The Board of Commissioners is the corporate organ charged with conducting general and/or specific oversight in accordance with the Articles of Association and providing advice to the Board of Directors.
Board of Commissioners Functions and Responsibilities
In the Articles of Association, the Board of Commissioners conducts the oversight of Corporate management, including oversight of Corporate expansion plans and implementation of the Corporate Business Plan and Budget, in addition to fulfilling other tasks, powers and responsibilities of the Board of Commissioners as stipulated in the Articles of Association and Resolutions adopted in the General Meeting of Shareholders. In the performance of this oversight, the Board of Commissioners is accountable to the General Meeting of Shareholders.
Working Guidelines for the Board of Commissioners
The guidance for the Board of Commissioners in undertaking its functions and responsibilities is set forth in the Guidelines and Working Procedures of the Board of Commissioners adopted on December 1, 2015. These guidelines are used as a basic standard for performance of duties in pursuit of the corporate vision and mission, and are based on the Company Articles of Association, legal principles, the applicable regulations and good corporate governance.
Meetings of the Board of Commissioners
During 2021, the Board of Commissioners convened at least once each month. The meetings included regular meetings and meetings with the Board of Directors. The Board of Commissioners has maintained 100% attendance of its meetings.
Performance Evaluation for the Board of Commissioners and Board of Directors
According to the Guidelines and Rules of Procedure for the Board of Commissioners and Board of Directors, these boards shall perform a collective self-evaluation of their performance. This self-evaluation is based on their duties and responsibilities and applies the following criteria of assessment:
Board of Directors :
Board of Commissioners :
Performance Evaluation of Supporting Committees for the Board of Commissioners
In the judgement of the Board of Commissioners, the committees supporting the work of the Board of Commissioners have duly fulfilled their supporting responsibilities for the supervisory duties of the Board of Commissioners concerning the management of the Company.
As of 2020, the Company had not established a dedicated Nominations and Remuneration Committee. In the Company’s opinion, the Board of Commissioners can still adequately perform the nomination and remuneration functions, which also represents more efficient and effective arrangement compared to forming a separate committee.