Executive Management Committee

The Board of Managing Directors together with the Selection and Appointment Committee has appointed Executive Managers to execute the management of the Company’s business. The Executive Managers promote the interest of the Company and enhance the Company’s value. They are also responsible for achieving the Company’s aims, strategy, policy and results. The Executive Management Committee directs the preparation of the Company’s quarterly and annual financial statements. The Executive Management Committee also informs the Board of Managing Directors and the Supervisory Board regularly, promptly and comprehensively regarding all issues related to Company’s strategy implementation, business operational and financial budgeting and development, the structure and operation of the internal risk management and control systems, compliance with legislation and regulations and emerging risks inherent in the Company’s business activities. Major decisions of the Executive Management Committee require the prior approval of the Board of Managing Directors or the Supervisory Board respectively.

For an overview of the members of the Executive Management Committee please click the following link: Management

Board of Managing Directors

The Board of Managing Directors is in charge of managing the Company. It shall consist out of one or more Managing Directors. Presently, the Board of Managing Directors consists of two Managing Directors.

The Managing Directors are appointed by the General Meeting. They are appointed for a maximum period of four (4) years, provided that, unless a Managing Director resigns at an earlier date, his appointment term ends on the day of the next General Meeting to be held in the fourth year after the year of his appointment. A Managing Director can be reappointed for consecutive periods of not more than four (4) years and with due observance of the provisions in the preceding sentence. The Supervisory Board can draw up a rotation schedule for the Managing Directors.

The Board of Managing Directors meets as often as a Managing Director requests a meeting. In the meeting of the Board of Managing Directors each Managing Director has a right to cast one (1) vote. All resolutions by the Board of Managing Directors shall be adopted by an absolute majority of the votes cast.

The Board of Managing Directors shall timely provide the Supervisory Board with any such information as may be necessary for the Supervisory Board to perform its duties.

For an overview of the members of the Board of Managing Directors please click the following link: Management