oil fund


Rules of Ethical Conduct for Employees of the State Oil Fund of the Republic of Azerbaijan

Rules of Ethical Conduct for Employees of the State Oil Fund of the Republic of Azerbaijan

Approved by Order No. 16 of the
Executive Director of the State Oil Fund of the
Republic of Azerbaijan dated December 29, 2013.

1. General Provisions

1.1. These Rules determine Code of Ethical Conduct and relations with respect to compliance with them by the employees (hereinafter referred to substitute "employee" or "worker"), corporate values and requirements of the State Oil Fund of the Republic of Azerbaijan (hereinafter referred to as the "Fund").

1.2. These Rules shall apply to all employees of the Fund.

1.3. The employees obliged to follow Code of Ethical Conduct. Each employee should set an example to other Fund employees, demonstrating corporate values and ethical standards in their activities.

1.4. Failure to comply with instructions provided in this document shall be considered as violation of labor discipline and is subject to disciplinary measures envisaged by law.

1.5. Control over compliance with these Rules shall be implemented by the Executive Director on the basis of subordination, and by heads of departments in the on-duty order.

1.6. If any complaint or other information received from legal entities or individuals regarding failure to comply with these rules allowing conflict of interests by the Fund employees, as well as the in the event of publication of such information through mass media, complaint or other information in respect of that employee shall bear responsibility.

1.7. Each employee shall be familiarized with the Rules by the Human Resources Department of the Fund.

2. Work Environment and Conditions

2.1.Discrimination. Fund does not permit at the workplace any act of discrimination against employees on grounds of their national origin, race, religion, sex, family and social status, disability or veteran status, age and for other reasons by the Constitution of the Republic of Azerbaijan. All employees should cooperate in the implantation of this policy and creating a work environment free from discrimination.

2.2. Cases of abuse. All employees within the Fund must adhere to the speech culture, not practice offensive and menacing expressions in the work process with employees, avoid decisions and actions (inaction) that might damage the reputation of the human honor, dignity and business reputation of people, including business reputation of the legal entities; not prevent other employees from implementing their official activities, respect their opinions.

2.3. Sexual harassment. All physical actions within the Fund deemed sexual pressure, sexual harassment are strictly prohibited.

2.4. Alcoholic beverages and drugs. Fund supports a work environment that is free of smoking, alcohol and drug usage. Using by any employee of alcoholic beverages or prohibited drugs undermines his or her ability to work safely and effectively. In this connection, smoking, alcohol consumption, using or retaining prohibited drugs and substances that require special control in the office rooms, corridors, meeting rooms, waiting room, kitchen, including lift, also coming to the Fund while intoxicated or under influence of prohibited substances are strictly prohibited.

2.5. Health and safety.Fund constantly strives to improve health and safety conditions at the workplace for its employees, while pursuing to create for them physical and psychosocial work environment ensuring stable and healthy lifestyles, as well as the success of the business process. Occupational health is one of the most important factors for employees to provide higher productivity in the work.

2.6. Breaches of rules in the workplace. Theft or unauthorized use of information, cash, property belonging to the Fund, in particular theft or unauthorized use of cash or property owned by employees is forbidden. It is unacceptable to improve outcome of the validation using without permission the information pertaining to employees and use thereof for such other personal purposes, misuse the Fund’s name and logo for personal purposes and act against it. Engaging in activities damaging the working environment, using the Fund’s resources and working hours for the personal purposes is prohibited.

2.7. High level of expertise. Fund encourages and requires its employees to continually develop their knowledge and skills and follow updates on matters relating to official duties, to have the best outlook on life. Employee of the Fund should carefully, accurately and professionally fulfill its official duties while being impartial, objective, and responsible, avoiding during working hours actions causing violation of the operating mode without good reasons.

2.8. Notification of complaints.Notification by employees of breaches of regulations and official duties is very important. Breaches must be reported to the head of relevant structure or the Director of Human Resources Department.

3. Conflict of interest

3.1. Employees of the Fund should not allow personal interests get ahead in decision-making for the benefit of the Fund.

3.2. Employees of the Fund shall not use their official position for unlawful personal interests.

3.3. In case of a possible conflict between service duties and personal interests of the Fund employees, when hired, as well as in the future, they shall be obliged to give information about the nature of that interest to their direct or senior manager.

3.4. Close relatives of the Fund senior staff shall not hold any office under their direct supervision. Those who violate the requirements of this paragraph shall remove the violation on a voluntary basis within 30 days after the violation has been established, be transferred to another job which excludes subordination, should it be impossible one of them shall be dismissed.

3.5. Use of Fund-owned property, funds, communications, computers, and other communication systems, vehicles and other logistics by the Fund employee, to which he/she has access, for the sake of his/her personal interests, as well for other purposes not related to the performance of official duties is prohibited.

4. Work rules with confidential information

4.1. All oral, written or electronic information established or used to support the activities of the Fund are considered to be personal data of the Fund. This information is the property of the Fund and therefore should be stored confidentially, in proper and reliable manner, and protected from being incidentally or deliberately disclosed, amended or destroyed.

