Management Board

In accordance with its statutory role, the Company's Management Board adopts decisions independently and without limitations. The President and the Members of the Management Board represent the Company in legal transactions with third parties independently and without limitations. Business areas are distributed between the Members by resolution of the Company's Supervisory Board and organisation regulations. In appointing members of the Management Board the Supervisory Board takes into consideration their expertise, work experience, the skills of managing and co-ordinating various business sectors, which is important due to the size of the Group and complexity of its activity.

The Management Board reports to the Supervisory Board quarterly on all matters significant to the business of the Group and the parent company. In addition the Management Board informs the Supervisory Board members of individual issues regarding their own activities when these affect the Company's position or the interest of the general public in the Company's business. Both bodies adhere to the principles which are important for mutual understanding and separation of their responsibilities.