Amendments have been made to the Decree of the President of the Republic of Azerbaijan “On the establishment of ‘Azerbaijan Airlines’ Closed Joint-Stock Company.”
Sea-news.az citing President.az, that Ilham Aliyev has signed a new decree in this regard.
According to the decree, the powers of the Azerbaijan Investment Holding specified in this decree have been transferred to the Azerbaijan Transport and Communication Holding (AZCON).
Thus, the powers granted to “AZCON Holding” are as follows:
You can review them via the link:
Guided by item 32 of Article 109 of the Constitution of the Republic of Azerbaijan, and in connection with the execution of the Decree of the President of the Republic of Azerbaijan No. 226 dated November 7, 2024, “On the establishment of the Azerbaijan Transport and Communication Holding and resolution of certain issues related thereto,” I hereby resolve:
- The following amendments shall be made to part 4 of the Decree of the President of the Republic of Azerbaijan No. 1326 dated April 27, 2021, “On the establishment of the public legal entity ‘Azerbaijan Space Agency (Azercosmos)'” (Collection of Legislation of the Republic of Azerbaijan, 2021, No. 4, Article 331 (Volume I); 2024, No. 2, Article 155): 1.1. At the end of subitem 4.2.2, the semicolon shall be replaced with a period, and subitem 4.2.3 shall be abolished; 1.2. Items 4.3 and 4.4 shall be set out in the following wording: “4.3. To the Azerbaijan Transport and Communication Holding (AZCON): 4.3.1. appointment to and dismissal from office of the deputy chairmen of the Agency’s Management Board; 4.3.2. resolution of other issues attributed to the powers of the founder in the normative legal acts of the Republic of Azerbaijan, including Article 8.2 of the Law ofنده the Republic of Azerbaijan “On public legal entities,” except for those specified in items 4.1, 4.2, and 4.4 of this Decree. 4.4. To the Agency: 4.4.1. determination of the remuneration fund and employees’ wages (salaries, additions to salaries, bonuses, and other payments) in coordination with the Azerbaijan Transport and Communication Holding (AZCON).”
- The words “, pre-privatization rehabilitation and” shall be added to subitem 3.1.12 of the “Charter of the public legal entity ‘Azerbaijan Transport and Communication Holding (AZCON)'” approved by the Decree of the President of the Republic of Azerbaijan No. 286 dated January 15, 2025 (Collection of Legislation of the Republic of Azerbaijan, 2025, No. 1, Article 26) after the word “enterprises.”
- Items 2 and 3 of the Order of the President of the Republic of Azerbaijan No. 2761 dated April 16, 2008, “On the establishment of the ‘Azerbaijan Airlines’ Closed Joint-Stock Company” (Collection of Legislation of the Republic of Azerbaijan, 2008, No. 4, Article 278 (Volume I); Decree of the President of the Republic of Azerbaijan No. 675 dated May 26, 2026) shall be set out in the following wording: “2. The exercise of the powers of the general meeting of the Company shall be entrusted to: 2.1. The President of the Republic of Azerbaijan: 2.1.1. reorganization and liquidation of the Company; 2.1.2. establishment of the executive body of the Company; 2.1.3. appointment to and dismissal from office of the members of the Company’s Management Board; 2.2. The Azerbaijan Transport and Communication Holding (AZCON): 2.2.1. implementation of other matters referred to the exclusive competence of the supreme governing body in accordance with the Civil Code of the Republic of Azerbaijan, except for cases determined by the President of the Republic of Azerbaijan, in coordination with the President of the Republic of Azerbaijan; 2.2.2. exercise of other powers assigned to the general meeting by normative legal acts of the Republic of Azerbaijan, as well as the Charter of the Company, except for those specified in item 2.1 and subitem 2.2.1 of this Order.
- It shall be established that: 3.1. A Supervisory Board consisting of 7 (seven) members, including the chairman, is established in order to exercise general control and management over the activities of the Company; 3.2. The Supervisory Board of the Company shall exercise the following powers: 3.2.1. to submit proposals to the General Meeting regarding the development strategy of the Company and the action plan related to its implementation, as well as the determination of key performance indicators and the business plan; 3.2.2. to submit the income and expenditure estimates of the Company, including budget forecasts, to the General Meeting for approval and to ensure their implementation; 3.2.3. to submit proposals to the General Meeting regarding the conclusion of a transaction exceeding 25 (twenty-five) percent of the value of the Company’s net assets (a transaction of special significance), as well as a transaction with a related party whose value constitutes 5 (five) percent or more of the Company’s assets based on the conclusion of an independent auditor; 3.2.4. to establish auxiliary committees on ethics, strategic planning, risk management, etc., to increase the efficiency of its activities, and to delegate a part of its powers to them; 3.2.5. to approve the financial planning of the Company in coordination with the General Meeting and ensure its implementation; 3.2.6. to approve the regulations of the departments, branches, and representative offices of the Company, as well as the charters of legal entities founded (participated) by it, in coordination with the General Meeting; 3.2.7. to submit proposals to the General Meeting regarding the establishment of departments, branches, and representative offices of the Company, as well as legal entities by the Company, and the appointment to and dismissal from office of members of their management bodies (heads); 3.2.8. to approve the structure, headcount limit, remuneration system and payroll fund, and staffing table of the Company, its departments, branches, and representative offices, as well as legal entities founded (participated) by it, with the consent of the General Meeting; 3.2.9. to submit documents related to the distribution of profit and loss of the Company, as well as annual reports and financial statements, to the General Meeting for approval; 3.2.10. to organize the internal audit unit of the Company and approve its regulations in coordination with the General Meeting, and appoint and dismiss its employees; 3.2.11. taking into account item 2 of this Order, to resolve other issues attributed to the powers of the Supervisory Board by the Civil Code of the Republic of Azerbaijan, other normative legal acts regulating relations in this area, and the Charter of the Company; 3.3. Current management of the activities of the Company shall be carried out by the Management Board consisting of 7 (seven) members – the chairman and his 6 (six) deputies.”
