General information

SOFAZ is accountable and bears responsibility before the President of the Republic of Azerbaijan.

The Supervisory Board oversees SOFAZ's activities. The Board reviews SOFAZ's draft annual budget, annual report, and financial statements along with independent auditor's opinion and provides its comments. The Supervisory Board consists of representatives of executive and legislative powers, including ministers and members of the Parliament. The Supervisory Board's new composition – consisting of seven members – was approved by the President of the Republic of Azerbaijan Ilham Aliyev on December 9, 2019.

The Executive Director manages the activities of SOFAZ. The Executive Director is appointed and dismissed by the President of the Republic of Azerbaijan.

SOFAZ's Executive Director has the following authority:

• Representing the Fund
• Carrying out operational management of the activities
• Appointing and dismissing employees according to the legislation
• Ensuring the management and investment of the Fund's assets under the Guidelines approved by the President of the Republic of Azerbaijan.

The Deputy CEO is appointed and dismissed by the President of the Republic of Azerbaijan and accomplishes tasks assigned by the Executive Director and bears personal responsibility.

SOFAZ implements its budget execution according to the Fund's annual budget (commented by the Supervisory Board and approved by respective Ordinances of the President of the Republic of Azerbaijan), the Program on the main utilization directions of the Fund's assets and annual expenditure estimates.

SOFAZ manages its assets under the "Asset Management Rules (Guidelines) for the State Oil Fund of the Republic of Azerbaijan".