Azerbaijan Investment Holding to supervise International Bank of Azerbaijan - presidential decree [UPDATE]
![Azerbaijan Investment Holding to supervise International Bank of Azerbaijan - presidential decree [UPDATE]](https://www.azernews.az/media/2021/09/22/international_bank_building_220921_1.jpg)
President of Azerbaijan Ilham Aliyev signed a decree on transferring the International Bank of Azerbaijan OJSC to the management of the Azerbaijan Investment Holding.
According to the decree, the right to participate on behalf of the state in resolving issues related to the powers of the general meeting to the extent allowed by the state-owned shares in the authorized capital of the bank was entrusted to the president and the investment holding through agreement with the president.
The right to participate in the sale, reorganization, and liquidation of the bank was entrusted to the president, and in resolving the following issues – to the holding:
- Appointment of the head and members of the Supervisory Board of the bank and the premature termination of their powers;
- Appointment of the head of the bank's executive body and premature termination of his/her powers;
- Making a decision, based on the conclusion of an independent auditor, on signing a transaction with a relevant person for an amount of 5 percent or more of the assets of the credit institution;
- Making decisions on increasing and decreasing the authorized capital of the bank, determining the terms and conditions for issuing shares, as well as granting permission to acquire an important share of participation;
- Approval of annual financial statements approved by the non-bank auditor and recommended by the Audit Committee, as well as making a decision on the creation of reserves through net profit and payment of dividends;
- Approval and amendment of the bank's charter;
- Creation of the bank subsidiaries and termination of their activities, making decisions on the acquisition of another bank;
- Solving other issues attributed to the powers of the general meeting by the Civil Code, the Law "On Banks" and the charter of the bank taking into account the clauses of this decree.
The decree also prescribed to establish that the general management and control over the activities of the bank is carried out by the Supervisory Board consisting of five members, including the chairman.
The Cabinet was instructed to resolve issues arising from the decree.
Besides, Azerbaijan Investment Holding was instructed to take the necessary measures to resolve the issues arising from the decree.
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