- Items 2 and 3 of the Order of the President of the Republic of Azerbaijan No. 213 dated January 10, 2014, “On the organization of activities of the ‘Azerbaijan Caspian Shipping’ Closed Joint-Stock Company” (Collection of Legislation of the Republic of Azerbaijan, 2014, No. 1, Article 26 (Volume I); Decree of the President of the Republic of Azerbaijan No. 675 dated May 26, 2026) shall be set out in the following wording: “2. The exercise of the powers of the general meeting of the Company shall be entrusted to: 2.1. The President of the Republic of Azerbaijan: 2.1.1. reorganization and liquidation of the Company; 2.1.2. establishment of the executive body of the Company; 2.1.3. appointment to and dismissal from office of the members of the Company’s Management Board; 2.2. The Azerbaijan Transport and Communication Holding (AZCON): 2.2.1. implementation of other matters referred to the exclusive competence of the supreme governing body in accordance with the Civil Code of the Republic of Azerbaijan, except for cases determined by the President of the Republic of Azerbaijan, in coordination with the President of the Republic of Azerbaijan; 2.2.2. exercise of other powers assigned to the General Meeting by normative legal acts of the Republic of Azerbaijan, as well as the Charter of the Company, except for those specified in item 2.1 and subitem 2.2.1 of this Order.
- It shall be established that: 3.1. A Supervisory Board consisting of 5 (five) members, including the chairman, is established in order to exercise general control and management over the activities of the Company; 3.2. The Supervisory Board of the Company shall exercise the following powers: 3.2.1. to submit proposals to the General Meeting regarding the development strategy of the Company and the action plan related to its implementation, as well as the determination of key performance indicators and the business plan; 3.2.2. to submit the income and expenditure estimates of the Company, including budget forecasts, to the General Meeting for approval and to ensure their implementation; 3.2.3. to submit proposals to the General Meeting regarding the conclusion of a transaction exceeding 25 (twenty-five) percent of the value of the Company’s net assets (a transaction of special significance), as well as a transaction with a related party whose value constitutes 5 (five) percent or more of the Company’s assets based on the conclusion of an independent auditor; 3.2.4. to establish auxiliary committees on ethics, strategic planning, risk management, etc., to increase the efficiency of its activities, and to delegate a part of its powers to them; 3.2.5. to approve the financial planning of the Company in coordination with the General Meeting and ensure its implementation; 3.2.6. to approve the regulations of the departments, branches, and representative offices of the Company, as well as the charters of legal entities founded (participated) by it, in coordination with the General Meeting; 3.2.7. to submit proposals to the General Meeting regarding the establishment of departments, branches, and representative offices of the Company, as well as legal entities by the Company, and the appointment to and dismissal from office of members of their management bodies (heads); 3.2.8. to approve the structure, headcount limit, remuneration system and payroll fund, and staffing table of the Company, its departments, branches, and representative offices, as well as legal entities founded (participated) by it, with the consent of the General Meeting; 3.2.9. to submit documents related to the distribution of profit and loss of the Company, as well as annual reports and financial statements, to the General Meeting for approval; 3.2.10. to organize the internal audit unit of the Company and approve its regulations in coordination with the General Meeting, and appoint and dismiss its employees; 3.2.11. taking into account item 2 of this Order, to resolve other issues attributed to the powers of the Supervisory Board by the Civil Code of the Republic of Azerbaijan, other normative legal acts regulating relations in this area, and the Charter of the Company; 3.3. Current management of the activities of the Company shall be carried out by the Management Board consisting of 7 (seven) members – the chairman and his 6 (six) deputies.”
- The following amendments shall be made to the “Socio-Economic Development Strategy of the Republic of Azerbaijan for 2022–2026” approved by the Order of the President of the Republic of Azerbaijan No. 3378 dated July 22, 2022 (Collection of Legislation of the Republic of Azerbaijan, 2022, No. 7, Article 790 (Volume I); 2024, No. 4, Article 393, No. 5 (Book I), Article 529, No. 6 (Book I), Articles 647, 654, No. 12 (II Book), Article 1359; 2025, No. 8, Article 749, No. 11, Article 1018; 2026, No. 1, Article 24; Decree of the President of the Republic of Azerbaijan No. 723 dated July 15, 2026): 5.1. In the second sentence of the fourth paragraph of item 3.1, the words “and of the Azerbaijan Investment Holding” shall be followed by the words “and of the Azerbaijan Transport and Communication Holding (AZCON)”; 5.2. Under section “7. Action Plan”: 5.2.1. In the column “Main executive body (institution)”, the words “, in accordance with the direction of activity” shall be added after the word “(institution)”; 5.2.2. In the column “Main executive body (institution), in accordance with the direction of activity” of the 4th paragraph of subitem 3.1.9, the acronym “, AZCON” shall be added after the acronym “AIH”, and in the column “intermediate results” of the same paragraph, the words “and of AZCON” shall be added after the words “of AIH”.
Ilham Aliyev
President of the Republic of Azerbaijan
City of Baku, August 6, 2026
