Annual report 2010

45 Internal documents of the joint-stock company specify thatthe e xecutive b odies ar e o bligated not to do a ny acts th atwill or may lead to a conflict of interest between them andthe j oint-stock c ompany an d, if an y co nflict o f in terestarises, a re obligated t o di sclose i nformation a bout t heconflict of interest to the board of directors46 The articles of association or internal documents of thejoint-stock company contain criteria for selecting themanagement company (manager)47 The e xecutive bodies o f th e j oint-stock c ompany s ubmitmonthly performance reports to the board of directors48 The a greements b etween t he joint-stock c ompany a nd t hedirector g eneral (ma nagement c ompany, ma nager) andmembers of the management board provide for liability forfailure to comply with the provisions regarding the use ofconfidential and proprietary informationComplianceNoncompliancePartial complianceComplianceSecretary of the CompanyProvided for in paragraph 4.2 of Article 4 o fthe Company’s Corporate Governance Code.The Articles o f As sociation and in ternaldocuments do not contain this provision.In a ccordance w ith p aragraph 4. 3 of t heCompany’s Corporate Governance Code, theManagement Bo ard s ubmits o n a quarterlybasis t o t he Board of D irectors r eports onfinancial an d ec onomic acti vities of t heCompany.These provisions ar e co ntained in thecontracts b etween th e C ompany an d t heDirector G eneral an d m embers of theManagement Board.49 The joint-stock company has a ppointed a spe cial officer(secretary of th e c ompany) t o ensure th at the joint-stockcompany’s bodies and officers comply with the proceduralrequirements g uaranteeing t he ex ercise an d p rotection o frights and statutory interests of the company’s shareholdersPartial compliance In accordance with paragraph 4.1 of Article 4of t he Regulations for t he C onvening a ndHolding Procedure for Meetings of the Boardof D irectors of t he C ompany, t echnical(information, do cument, protocol, se cretary)support fo r t he da y-to-day act ivities o f th eBoard of Directors i s pr ovided by t heSecretary of t he Board of D irectors of t heCompany a cting in a ccordance wi th t heArticles o f Association of th e C ompany,