Discussed at the meeting were the annual report on the activities of the Fund as of 2006, the results of the audit of financial performance, and upcoming changes in the 2007 budget. Following the corresponding presentation of the 2006 annual report and the results of independent audit, which was carried out by Ernst & Young, by the executive director of the State Oil Fund, the Supervisory Board considered each of the documents acceptable and voted in favour of submitting the third paper – draft form of the execution of the 2006 budget – for consideration to the president of the country.

Meanwhile, accepting amendments to the 2007 budget of the Fund, the Board decided to submit the corresponding changes for approval to the president. Besides that, Mr Artur Rasizada was re-elected to the post of the chairman of the Supervisory Board.