Independent Board members

We believe the board (excluding the chairman) should comprise at least three directors who are deemed independent

Currently there are 5 independent directors:

According to the Regulations on the Board of Directors the independent director:

  • has not been an officer (manager) or employee of the Company or an officer (manager) or employee of the Company’s managing company within the last 3 years;
  • is not an officer of other company in which any of the Company’s officers is a member of the Committee of the Board of Directors on Personnel and Remunerations;
  • is not an affiliated person of a manager or officer of the Company’s managing organization;
  • is not an affiliated person of the Company;
  • is not a party to an agreement with the Company under which it may acquire property (receive money) with the value of 10 or more per cent of the total annual income of that person, except the remuneration for participation in the Board of Directors;
  • is not a large counterpart of the Company (a counterpart is considered to be large in case the total amount of transactions between such counterpart and the Company is 10 or more per cent of the book value of the Company’s assets);
  • has declared in public way its status as an independent director;
  • shall immediately inform the Company in case of circumstances impeding an independent director to correspond to the status of an independent director;
  • has the required qualification;
  • has a good reputation;
  • participates in the Board of Directors of the Company in good faith
  • is not a representative State.