Competence of the Management Board
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The Management Board shall work out the business policy of the Company coordinating the work of services and divisions of the administrative staff of the Company and taking decisions on the most critical issues of the current activity of the Company.
The following issues are within the competence of the Management Board:
- participation in working out of the program of the Company's activity, perspective and current plans of the Company' s activity, as well as in preparation of reports regarding realization of such plans;
- participation of the Company in commercial and non-commercial organizations;
- implementation of the Company's financial and investment program (for a given financial year) within the powers obtained from the Board of Directors;
- attraction of additional allocations from its subsidiaries to finance its goal-oriented industrial, research, social and nature conservancy programs;
- disposal of shares and other securities of the Company;
- determination of the procedure for access to the information kept in the Register of the Company's shareholders;
- submission of proposals about the procedure of profit-and-loss distribution to the Board of Directors;
- determination of the internal and external price policy of the Company;
- mutual co-ordination of production programs (if necessary, with outside enterprises) and balance sheets of subsidiaries and dependent entities;
- approval of the in-house documents of the Company submitted by the General Director;
- preparation and submission of annual operation plans of the Company, annual balance sheets, profit-and-loss accounts and other documents of accountability to the Board of Directors;
- regular submission to the Board of Directors of the information about the financial status of the Company, realization of first priority programs, transactions and decisions that may considerably effect the status of the Company;
- submission of the required information to the Auditing Committee and Auditor of the Company;
- organizational and technical arrangements for the operation of the General Meeting of the shareholders, Board of Directors, Auditing Committee;
- analysis and generalization of the operation of separate services and subdivisions of the Company, as well as improvement of their structure.
The Management Board also resolves other issues, which are out of the competence of the General Meeting of the Shareholders, the Board of Directors and the General Director of the Company.
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