Ilham Aliyev, the President of the Republic of Azerbaijan signed an Ordinance on May 16, 2007 approving the new composition of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ). According to the Ordinance the following people were approved as the Supervisory Board members: Artur Rasizadeh, Prime Minister, Valeh Aleskerov, Vice-speaker of Milli Majlis (MM-Azerbaijan Parliament), Vahid Akhundov, State Councilor on Economic Policy, Samir Sharifov, Minister of Finance, Heydar Babayev, Economic Minister, Elman Rustamov, Chairman of the Board of the National Bank, Azer Amiraslanov, Vice-Chairman of the MM Permanent Commission on Economic Policy, Gunduz Mammadov, Chairman of the State Securities Committee under the President, Mahmud Karimov, President of the National Academy of Sciences.

The Ordinance also envisages the previous Ordinance on approval of the SOFAZ Supervisory Board signed by the President December 27, 2001 to lose its force.