General Meeting Of Shareholders
The General Meeting of Shareholders (GMS) is a forum in which shareholders take decisions related to the capital they have invested in the Company. The GMS has authority that is not possessed by either the Board of Commissioners or the Board of Directors and is within the limits as set forth in the Law and the Articles of Association.
The rights and responsibilities of the shareholders in the GMS as set forth in the Law and the Articles of Association are:
- To receive and ratify the Company’s Annual Report;
- To determine the appropriation of the profits of the Company, including the distribution of dividends to shareholders;
- To determine the remuneration of the members of the Board of Commissioners and Board of Directors;
- To appoint and dismiss the members of the Board of Commissioners and/or the Board of Directors,
- To approve important corporate actions in connection with the management of the Company.
The resolutions taken at the GMS are based on the Company’s long-term business interests. Without prejudicing the power and authority of the GMS, shareholders cannot intervene against the execution of the tasks, functions and authority of the Board of Commissioners and the Board of Directors in carrying out their rights and obligations under the Articles of Association and the prevailing legislation.
The GMS consists of the Annual General Meeting of Shareholders (AGMS) and Extraordinary General Meetings of Shareholders (EGMS). The AGMS is convened no later than six months after the end of the Company's fiscal year, whereas an EGMS may be held at any time based deemed necessary, in accordance with the provisions of the Articles of Association and prevailing legislation.