BAKU, Azerbaijan, May 7. The Baku metro network
has been reorganized through the merger of BakuBus LLC and Baku
Taxi, Trend
reports.


President of the Republic of Azerbaijan Ilham Aliyev signed the
relevant decree.


The Metro is a commercial entity operating in the field of
public passenger transportation (subway, buses, trams, taxis),
aimed at providing services, improving their quality and safety,
implementing innovative and digital solutions in transportation
management and fare collection, as well as designing and
constructing new transportation infrastructure facilities in this
sector (bus terminals and stations for road transport, terminals
and other facilities, as well as technical services and stations
for servicing taxis and buses), strengthening and modernizing the
material and technical base, and ensuring the mutual integration
and centralized management of services for various modes of
transport (subway, buses, trams, taxis).


The company is the legal successor to “BakuBus” and “Baku Taxi
Service”; all of their rights, obligations, and assets are
transferred to it.


To exercise general management and oversight of the company’s
activities, a Supervisory Board consisting of five members,
including a chairperson, is established.


The day-to-day management of the company’s activities is carried
out by a Board of Directors consisting of five memberб the chairman
and four vice-chairmen.


The powers of the company’s general meeting are delegated
to:


The President:


- Reorganization and liquidation of the company;


- Establishment of the company’s executive body;


- Appointment and removal of members of the company’s Board of
Directors;


Azerbaijan Transport and Communications Holding (AZCON):


- Implementation of other issues falling within the exclusive
authority of the supreme governing body in accordance with the
Civil Code, except in cases determined by the President in
consultation with the Head of State;


- Exercise of other powers granted to the General Meeting by
laws and regulations, as well as by the Company’s Articles of
Association.


The Company’s Supervisory Board exercises the following
powers:


- Submitting proposals to the general meeting regarding the
Company’s development strategy and the action plan for its
implementation, as well as regarding the determination of key
performance indicators and the business plan;


- Submitting the Company’s revenue and expense forecasts,
including budget forecasts, to the general meeting for approval and
ensuring their fulfillment;


- Submitting proposals to the General Meeting regarding the
conclusion of a transaction (a transaction of special significance)
exceeding 25 (twenty-five) percent of the value of the Company’s
net assets, as well as a transaction with a related party whose
value, according to the conclusion of an independent auditor,
amounts to 5% or more of the Company’s assets;


- Establish subcommittees on ethics, strategic planning, risk
management, and other areas to enhance operational efficiency and
delegate some of its powers to them;

- In consultation with the General Meeting, approve the Company’s
financial plan and ensure its implementation;

- In consultation with the General Meeting, approve the charters of
the Company’s management bodies, branches, and representative
offices, as well as the charters of legal entities in which the
Company is a founder (participant);

- Submit proposals to the General Meeting regarding the appointment
and dismissal of members (heads) of the management bodies of the
Company’s branches and representative offices, as well as of legal
entities established by the Company;

- To approve, with the consent of the General Meeting, the
organizational structure, staffing levels, compensation system, and
compensation fund, as well as the staffing table of the Company,
its departments, branches, and representative offices, and of legal
entities in which it is a founder (participant).


- Submit for approval by the general meeting documents related
to the distribution of the company’s profits and losses, as well as
annual reports and financial statements;


- Establish the company’s internal audit department and approve
its regulations in consultation with the general meeting, as well
as appoint and dismiss its employees;


- Resolve other matters assigned to the supervisory board’s
jurisdiction by the Civil Code, other regulatory legal acts
governing relations in this sphere, and the company’s articles of
association.


The Cabinet of Ministers should resolve issues arising from this
Decree.


ASCON must approve the company’s new charter and structure in
consultation with the President within three months and take the
necessary measures to resolve other issues arising from this
decree.