The governing bodies of the Azerbaijan Business Development Fund are the Supervisory Board and the Management Board.
As Day.Az reports with reference to AZERTAC, this is reflected in the Fund’s Charter, which was approved by President Ilham Aliyev today.
According to the Charter, the Supervisory Board exercises general management and control over the activities of the Fund. The Council will be formed of 5 members, including the Chairman. Two members of the Council will be appointed by the Ministry of Economy, and 3 by the following government agencies:
– Central Bank of Azerbaijan;
– Ministry of Finance;
– State Oil Fund.
The Chairman of the Council is appointed and dismissed by the Minister of Economy. The council will work on a public (free) basis.
The Board will carry out the ongoing management of the activities of the Fund and will consist of 5 members – a chairman, appointed and dismissed by the Minister of Economy, and four deputy chairmen. In case of temporary absence of the chairman, his powers will be exercised by one of the deputy chairmen by appropriate order.