16. The governance framework and objectives, as well as the manner in which the SWF’s management is operationally independent from the owner, should be publicly disclosed.
SOFAZ’s governance framework, objectives and its operational independence are clearly defined in the relevant legislation.
Furthermore, information on governance framework , objectives and operational independence is publicly available on SOFAZ’s website ( the Fund section of SOFAZ’s website).
SOFAZ's activity is directed to the achievement of the following objectives:
Preserving macroeconomic stability, decreasing dependence on oil revenues and stimulating development of the non-oil sector
Ensuring inter-generational equality with regard to the country's oil wealth and accumulate and preserve oil revenues for future generations
Financing major national scale projects to support socio-economic progress
Except for rights and responsibilities assigned by Presidential Decrees and by the Statute of SOFAZ, the Fund:
- does not have any rights, responsibilities and does not bear any commitments to the Government of the Republic of Azerbaijan, other government bodies, including ministries, state committees, public institutions, enterprises and organizations and financial institutions, as well as to any social funds, public and other non- governmental organizations under jurisdiction of the Republic of Azerbaijan or any other country,
- does not bear any responsibility for commitments or guarantees of the Government of the Republic of Azerbaijan, other government bodies, public enterprises, institutions and organizations.
For further information:
For the governance framework and operational independence of SOFAZ see: