The Board of Directors is collectively responsible for the general management of the Company, except for adoption of decisions that fall within the exclusive competence of the General Shareholders’ Meeting, and is accountable to the shareholders.

The Board sets the strategic objectives for the Company and ensures that the necessary resources are in place to enable these objectives to be met. Key strategic decisions are authorised by the Board which is mindful of the interests of the Company Shareholders.

The Board has the authority to decide matters such as determination of the Company’s business priorities, approval of material transactions, setting targets for the Company's management and overseeing delivery thereof, the convening of annual and extraordinary General Shareholders’ Meetings, except in circumstances set out in the Joint Stock Companies Law and the Company’s charter, issue of the Company’s bonds and other securities, as provided for by the Joint Stock Companies Law and other issues, as provided for by the Joint Stock Companies Law and the Company’s charter. Currently, the Board of Directors consists of 7 members.

The Board of Directors convenes at least four times a year, in accordance with the adopted schedule. Board decisions are adopted by a three quarters majority vote of the elected members. Each director has one vote.