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Corporate Governance and Board Practices

The Directors recognise the importance of sound corporate governance and will, in so far as is practicable given the Company’s size and the constitution of the Board, comply with the main provisions of the Combined Code: Principles of Corporate Governance and Code of Best Practice. In addition, as ASBISc Enterprises PLC is listed on the Warsaw Stock Exchange, the Company has applied Warsaw Stock Exchange Code of Best Practices to ensure the best possible practices regarding to Company General Shareholders Meetings, Shareholders rights, Board of Directors as well as the information policy.

Board

The Board is responsible for formulating, reviewing and approving the Company’s strategy, budgets and corporate actions. The Company intends to hold Board meetings at least four times each financial year and at other times as and when required.

Committees

The Audit Committee of the Company, comprising Efstathios Papadakis and Kyriacos Christofi (both non-executive Directors) and Marios Christou (as attennding member) is chaired by Efstathios Papadakis. The audit committee meets at least twice a year. The audit committee is responsible for ensuring that the Group’s financial performance is properly monitored, controlled and reported. It also meets the auditors and reviews reports from the auditors relating to accounts and internal control systems. The audit committee meets once a year with the auditors.

The remuneration committee of the Company, comprising Kyriacos Christofi and Efstathios Papadakis (both non-executive Directors) and Siarhei Kostevitch (as attending member) is chaired by Kyriacos Christofi. It sets and reviews the scale and structure of the executive Directors’ remuneration packages, including share options and the terms of their service contracts. The remuneration and the terms and conditions of the non-executive Directors are determined by the Directors with due regard to the interests of the Shareholders and the performance of the Group. The remuneration committee also makes recommendations to the Board concerning the allocation of share options to employees.

Dividend Policy

The Company's general dividend policy is to pay dividends at levels consistent with the Company's growth and development plans, while maintaining a reasonable level of liquidity. Pursuant to this policy, the Board of Directors intends to recommend to the General Meeting of Shareholders that up to 20% of audited net profits be distributed as a dividend going forward. All shares carry full and identical rights to dividend, if and when declared, from the date they are acquired.

Dividend for the year 2007 has been payed to shareholders on June 11th 2008.

You can check dividend payment record date and payment date in Investor Calendar on this site.