The State Oil Fund of the Republic of Azerbaijan or SOFAZ () is a sovereign wealth fund. SOFAZ lacks transparency in its finances and in its contracting, which has raised questions about corruption. Critics have described projects funded by SOFAZ as useless, and noted that contracts have been awarded to companies owned by the ruling Aliyev family in Azerbaijan. History and organization The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by Heydar Aliyev's Decree No. 240 dated December 29, 1999. Statue of the State Oil Fund was approved by the Decree of the President of the Republic of Azerbaijan No. 434 dated December 29, 2000. SOFAZ is headed by an Executive Director appointed and dismissed by the President. The general control over the activities of SOFAZ is carried out by the Supervisory Board. The main task of the Supervisory Board is to give a review on the draft annual budget prepared by SOFAZ Executive Director and reports on budget execution, annual reports and audit results of financial activities. Executive Directors Samir Sharifov — January 3, 2001 – April 18, 2006 Shahmar Movsumov — May 15, 2006 – November 29, 2019 Israfil Mammadov — November 29, 2019 – present References Source Government agencies of Azerbaijan Economy of Azerbaijan Sovereign wealth funds Petroleum economics Petroleum organizations 1999 establishments in Azerbaijan Organizations based in Baku