4.2. The Fund employee should not use the information he/she obtained during performance of his/her official duties for the personal interests and prevent fund documents which he/she works with from getting into the hands of the Fund outsiders.

4.3. Except as provided in the legislation, the Fund employees should ensure the confidentiality of the information about the performance of their official duties, and the Fund staff's personal life, honor and dignity that was known to them.

5. Prevention of corruption

5.1. Accepting or giving money or bribe of any form in any transaction or operation is forbidden to maintain high corporate governance standards in the Fund, as well as actions (inaction) aimed to achieve discounts and decision-making; threatening, promoting or rewarding other employees or persons for any of their actions for their own goals and interests, finding ways contrary to the established rules to obtain privileges, enabling outside intermediaries to interfere in this issue is prohibited. When offering or promising to the Fund employee illegal material, non-material welfare (including gifts), privileges or benefits (except the cases of normal hospitality), the Fund employee shall refuse them. Otherwise, he/she shall inform his\her immediate supervisor.

5.2. The Fund employee shall not solicit (accept), for himself/herself or for other persons, gifts which may have influence on impartial performance of his/her official duties, or given by third parties as a reward for the performance of his duties. This rule does not apply to cases such as hospitality or presenting gifts with the value not exceeding the amount specified in the law "On Combating Corruption". Gifts in excess of the amount specified in the law shall be considered as belonging to the Fund (Appendix № 1).

5.3. If the Fund employee hesitates to decide whether to accept the gift or use simple hospitality, he/she must seek guidance from her direct supervisor.

6. Corporate values

6.1. Cultural behavior. The Fund employee must be courteous, kind, attentive and patient with respect to all persons, including his/her direct or senior supervisor, those holding positions of the same level or subordinates, and must follow subordination.

6.2. Team Spirit. The Fund employee shall be able to work in a team, initiative and be open to new ideas, help and share his/her experience with the other members of the team, especially the young and new staff.

6.3. Hospitality.The Fund employees should share his/her relevant information with the guests visiting the Fund, familiarize them with the necessary Fund instructions and ensure that necessary support is provided during their being in the Fund.

6.4. Clothing style. The Fund employees must wear clothes in accordance with the Fund Clothing Instructions.

6.5. Responsibility obligation. The Fund employee is obliged to take measures to remove consequences of breach of these Rules by him, as well as to restore the public confidence.

7. Social and Political Activities

7.1. Religious or political activity of the Fund employee, or his/her religious or political unity affiliation should not cause a public suspicion that he/she carries out his/her official duties impartially and objectively.

7.2. The Fund employee shall not involve other employees of the Fund in the activities of the political associations and religious organizations using his/her official position.

7.3. The Fund employee is prohibited to create structural divisions of political associations (except for trade unions), religious organizations within the Fund, or assist in creating mentioned structural divisions in those organizations.

7.4. The Fund employee shall avoid critical public considerations, speeches and public assessment of activities (with the exception of illegal activities) of the Fund and its leaders, where it is not relevant to his/her official duties. This rule does not apply to the employee's speeches or scientific publications related to his/her scientific and educational activities.

7.5. The Fund employee should avoid actions that may be prejudicial to his name, as well as damage the reputation of the Fund.

8. Fulfillment of orders and assignments

8.1. The Fund employee is obliged to perform written order, directive and verbal instructions of his/her direct or senior manager made in accordance with the law and within their competence.

8.2. If the Fund employee is sure that orders and assignments are inconsistent with the normative legal acts, he/she must submit a written justification thereof to his/her direct or senior supervisor. The employee shall require his/her direct or senior supervisor to have this order, directive or assignment approved in written. If the Fund employee, notwithstanding receiving an order, directive or assignment approved in written, believes that they are still are inconsistent with the law or other normative legal acts, he/she may refuse to carry out that task, subject to legally justifying his/her action.

8.3. Failure to comply with lawful instructions is deemed a breach of labor discipline and subject to disciplinary measures envisaged by law.

9. Environment

9.1. The Fund approaches to protection of the environment very seriously and regularly performs this approach and its related principles in its activities. Goals and objectives of the Fund are carried out in such a way that working conditions of the Fund's employees be safe and healthy, and the potential impact on the environment at a minimum. The Fund is based on the relevant Azerbaijan legislation and the international best practice.

9.2. Therefore, the Fund requires from its employees the following behavior:

  • to perform the job duties thinking of the environment;
  • reduce waste by using recycled materials;
  • to ensure the efficient use of resources and materials (water, electricity, office supplies, etc.);
  • to use resources affecting the environmental degradation as little as possible.


Appendix № 1. Extract from the Law of the Republic of Azerbaijan on Combating Corruption

Article 8. Restrictions on acceptance of gifts

8.2 Public official may not accept one or more gifts from any natural or legal person within a year with the total amount of fifty-five (55) AZN or above, in connection with the performance of his/her official duties. Gifts above this amount shall be considered to belong to the state body, official duties of which are performed by that person, or to the municipal bodies.