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The competences of the Board of “Uzbekistan Airways” Joint-Stock Company (hereinafter referred to as the “JSC”) include:
· determining JSC’s priority activities;
· organising the establishment
of property’s market value;
· approval of JSC’s annual business plans;
· establishing internal audit department and appointing its employees, as well as hearing its reports on quarterly basis;
· having access to documents
(in accordance with established procedures) related to the activities of JSC’s executive body and obtaining those documents
for the performance of the duties assigned
to the Board;
· if necessary, involving independent organisation under bidding process to assess the JSC’s corporate governance system;
· monitoring achievement of goals outlined in the JSC’s business plan;
· exercising control over
implementation of the Corporate Governance Code;
· giving recommendations on the amount of remuneration and compensation paid
to the members of JSC’s Audit Commission;
· giving recommendations on the amount of dividends, their form and order of payment;
· using JSC’s reserve fund and other funds;
· establishing JSC’s companies, organizations and institutions of any organisational and legal form, as well as branches and opening of representative offices;
· establishing subsidiaries and dependent business companies;
· making decisions to enter transactions
in cases stipulated under sections 8 and 9
of the Law of the Republic of Uzbekistan
“On Joint-Stock Companies and Protection
of Shareholders’ Rights”;
· entering into transactions (in order prescribed by the law) related to the JSC’s participation in commercial and non-commercial organisations;
· performing other functions
in accordance with the law.
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