The general assembly of the shareholders is the supreme governing body of ASCO. According to the Decree of the President of the Republic of Azerbaijan dated January 10, 2014 No 213 “On the organization of activities of Azerbaijan Caspian Shipping Closed Joint Stock Company (ASCO)” the following state bodies exercise the powers of the General Assembly over ASCO :
President of the Republic of Azerbaijan:
- Appointment and dismissal of the ASCO Chairman and his / her Deputies (Executive Board) ;
- Adoption of a decision on reorganization and liquidation of ASCO.
Cabinet of Ministers of the Republic of Azerbaijan:
- Approval of ASCO`s Articles of Association and Structure, as well as, determination of Charter Capital ;
- Determination of the development directions of ASCO ;
- Approval of ASCO`s annual reports, accounting balance – sheets, profit and loss accounts, distribution of profits and losses ;
- Adoption of a decision to conclude an agreement which price exceeds twenty-five per cent of ASCOs net assets (very special agreement) as well as, to conclude with the relevant person any agreement which value, in independent auditor’s opinion, constitutes five per cent and more of ASCOs assets ;
- Resolution of other issues related to the competence of the General Assembly under the Civil Code of the Republic of Azerbaijan.