The Board of Directors is responsible for general management matters, with the exception of those matters that are the exclusive responsibility of the General Shareholders’ Meeting. The Board of Directors determines the company’s business priorities and strategy. Other key areas of responsibility for the Board of Directors include, but are not limited to:

• convening and setting the agendas of annual and extraordinary General Shareholders’ Meetings;
• appointment and termination of the CEO;
• establishing the committees of the Board of Directors and electing the members of the committees;
• issuing additional shares through open subscription for ordinary shares or securities convertible into ordinary shares constituting up to 25% of the outstanding ordinary shares;
• placing and/or repurchasing bonds and other securities;
• determining the price of property and securities to be placed or repurchased;
• making recommendations to the General Shareholders’ Meeting on the amount of remuneration and compensation to be paid to members of the Internal Audit Commission;
• determining the fees payable for the services of an independent auditor;
• making recommendations to the General Shareholders’ Meeting regarding the amount and timing of dividend payments;
• approving the Company’s internal documents, except for those documents whose approval falls within the remit of the shareholders or the CEO or Management Board;
• approving major and related-party transactions;
• appointing the Company’s share registrar;
• approving the Company’s participation (or termination of such participation) in other organisations except when it falls within the remit of the General Shareholders’ Meeting;
• any other matter which, according to the Law on Joint-Stock Companies and the Company’s Charter, is within the remit of the Board of Directors.