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INFO07A j.qxd - Bosnalijek dd

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Summary<br />

Page 4<br />

tee, the president and each<br />

presents and accounts for the<br />

of the Auditing committee have<br />

Interview<br />

D.Sc. Esad Vilogorac, Assistant<br />

Professor at the Faculty of Economy,<br />

Sarajevo University, President<br />

of the Auditing committee<br />

of “<strong>Bosnalijek</strong>” d.d. Sarajevo<br />

In the sense of<br />

ownership, Assembly<br />

is the highest<br />

authority of “<strong>Bosnalijek</strong>”<br />

d.d. Sarajevo<br />

Mr Esad Vilogorac responded<br />

gladly to our request to be featured<br />

in Info and to answer some<br />

of our questions.<br />

Administration and Auditing<br />

committee have functionally<br />

decisive role<br />

You were chosen the President<br />

of the Auditing committee<br />

at “<strong>Bosnalijek</strong>” d.d. Assembly<br />

that was held on 8th July<br />

this year. You were the one to<br />

receive the most votes of all<br />

the candidates that were nominated<br />

and according to<br />

“<strong>Bosnalijek</strong>”Statute that makes<br />

you the head of the Auditing<br />

committee.<br />

The Statute of “<strong>Bosnalijek</strong>”<br />

d.d. Sarajevo also defines authorities,<br />

liabilities and obligations<br />

of the Auditing commit-<br />

member, separately and as a<br />

whole. Would it be possible to<br />

clarify this matter to us<br />

Stock Corporation is characterised<br />

by one-layer managing structure<br />

comprising of: (1) Corporation<br />

Assembly; and (2) Auditing<br />

committee. Corporation administration<br />

is the third authority,<br />

which can be considered a managing<br />

authority if we interpret the<br />

managing concept within its standard<br />

meaning. This derives from<br />

the authority and obligations of<br />

the management to organise operations<br />

and manage business, representing<br />

the corporation and<br />

being liable for legality of its business.<br />

Within this framework there<br />

is a basic distribution of the rights<br />

and liabilities for each one of<br />

them. From the ownership point<br />

of view, the Assembly is the highest<br />

authority of a Stock Corporation<br />

within which the shareholders<br />

express their interests and,<br />

personally or by means of representation,<br />

make important decisions<br />

with regard to functioning<br />

and business of the Corporation,<br />

having decisive influence on the<br />

other corporation authorities.<br />

In the sense of functioning,<br />

Administration and the Auditing<br />

committee have the crucial role.<br />

Administration organises operations<br />

and manages business, re-<br />

Stock Corporation and is responsible<br />

for legality of business<br />

operations with almost complete<br />

or complete independence<br />

when it comes to making operational<br />

decisions.<br />

The Auditing committee is in a<br />

way a connection between the<br />

Stock Corporation Assembly and<br />

the Administration, and it has a<br />

great responsibility with regard<br />

to the Assembly, as well as the<br />

rights with regard to the Corporation<br />

administration. Therefore,<br />

co-operation between the<br />

Auditing committee and the<br />

Administration, in making operational<br />

decisions and otherwise,<br />

is of major importance<br />

regarding the successfulness of<br />

the Corporation.<br />

However, the co-operation of<br />

managing authorities, joint and<br />

separate, Auditing committee<br />

and Administration, does not<br />

mean, in the sense of basic authorisation<br />

source and liabilities<br />

relations, disruption of hierarchy<br />

relations but it only strengthens<br />

the co-operation of authorities<br />

with different authorisations and<br />

liabilities, which should contribute<br />

to better efficiency in decision<br />

making and successful functioning<br />

of the Corporation.<br />

In compliance with this, the basic<br />

authorisations and liabilities<br />

been determined by the Law on<br />

business societies, which has been<br />

a<strong>dd</strong>itionally elaborated for<br />

“<strong>Bosnalijek</strong>” d.d. Sarajevo (hereinafter<br />

referred to as Corporation)<br />

in the Corporation Statute<br />

(article 130 – 145).<br />

From the type and scope of liabilities<br />

of Corporation Auditing<br />

committee, determined by the<br />

Statute, it is possible to conclude<br />

that the work of the Corporation<br />

Auditing committee is also of<br />

great importance for the efficient<br />

functioning and successful operation<br />

of the Corporation.<br />

Policy decisions are within the<br />

scope of Assembly authority and<br />

these decisions are made in<br />

most cases on the basis of Auditing<br />

committee proposals. The<br />

Corporation Administration deals<br />

with daily operation organisation<br />

and Corporation business<br />

management.<br />

The Auditing committee is positioned<br />

between the Assembly<br />

and Administration and it is responsible<br />

for ensuring the optimal<br />

relations between the owners<br />

and the Corporation. Accordingly,<br />

the Auditing committee<br />

represents the transmission by<br />

which the shareholders’ wishes<br />

are transformed into daily operations<br />

of the Corporation.<br />

Page 6<br />

Assembly ”<strong>Bosnalijek</strong>” d.d.<br />

Sarajevo<br />

Enactment of the Statute of <strong>Bosnalijek</strong><br />

d.d. Sarajevo and appointment<br />

of the Auditing<br />

committee and Revision Board<br />

Mr Esad Vilogorac, Ph.D.<br />

Econ., Assistant Professor at<br />

the Faculty of Economy in Sarajevo,<br />

was elected the President<br />

of the Auditing committee.<br />

The Assembly enacted the Statute<br />

of “<strong>Bosnalijek</strong>” d.d. in the wording<br />

determined by the Auditing committee<br />

as the Statute proposal.<br />

The Auditing committee was elected<br />

as follows:<br />

Esad Vilogorac Ph.D. Econ., Assistant<br />

Professor at the Faculty of Economy<br />

in Sarajevo, the president;<br />

Jadranka Bièakèiæ, graduate jurist,<br />

employed with the Ministry of<br />

Energy, Mining and Industry, BiH<br />

Government, Head of the department<br />

for company privatisation;<br />

Ljunora Mavriæ, graduate economist,<br />

director for domestic and<br />

foreign supply in UM department<br />

of <strong>Bosnalijek</strong>;<br />

Abdul-Umid [alaka, d. of medical<br />

science, obstetrician and gynaecology<br />

specialist, director of Domestic<br />

sale department in <strong>Bosnalijek</strong><br />

and<br />

Midhat Vehaboviæ, B.Sc.Pharm.<br />

Spec., director of Medical department<br />

in <strong>Bosnalijek</strong>, as members.<br />

The following persons were elected<br />

for the Revision Board:<br />

Mustafa Karoviæ, graduate jurist,<br />

the president;<br />

Aida Nuhiæ, graduate economist and<br />

Rabija Avduli, economy technician,<br />

the members.

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