Board of Directors


The Board of Directors is responsible for conducting the company’s business. It adopts decisions in matters that involve lending, borrowing and administrative matters. It meets at least once quarterly, taking decisions on the basis of the majority of the directors present or represented. With the exception of certain reserved powers, the Board of Directors is authorized to entrust all or part of the management of the company to one or several of its members (representatives) or third persons who need not necessarily be directors (members of the Management).

As a result, the day to day management has been delegated to members of the Management. In this regard, the Board of Directors establishes management rules and guidelines determining the rights and responsibilities of the Board of Directors, its representatives and the Management. The Board of Directors authorizes all equipment financing contracts and all borrowings within the limits laid down by the General Assembly.

Board members are appointed by the General Assembly, with two members for each shareholder holding at least 2% of the share capital. They are appointed for a period of three years and are eligible for re-election. The Board of Directors consists of 25 members. The Chairman and Vice-Chairmen of the Board of Directors are designated by the General Assembly.