Annual report 2010

purposes of tallying the votes14 The composition of the board of directors of the joint-stockcompany includes at least 3 independent directors fulfillingthe r equirements se t f orth i n t he Corporate G overnanceCode15 The composition of the board of directors of the joint-stockcompany does n ot i nclude a ny p ersons w ho have beenpronounced g uilty o f e conomic c rimes or c rimes a gainstpublic authorities, in terests of p ublic authorities, o r localgovernment au thorities o r wh o h ave r eceivedadministrative p enalties f or b usiness, f inance, tax , o rsecurities market offensesComplianceComplianceThe General Meeting of Shareholders of theCompany decided on June 23, 2010, to electmore than three (3 ) independent d irectors tothe Board of Directors.In a ccordance w ith O rder o f t he C ompanyNo. 1 02 of November 13, 2008, “ On t heProcedure for P reparing a nd S ubmitting theQuarterly Report of the Issuer of Issue-GradeSecurities of J SC IDGC Holding,” membersof the Board of Directors of the Company arerequested t o p rovide t his i nformation on aquarterly basis.16 The composition of the board of directors of the joint-stockcompany does not include any persons who are a member,the director g eneral ( manager), a m ember o f th emanagement bo dy, o r a n e mployee of a c orporate e ntitycompeting with the joint-stock company17 The a rticles o f a ssociation of th e j oint-stock c ompanyspecify the election of members of the board of directors bycumulative voteComplianceIn a ccordance w ith O rder o f t he C ompanyNo. 102 of N ovember 13 , 2 008, “ On t heProcedure for P reparing a nd S ubmitting theQuarterly Report of the Issuer of Issue-GradeSecurities of J SC IDGC Holding,” membersof the Board of Directors of the Company arerequested t o p rovide t his i nformation on aquarterly basis.Compliance Provided for in paragraph 10.11 of Article 10of the Company’s Articles of Association.