Executive bodies

The responsibility to implement the approved strategy and development programmes, procure the effective delivery of resolutions of the Board of Directors and General Shareholders Meeting and manage FESCO’s operational activities falls within the remit of the Company’s executive bodies, which include:

• President and CEO acting as the sole executive bodies;
• Executive Board acting as the collegial executive body.

President and CEO

The President and the CEO, as the Company’s sole executive bodies that manage the Company’s day-to-day operations, act independently of each other within the respective scope of authority established by FESCO’s Articles of Association and the Regulations on the Sole Executive BodiesApproved by the Annual General Shareholders Meeting on 20 June 2019, Minutes No. 51 dated 20 June 2019..

• The scope of authority of the President includes the Company’s day-to-day operations. The President is also the Chairman of the Executive Board. The President’s activities aim to ensure profitability and competitiveness of the Company, its economic and financial sustainability, respect for shareholder rights and social protection of the Company’s employees.
• The CEO’s scope of authority includes the Company’s operations related to the use of information constituting a state secret.

Executive Board

The Executive Board as the collegial executive body manages the Company’s day-to-day operations within the respective scope of authority established by FESCO’s Articles of Association.

Its activities are governed by FESCO’s Articles of Association and the Regulations on the Executive BoardApproved by the Annual General Shareholders Meeting on 20 June 2019, Minutes No. 51 dated 20 June 2019..

The members of the Executive Board are appointed by the Board of Directors from nominees proposed by the Company’s President. The number of the Executive Board members is also set by the Company’s Board of Directors and shall be optimal for practical discussion of matters and making timely and effective decisions.

As at 31 December 2022, the Executive Board was composed of seven persons.

In 2022, the Executive Board held 45 meetings and considered 216 items, most of which (211 items) were concerned with performance of the Group’s companies.