OECD Review of the Corporate Governance of Azerbaijan Investment Holding and its State‑Owned Enterprises

Annex B. Board composition

Table A B.1. Board composition of AIH portfolio companies

Full title of entity	Legal form	Board Type	Boards' structure and composition	Committees
SOCAR	Legal form is not noted	Two-tier board	Supervisory board: Mikayil Jabbarov – Chair, Minister of Economy Anar Akhundov – Member, Adviser to the Minister of Economy Azer Bayramov – Member, Deputy Minister of Finance Emin Huseynov – Member, Special Representative of the President of the Karabakh economic region Elnur Soltanov – Member, Deputy Minister of Energy of Azerbaijan Israfil Mammadov – Member, CEO of SOFAZ Ruslan Alikhanov – Member, CEO of AIH Management board: Rovshan Najaf – President, SOCAR Anar Mammadov – Vice President Arzu Javadova – Vice President Babak Huseynov – Vice President Elshad Nasirov – Vice President Afgan Isayev – Vice President Fuad Musayev – Vice President Ismayil Zargarli – Vice President Kanan Najafov – Vice President Zaur Gurbanov – Vice President Ziba Mustafayeva – Vice President	Audit Committee Appointment and Renumeration Committee Strategy and Investment Committee
AzerGold	CJSC	Two-tier board	Supervisory board: Matin Eynullayev – Chair, Chair of the Executive Board of AIH, Head of the State Service on Property Issues Samad Bashirli – Member, Head of the Industry Department of the Ministry of Economy Faig Mutallimov – Member, Head of the Department of Environmental Policy of the Office of the Ministry of Ecology and Natural Resources Vugar Majidli – Member, Head of the Financing of Economic Domains Department of the Office of the Ministry of Finance of Azerbaijan Rashad Ismayilov – Member, Head of Mining and Energy Division of Asset Management Department of AIH Management board: Zakir Ibrahimov – Chair of the management board Ogtay Mammadov – Member of the management board – Deputy chair Khayyam Farzaliyev – Member of the management board – Deputy chair	Audit Committee Appointment and Renumeration Committee Strategy and Investment Committee
Azerbaijan Airlines	CJSC	Two-tier board	Supervisory board: Rashad Nabiyev – Chair, Minister of Digital Development and Transport Elnur Aliyev – Member, Deputy Minister of Economy Khalid Ahadov – Member, Assistant to the President Ruslan Alikhanov – Member, Executive Director of AIH Fikrat Shirinov – Member, Head of the Tax Policy and Revenue Department of the Office of the Ministry of Finance Rahman Hummatov – Member, Deputy Minister of Digital Development and Transport Anar Novruzov – Member, Deputy Chief Executive Director of AIH Management board: Samir Rzayev - Acting President Ilham Amirov - Vice-President Sabir Ilyasov - First Vice-President Fardil Mammadov - Vice-President	Audit Committee Appointment and Renumeration Committee Strategy and Investment Committee
Azerbaijan Railways	CJSC	Two-tier board	Supervisory board: Rashad Nabiyev – Chair, Minister of Digital Development and Transport of Azerbaijan Emin Huseynov – Member, Special Representative of the President Azer Mursagulov – Member, Director of the Agency for Management of Public Debt and Financial Obligations under the Ministry of Finance Ruslan Alikhanov – Member, Executive Director of AIH Jafar Babayev – Member, Deputy Head of the State Service for Anti-Monopoly Policy and Consumer Market Control under the Ministry of Economy. Management board: Rovshan Rustamov – Chair Alirza Suleymanov – First deputy chair Zaman Novruzov – Deputy chair Vusal Aslanov – Deputy chair Igbal Huseynov – Deputy chair	Audit Committee Appointment and Renumeration Committee Strategy and Investment Committee
Azerbaijan Caspian Shipping	CJSC	Two-tier board	Supervisory board: Samir Sharifov – Chair, Minister of Finance Matin Eynullayev – Member, Chair of the management board of Azerbaijan Investment Holding, Head of the State Service on Property Issues under the Ministry of Economy of Azerbaijan Khayyam Mammadov – Member, Deputy Chief Executive Officer of Azerbaijan Investment Holding. Rahman Hummatov – Member, Deputy Minister of Transport, Communications and High Technologies of Azerbaijan Vuqar Majidli – Member, Head of the Department of Finance for Economic Sectors under the Ministry of Finance. Management board: Rauf Veliyev – Chair Mubariz Jabbarov – First deputy chair Jalal Farajli – Deputy chair Nazraddin Ahmadzada – Deputy chair Jabrayil Mahmudlu – Deputy chair Zaur Naghiyev – Deputy chair Tariel Mirzayev – Deputy chair	Audit Committee Appointment and Renumeration Committee Strategy and Investment Committee
