Although, there is no Supervisory Board formally established within the structure of ASCO, in accordance with the normative-legal acts adopted by the President of the Republic of Azerbaijan and the Cabinet of Ministers of the Republic of Azerbaijan, the powers of the Supervisory Board in respect of ASCO are actually exercised by the Ministry of Economy of the Republic of Azerbaijan, Ministry of Finance of the Republic of Azerbaijan, The State Committee for Property Issues and the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan.
The Ministry of Economy, the Ministry of Finance, and the State Committee for Property Issues have the following powers in relation to the performance of the functions of the Supervisory Board :
- to review and give an opinion on the annual financial reports adopted in accordance with the International Financial Reporting Standards and submitted by ASCO together with audit reports (prime executor – Ministry of Finance) ;
- to give an opinion on the income and expenditure reports drafted by ASCO for each financial year (prime executors – Ministry of Finance, Ministry of Economy, Ministry of Taxes, Central Bank) ;
- to organize monitoring of execution of the income and expenditure reports (prime executors – Ministry of Finance, Ministry of Economy and Ministry of Taxes) ;
- to obtain reports on income and expenditure reports adopted by ASCO for each quarter (prime executor – “Commission on the revision of income and expenditure reports of the major state companies) ;
- to approve the deletion of the fixed assets with an initial value of more than 5000 (five thousand) manats from ASCO’s balance sheet (prime executor – State Committee on Property Issues) ;
- to acquire information about the new department, branch and representative office, as well as a subsidiary legal entity established by ASCO (prime executor – State Committee on Property Issues) ;
- to acquire a report on the ASCO’s cash flow statement adopted for each month (prime executor – Ministry of Finance and the Ministry of Economy);
- to obtain, register and issue evidencing documents on the information relating to real estate assets being within the balance of ASCO (prime executor – State Committee on Property Issues).
With regard to the implementation of the Supervisory Board’s functions, the Ministry of Transport, Communications and High Technologies shall, in accordance with its Statute as central executive power body, establish, perform a single state policy in the sphere of water transport and regulate intersectoral relations.