillment of its duties;

4.25.8. decides on founding and use of AIH centralized funds, in coordination with the Council;

4.25.9. reviews and submits to relevant authorities the legal acts on improvement of AIH work;

4.25.10. controls use of AIH property for the purposes considered by this Charter;

4.25.11. organizes, verifies and controls the implementation of acts adopted on areas of AIP activity;

4.25.12. issues binding internal orders, directives and instructions related to organizing the work of AIH;

4.25.13. conducts operations, concludes deals and ensures their implementation on behalf of AIH within the competence specified by this Charter;

4.25.14. undertakes measures to protect state secret and confidentiality, as well as other information protected by law;

4.25.15. establishes advisory committees and working groups related to areas of AIH activities;

4.25.16. annuls decisions taken by AIH officials that contradict to the laws;

4.25.17. provides clerical and archival work of AIH;

4.25.18. ensures reception of citizens at AIH and reviewing their appeals;

4.25.19. makes decisions on all other issues not withon the competence of the Council, the Management Board and the Chairman of the Management Board.

4.26. Members of the Management Board shall be impartial in issues considered at its meetings, prevent actions and speeches that may damage the name of a member of the Management Board, as well as comply with other requirements set forth in Article 49 of the Civil Code of the Republic of Azerbaijan.

 

AIH statutory fund, properties and basis of its financial operations

 

5.1. AIH statutory fund is AZN 10 000 000 (ten millions).

       5.2. The property of AIH is formed from the authorized fund, other property provided by the founder, funds allocated from the state budget to finance the costs of organizing and maintaining its activities at the initial stage, as well as income from activities, donations, grants, investments and other funds not prohibited by law.

      5.3. AIH uses its property only in accordance with the purposes set forth in this Charter, and exercises its powers in relation to the state property on its balance sheet in accordance with the Decree No. 586 of 6 June 2007 issued by the President of the Republic of Azerbaijan “On Improving the Preservation and Efficient Use of State Property”.

      5.4. AIH shall have the right to independently dispose of profits from the activities of AIH, its offices, branches and representative offices, business societies, as well as other subordinate bodies, after paying taxes and other obligatory payments provided by law. The profits of AIH may be transferred to the state budget only by the decision of the Supervisory Board for purposes not considered in this Charter.

      5.5. Prices for AIH products (goods, works, services) are not regulated prices (excluding the amount of fees to be paid by state-owned enterprises).

 

Form and framework of control over AIH activities

 

6.1. The activities of AIH are supervised by the President of the Republic of Azerbaijan, as well as by AIH’s managing institutions in accordance with this Charter.

6.2. AIH annual report is submitted to the President of the Republic of Azerbaijan.

 

Accounting and reporting at AIH

 

7.1. AIH maintains accounting records, prepares, submits and publishes financial statements in accordance with the Law of the Republic of Azerbaijan “On Accounting”.

7.2. AIH compiles and submits statistical reports in accordance with the Law of the Republic of Azerbaijan “On official statistics”.

7.3. AIH ensures the inspection of financial and economic operations conducted by AIH offices, branches, representative offices, economic societies, as well as other organizations within its competence.

7.4. AIH invites external auditor for independent inspection of its work.

 

Dissolution and reorganization of AIH

 

AIH can be dissolved and reorganized by the President of the Republic of Azerbaijan.