Baku International Sea Trade Port	CJSC	Two-tier board	Supervisory board: Khalid Ahadov – Chair, Assistant to President of Azerbaijan Khayyam Mammadov – Member, Deputy Chief Executive Officer of AIH Rahman Hummatov – Member, Deputy Minister of Digital Development and Transport Ministry of Azerbaijan Management board: Taleh Ziyadov – General Director Sohrab Ismayilov – Deputy Director Seah Ewe Jın Eugene – Chief Operating Officer	Audit Committee Renumeration Committee Strategy Committee
Baku Metro	CJSC	Two-tier board	Supervisory board: Rashad Nabiyev – Chair, Minister of Digital Development and Transport Mammad Abbasbayli – Member, Head of the State Service for Anti-Monopoly Regulation and Consumer Market Control under the Ministry of Economy Samir Məmmədov – Member, Deputy Minister of Digital Development and Transport of Azerbaijan Vuqar Majidli – Member, Head of the Financing of Economic Domains Department of the Office of the Ministry of Finance of Azerbaijan Günel Cavadova – Member, Head of the Department of Legal Support and Coordination with State Structures at AIH Management board: Zaur Huseynov – Chair Hidayat Mammadov – Deputy chair Azad Mustafayev – Chief operating engineer	Audit Committee Appointment and Renumeration Committee Strategy and Investment Committee
Baku Bus	LLC	Two-tier board	Supervisory board: Rahman Hummatov – Chair, Deputy Minister of Transport, Communications and High Technologies of Azerbaijan Shahin Babayev – Member, Head of the Financial Department of the Office of the Ministry of Digital Development and Transport Günel Nabiyeva – Member, Head of the Department of Legal Support and Coordination with State Structures at AIH Management board: No information	Audit Committee Appointment and Renumeration Committee Strategy and Investment Committee
International Bank of Azerbaijan	OJSS	Two-tier board	Supervisory board: Shahmar Movsumov – Chair, Head of the Department of Economic Issues and Innovative Development Policy of the Presidential Administration of Azerbaijan Emin Huseynov – Member, Special Representative of the President of the Karabakh economic region Khalid Ahadov, Member, Assistant to the First Vice President of Azerbaijan Matin Eynullayev – Member, Chair of the Executive Board of AIH, Head of the State Service on Property Issues under the Ministry of Economy of Azerbaijan Fakhri Ismayilov – Member, Assistant to the Prime Minister of Azerbaijan Management board: Abbas Ibrahimov – Chair Ilham Habibullayev – First deputy chair Elmir Habibullayev – Deputy chair Agshin Amirov – Deputy chair, Chief Risk Officer Nabi Aliyev – Deputy chair, Chief Financial Officer Vasif Ahmadov – Deputy Chair Taleh Tahirli – Deputy chair, Chief Transformation Officer	Audit Committee Appointment and Renumeration Committee Strategy and Investments Committee Risk Management Committee Assets and Liabilities Management Committee Credit Committee Information Technology Committee
Azersigorta	OJSS (in the process of liquidation)	Two-tier board	Supervisory board: Azer Bayramov – Chair, Deputy Minister of Finance Khayyam Mammadov – Member, Deputy Chief Executive Officer of AIH Gunduz Aliyev – Member, Deputy Head of the Financial Services Policy Department of the Ministry of Finance Management board: Farhad Adigozalov – Chair Kamran Ulukhanov – Advisor to the Chair Lala Abdullayeva – Advisor to the Chair Jeyhun Gurbanli – Advisor to the Chair Afruz Humbatova – Member Nail Asgarli – Member	Audit Committee
Azer-Turk Bank	OJSC	Two-tier board	Supervisory board: Ruslan Alikhanov – Chair, CEO of AIH Gunel Nabiyeva – Member, Head of the Department of Legal Support and Coordination with State Structures at AIH Parvin Manafov - Member, Head of Department of the State Debt and Financial Liabilities Management Agency under the Ministry of Finance Management board: Orkhan Huseynov – Chair Islam Musayev – First Deputy Chair Orkhan Gadirbay – Deputy Chair Emil Alakbarov – Managing Director Araz Ganjali – Managing Director	Audit Committee Corporate Governance Committee Strategy and Investments Committee Risk Management Committee Assets and Liabilities Management Committee Credit Committee Information Technology Committee
Tamiz Shahar	OJSC	Two-tier board	Supervisory board: Mukhtar Babayev – Chair, Minister of Ecology and Natural Resources of Azerbaijan Samad Bashirli – Advisor to the Minister of Economy Anar Novruzov – Deputy CEO of AIH Management board: Etibar Abbasov – Chair Sabit Zeyniyev – Deputy Chair	Audit Committee Appointment and Renumeration Committee Strategy and Investment Committee

Source: Assessment team research of company websites.