General provisions

The Board of Directors is a collegial control body of LETA Group. It carries out general management of the group of companies, except for resolving issues that in accordance with federal laws and the Articles of LETA Group fall within competence of the general meeting of LETA Group’s shareholders, and within the scope of duties of the companies belonging to the Group.

The members of the Board of Directors are elected by the general meeting of shareholders in the amount of 5 persons. The aims of the Board of Directors:

• to ensure maximum profit achievement;
• to increase the assets of the group of companies;
• to protect rights and legal interests of the shareholders;
• to carry out instant control over the companies belonging to the Group.

Meetings of the Board of Directors are held as and when needed, but at least once every three months.

When voting for or against an issue at a meeting of the Board of Directors each member has one vote. 

Duties:

1. determination of the strategy for development of LETA Group and priority areas of the activities carried out by LETA Group;
2. provision for execution of decisions made by the general meeting of shareholders;
3. assessment of political, financial and other risks affecting activities carried out by LETA Group and the companies belonging to the group as well as monitoring risk management system;
4. approval of plans and budgets of LETA Group and the companies belonging to the group;
5. determination of approaches to investment activities, management of the investment committee;
6. assessment of performance of LETA Group and the companies belonging to the group;
7. determination of criteria for formation of office and management personnel of LETA Group and the companies belonging to the group;
8. supervision of activities carried out by executive bodies of LETA Group and the companies belonging to the group;
9. approval of the internal control procedures;
10. provision for adherence to the principles of corporate governance of LETA Group.