Education is an important sphere of life, activity of every state, country, society. Society cannot develop without education.
Heydar Aliyev
The Fund applies progressive standards of corporate governance in its activity and management.
The Governing Bodies of the Fund are the Board of Trustees and the Chairman of the Board.
The Board of Trustees (hereinafter referred to as the Board) is responsible for the general management and control of the activities of the Fund.
The Board members are the Ministry of Education of the Azerbaijan Republic (2 persons), the Ministry of Finance of the Azerbaijan Republic (1 person), the Ministry of Labour and Social Protection of the Azerbaijan Republic (1 person), the Ministry of Economy of the Azerbaijan Republic (1 person), the Central Bank of the Azerbaijan Republic (1 person) and the Azerbaijan Trade Unions Confederation has 7 (seven) members consisting of representatives of the Republican Committee of the Free Trade Union of Educators (1 student).
The Board of Trustees accomplishes the following tasks :
1. Determines the strategic goals and plans, development directions of the Fund;
2. In agreement with the Cabinet of Ministers of the Republic of Azerbaijan, taking into account the annual interest rates for standard and social education student loans, as well as the amount of annual tuition fees for students on a fee-based basis for individual specialties approved for each academic year. approves the upper limit of the amount;
3. For the first semester (half-year) of the first academic year, approves the minimum threshold of the total score collected in the student entrance exam, which determines the right of students to receive a standard education student loan;
4. Determines the list of documents to be submitted to the Fund by the authorized bank regarding the financing of the education student loan;
5. Submits proposals to the Ministry regarding the determination of the structure of the fund, the number of employees and salaries;
6. Appoints the external auditor of the Fund;
7. Examines the results of internal and external auditor audits and takes measures related to the results of these audits;
8. Makes a decision on concluding a contract with the relevant person;
9. Submits proposals to the Ministry about the fund's budget and cost estimates;
10. Listens to the quarterly report on the status of implementation of the issues attributed to the powers of the Board of Directors in connection with the current activity of the Fund;
11. Approves the fund's annual report, as well as financial statements, together with the external auditor's opinion;
12. Controls the spending of the funds of the Fund according to its purpose;
13. Submits proposals to the Ministry about the areas whose support is considered a priority in accordance with the purpose of the activity;
14. Considers the appeals of the members of the Council and the Management Board and makes decisions;
15. Makes proposals to the Ministry regarding the improvement of the Fund's activities;
16. Resolves other issues determined by this Charter related to the current activity of the Fund.
The Fund applies progressive standards of corporate governance in its activity and management.
The Governing Bodies of the Fund are the Board of Trustees and the Chairman of the Board.
The Board of Trustees (hereinafter referred to as the Board) is responsible for the general management and control of the activities of the Fund.
The Board members are the Ministry of Education of the Azerbaijan Republic (2 persons), the Ministry of Finance of the Azerbaijan Republic (1 person), the Ministry of Labour and Social Protection of the Azerbaijan Republic (1 person), the Ministry of Economy of the Azerbaijan Republic (1 person), the Central Bank of the Azerbaijan Republic (1 person) and the Azerbaijan Trade Unions Confederation has 7 (seven) members consisting of representatives of the Republican Committee of the Free Trade Union of Educators (1 student).
The Board of Trustees accomplishes the following tasks :
1. Determines the strategic goals and plans, development directions of the Fund;
2. In agreement with the Cabinet of Ministers of the Republic of Azerbaijan, taking into account the annual interest rates for standard and social education student loans, as well as the amount of annual tuition fees for students on a fee-based basis for individual specialties approved for each academic year. approves the upper limit of the amount;
3. For the first semester (half-year) of the first academic year, approves the minimum threshold of the total score collected in the student entrance exam, which determines the right of students to receive a standard education student loan;
4. Determines the list of documents to be submitted to the Fund by the authorized bank regarding the financing of the education student loan;
5. Submits proposals to the Ministry regarding the determination of the structure of the fund, the number of employees and salaries;
6. Appoints the external auditor of the Fund;
7. Examines the results of internal and external auditor audits and takes measures related to the results of these audits;
8. Makes a decision on concluding a contract with the relevant person;
9. Submits proposals to the Ministry about the fund's budget and cost estimates;
10. Listens to the quarterly report on the status of implementation of the issues attributed to the powers of the Board of Directors in connection with the current activity of the Fund;
11. Approves the fund's annual report, as well as financial statements, together with the external auditor's opinion;
12. Controls the spending of the funds of the Fund according to its purpose;
13. Submits proposals to the Ministry about the areas whose support is considered a priority in accordance with the purpose of the activity;
14. Considers the appeals of the members of the Council and the Management Board and makes decisions;
15. Makes proposals to the Ministry regarding the improvement of the Fund's activities;
16. Resolves other issues determined by this Charter related to the current activity of the Fund.
