Regulations of the Management Board 1
Stalexport Autostrady Joint Stock Company
Regulations2, 3, 4 of the Management Board
The Regulations determines the organisation and activities of the Management Board of Stalexport Autostrady S.A.
The Management Board conducts the matters of the Company and represents it, and all the matters which are not restricted for the statutory or legal competence of the Supervisory Board or the General Meeting of Shareholders, are within its competence.
- In case the Management Board is numerous - the Chairman - individually, two members of the Management Board jointly or a member of the Management Board together with a proxy - are entitled to submit declarations on behalf of the Company.
- The Management Board may grant proxies.
The Management Board conducts the matters of the Company collectively, and the resolutions of the Management Board form the judicial basis for carrying out the provisions of that acts of the internal law for all organizational units and the employees of the Company.
- Meetings of the Management Board are held once a month, if there is such a need.
- Meetings of the Management Board are convened by the Chairman or when he is absent, by the member of the Management Board, appointed by the Chairman - out of his own initiative or on a written motion of each of the members of the Management Board.
- Meetings of the Management Board are also convened out of the initiative of the Supervisory Board or it Chairman.
- A meeting convened on motion of the Supervisory Board or a member of the Management Board should be held without delay but not later than within 7 days from the date of submitting the motion.
- A notification about convening a meeting of the Management Board should be such forwarded so as each member of the Management Board was informed about it in an adequate time.
- The agenda should be enclosed to the notification about the meeting of the Management Board.
- Participation of members of the Management Board in the meetings is obligatory.
- The Management Board passes the resolutions in all matters which, according to it are crucial and important in the activity which constitutes the subject of the Company’s enterprise and for functioning of the Company.
- In case of justified absence of a member of the Management Board at the meeting, he may, in matters covered by the agenda, submit his standpoint in writing to the Management Board.
- In justified cases, a resolution may be passed in a circular course, without holding the meeting of the Management Board.
- In the remaining matters the current decisions are taken by individual members of the Management Board, according to the competence resulting from the Regulations of the Company’s Organisation with maintaining the rule of the appropriate representation in case of need to submit declarations on the behalf of the Company.
- To make resolutions of the Management Board valid, it is necessary to notify about the meeting all members of the Management Board.
- The President of the Management Board or a member of the Management Board appointed by him, presides over the meetings of the Management Board.
- Resolutions are passed by the absolute majority of votes, if there is an equal number of votes, the vote of the President of the Management Board is decisive.
- The members of the Management Board observe the Best Practices accepted by the Company, in particular:
- will inform the Management Board if there is possibility of investing by them or concluding other profitable transaction connected with the subject of the Company activity,
- will inform immediately the Supervisory Board about each conflict of interests which already occurred or is possible to occur, in connection with the function they perform.
- In case of an inconsistency between the Company’s business with a personal business of a member of the Management Board, his spouse, relatives and kinsmen, the member of the Management Board should restrain himself from taking part in deciding about such matters and he should demand that this be pointed out it in the minutes.
- Other persons, invited by the President out of his own initiative or on motion of a member of the Management Board, may take part in the meetings of the Management Board.
- A member of the Management Board has the right to object to the participation of persons from beyond the Management Board. The matter will be settled by the Management Board by means of adopting an adequate resolution.
- All participants of the meeting are obliged to keep the meetings secret.
Resolutions passed by the Management Board should contain the date and the number according to the order they are passed and a concise definition of their subject. Members of the Management Board, who pass the resolutions, sign them.
- The meetings of the Supervisory Board are entered on the minutes, signed by the members of the Management Board, present at the meeting as well as by the recorder.
- Persons taking part in the meeting, the agenda, the subject of the passed resolutions, number of votes cast for particular resolutions and individual opinions and, in case a member of the Management Board is absent, the reasons of this absence should be enclosed in minutes.
- The minutes are kept in the book of minutes of the Management Board meetings.
1 This document is a free translation of the Polish original. The binding Polish original should be referred to in matters of interpretation.
2 These regulations were passed - on the basis of §11 reg.5 of Statutes of STALEXPORT S.A. - by the Management Board of the Company on 13.03.2003 (resolution no. 32/2003) and approved by the Supervisory Board on 26.03.2003 (Resolution no 2/2003).
3 §10 the Management Board of the Company on 15.04.2004 (resolution no. 26/2004). The change was approved by the Supervisory Board on 26.04.2004 (resolution no. 3/2004).
4 Section 2 §7 deleted by the Management Board on 02.02.2010 (resolution no 10/2010). The change was approved by the Supervisory Board on 02.03.2010 (resolution no 2/2010).