The Management Board is a collegial executive body of the company. Authorities of the Management Board are governed as per the Articles of Association of ASCO.  The Management Board consists of 7 members – ASCO Chairman, First Deputy Chairman and 5 Deputy Chairmen of ASCO. The Management Board is headed by the Chairman of ASCO.  The ASCO Chairman and his \ her  deputies (the Management Board) are appointed and dismissed by the President of the Republic of Azerbaijan. Deputy chairmen of ASCO may also hold the position of the head of ASCO’s relevant department, branch and representative office, as well as subsidiary legal entities (excluding internal audit).

Meetings of the Management Board shall be recorded accordingly and decisions are adopted on the discussed issues. These decisions come into force after being signed by ASCO Chairman. Decisions of the Management Board are adopted by a simple majority of votes. When the votes are even, the vote of the ASCO chairman (or the First Deputy Chairman in the absence of the ASCO Chairman) shall be decisive. The detailed issues relating to the organization of activities of the Management Board, including the organization and holding of meetings of the Management Board, authorities of the Chairman and members, minutes of meetings and decisions are governed in accordance with the  Rules and Regulations of the Management Board approved by the Chairman of the Management Board.

 

The Management Board has the following duties and authorities :

  • to report in the cases and in the manner prescribed by the Civil Code of the Republic of Azerbaijan ;
  • to approve ASCO`s annual reports, accounting balances, profit and loss accounts, and submit the relevant proposals for distribution of profit and loss ;
  • to make proposals to the Cabinet of Ministers of the Republic of Azerbaijan for making amendments to the Articles of Association and the charter capital of ASCO ;
  • to apply to the Cabinet of Ministers of the Republic of Azerbaijan for the adoption of decision to conclude agreement which price exceeds twenty-five per cent of ASCO`s 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 ASCO`s assets ;
  • to adopt a decision on the conclusion of the agreement with the relevant party, of which value does not exceed 5 per cent of the assets of ASCO ;
  • to approve reports on the ASCO annual working programs and their implementation ;
  • to consider the matters on the expediency of the joint cooperation of ASCO with foreign companies ;
  • to make suggestions on the adoption of the ASCO’s development strategy ;
  • to organize the payment of salaries, bonuses to the salaries and other payments to ASCO employees within the salary fund ;
  • to make decisions on the application of new technologies ;
  • to determine the internal code of labour conduct of ASCO ;
  • to determine the authorities of the heads of the structural subdivisions of ASCO office, its subsidiaries, as well as departments, branches and representative offices ;
  • to adopt decisions on the auditing of the financial and economic activities of subsidiaries, departments, branches and representative offices ;
  • to adopt decisions on the ASCO`s development plan and its investment in other legal entities ;
  • to ensure spending of the funds, which were designated for special purpose such as maintenance of ASCO and performance of tasks undertaken by the company and transferred into the disposal of ASCO from the sources envisaged by law (loans, grants, technical aids, incomes from the performance of services and works etc.), for their intended purpose ;
  • to exercise the right to dispose of property being in the ownership of ASCO, its subsidiaries and affiliated entities, as well as its departments, branches and representative offices, including the right to transfer that property from one balance to another, hire out, render for use, to state as a share in the joint projects participated by ASCO, liquidate, assess, change the designation thereof  in the manner prescribed in  Order No. 827, dated 06.03.2016 issued by the President of the Republic of Azerbaijan ;
  • to consent to the use for the intended purpose of the state lands, which were allocated by virtue of law for the use of ASCO, its subsidiaries, including its departments, branch and representative offices, as well as to the transfer of the right of use of such lands to ASCO, its subsidiaries, including its departments, branch and representative offices or redelivery of such lands to the owner ;
  • to adopt decisions on the establishment and liquidation of departments, branch and representative offices and on the association, reorganization and liquidation of the subsidiaries (daughter companies) of ASCO subsidiary legal entities in the manner prescribed in Order No. 827, dated 06.03.2016 issued by the President of the Republic of Azerbaijan ;

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