Supervisory Board

SOFAZ's activities in the field of assets accumulation and spending are overseen by a Supervisory Board. The Board is to review Fund's draft annual budget, annual report and financial statements along with auditor's opinion and provide its comments. Members of the Supervisory Board are appointed by the President of Azerbaijan and shall represent both state bodies and civil society.

In accordance with the Presidential Decree No. 73 dated November 27, 2008 7 members of the Supervisory Board were appointed. 

Members of the Supervisory Board

Management: Executive Director

SOFAZ's management is vested with the Executive Director, appointed by and accountable to the President of the Republic of Azerbaijan. SOFAZ's Executive Director as a chief executive officer is vested with the powers to be a legal representative of the Fund, organize and conduct business of the Fund including appointment and dismissal of employees, management and disbursement of the assets of the Fund in conformity with the rules and regulations approved by the President of Azerbaijan. Executive Director is responsible for the preparation of the annual budget of SOFAZ, incorporating an annual program of Fund's assets utilization, and its submission for the approval of the President of AzerbaijanThe Executive Director of SOFAZ is Mr. Shahmar Movsumov appointed by the Decree of the President of the Republic of Azerbaijan dated on May 15, 2006.

Shahmar Arif oglu Movsumov