The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is accountable and bears responsibility before the President of the Republic of Azerbaijan.
SOFAZ's activities are overseen by a Supervisory Board. The Board reviews the Fund's draft annual budget, annual report and financial statements along with independent auditor's opinion and provides its comments.
The Supervisory Board consists of representatives of both executive and legislative powers, including government ministers and members of the Parliament. Seven members of the Supervisory Board were appointed in accordance with Presidential Ordinance № 73 dated November 27, 2008.
SOFAZ is headed by the Executive Director, who is appointed and dismissed by the President of the Republic of Azerbaijan. The Fund's Executive Director represents the Fund, carries out operational management of the Fund's activities, appoints and dismisses employees of the Fund in a manner as determined by the legislation, ensures the management and investment of the Fund’s assets in accordance with the Guidelines approved by the President of the Republic of Azerbaijan. SOFAZ’s Executive Director prepares an annual program on the utilization of SOFAZ’s assets and presents it to the President of the Republic of Azerbaijan for approval.
Execution of SOFAZ’s budget is implemented on the basis of comments provided by the Supervisory Board in accordance with SOFAZ’s budget approved by the proper Ordinances of the President of the Republic of Azerbaijan.
SOFAZ assets are managed in accordance with asset management guidelines (AMG) approved by the Presidential Decree on "Asset Management Rules (Guidelines) for the State Oil Fund of the Republic of Azerbaijan" № 511 dated June 19, 2001.