A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on June 30, 2011. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the Fund's annual report and audited financial statements for the year of 2010, a report on execution of the 2010 budget, as well as the amendments to be made to the 2011 budget of the Fund.

The Supervisory Board approved the SOFAZ's 2010 annual report and Auditor's (Ernst & Young) Report as submitted by the Executive Director of the Fund. While endorsing the Oil Fund's 2010 budget execution and amendments to the Fund's 2011 budget the Supervisory Board recommended both documents for the approval by the President of the Republic of Azerbaijan.

Prime Minister Artur Rasi-zadeh was re-elected as the Supervisory Board's Chairman-in-office for the year of 2011.