Governance

Supervisory Board

The Supervisory Board is responsible for setting the Company’s strategic aims, providing entrepreneurial leadership to the Company within a framework of prudent and effective controls which enables risk to be assessed and managed, ensuring that the necessary financial and human resources are in place for the Company to meet its objectives, and reviewing management performance. The Supervisory Board is also responsible for setting the Company’s values and standards, and ensuring that the obligations to its shareholders are met. 

Management Board

The Management Board is responsible for the day-to-day management of the Company and it is required to perform their duties with due diligence and according to the best of their knowledge and abilities. The obligations of the Management Board members include representing and directing the Company, following the guidelines of the Supervisory Board and obtaining the consent of the Supervisory Board for matters exceeding the scope of day-to-day business activities, as well as submitting to the Supervisory Board a review of the Company’s business activities and economic situation on a regular basis. The Management Board is responsible for organizing and compiling the annual report of the Company as well as calling and preparing shareholders’ meetings. The Management Board is also required to guarantee the enforcement of the resolutions of the higher managing bodies (the Supervisory Board and the General Meeting).