...

Tamiz Shahar OJSC transferred to management of Azerbaijan Investment Holding - presidential order (UPDATE)

Politics Materials 23 September 2021 12:33 (UTC +04:00)

Details added: the first version posted at 16:34 on Sept. 22

BAKU, Azerbaijan, Sept. 22

Trend:

Azerbaijani President Ilham Aliyev has signed an order to transfer Tamiz Shahar OJSC (Clean City) to the management of the Azerbaijan Investment Holding, to regulate relevant issues, as well as to amend the decree of the President of Azerbaijan 'On Improving Household Waste Management' #2983 dated August 6, 2008, Trend reports.

According to the document, the composition of the Supervisory Board of Tamiz Shahar was approved and is as follows:

Chairman of the Supervisory Board

Mukhtar Babayev - Minister of Ecology and Natural Resources

Members of the Supervisory Board

Samad Bashirli - Advisor to the Minister of Economy

Anar Novruzov - Deputy Chief Executive Officer of the Azerbaijan Investment Holding.

The Cabinet of Ministers of Azerbaijan was instructed to take the necessary measures to resolve issues arising from the transfer of Tamiz Shahar OJSC to the management of the Azerbaijan Investment Holding; resolve other issues arising from this order.

The Azerbaijan Investment Holding has been instructed to approve corporate governance standards for the Tamiz Shahar management within six months, as well as to approve a system for assessing the activities of members of its management bodies; within four months, to ensure the diagnostics of the results of the company’s activities in the legal, financial, tax and commercial spheres with the involvement of an international consulting company and subject to the obligations of the existing agreement, and inform the President of Azerbaijan about the results; upon completion of the diagnostics, depending on its results, within two months, prepare a new charter and a draft structure of the company and submit it to the President of Azerbaijan for approval; resolve other issues arising from this order.

The Ministry of Economy was instructed to resolve issues arising from this decree.

In accordance with the decree, the following amendments are made to the decree of the President of Azerbaijan 'On Improving Household Waste Management' No. 2983 dated August 6, 2008:

in part 1, after the word "Company", the words "(hereinafter - the Company)" are added;

- in parts 2, 3 (in both cases) and part 4, where appropriate, the words "Open Joint Stock Company" Tamiz Shahar" are replaced by the word "Company ";

- part six is ​​given in the following edition:

6. Exercise of the powers of the general meeting in the Company is entrusted to the following persons:

6.1. To the President of the Republic of Azerbaijan:

6.1.1. Reorganization and liquidation of the Company;

6.1.2. Appointment and dismissal of members and the head of the Supervisory Board of the Company.

6.2. Azerbaijan Investment Holding, by an agreement with the President of the Republic of Azerbaijan:

6.2.1. appointment and dismissal of members of the executive body, its head, and deputies;

6.2.2. approval of the charter and structure of the Company, determination of the size of the authorized capital;

6.2.3. approval of annual reports, financial statements of the Company, distribution of profits and losses;

6.2.4. approval of the dividend policy of the Company;

6.2.5. making a decision on the issue of the Company's securities;

6.2.6. making a decision to conclude a transaction (transaction of special significance) in an amount exceeding 25 percent of the net asset value of the Company, as well as on the conclusion of an independent auditor to sign a transaction with a proper person, the value of which is 5 percent or more of the Company's assets.

Latest

Latest