INFO07A j.qxd - Bosnalijek dd

Summary
Page 4
tee, the president and each
presents and accounts for the
of the Auditing committee have
Interview
D.Sc. Esad Vilogorac, Assistant
Professor at the Faculty of Economy,
Sarajevo University, President
of the Auditing committee
of “Bosnalijek” d.d. Sarajevo
In the sense of
ownership, Assembly
is the highest
authority of “Bosnalijek”
d.d. Sarajevo
Mr Esad Vilogorac responded
gladly to our request to be featured
in Info and to answer some
of our questions.
Administration and Auditing
committee have functionally
decisive role
You were chosen the President
of the Auditing committee
at “Bosnalijek” d.d. Assembly
that was held on 8th July
this year. You were the one to
receive the most votes of all
the candidates that were nominated
and according to
“Bosnalijek”Statute that makes
you the head of the Auditing
committee.
The Statute of “Bosnalijek”
d.d. Sarajevo also defines authorities,
liabilities and obligations
of the Auditing commit-
member, separately and as a
whole. Would it be possible to
clarify this matter to us
Stock Corporation is characterised
by one-layer managing structure
comprising of: (1) Corporation
Assembly; and (2) Auditing
committee. Corporation administration
is the third authority,
which can be considered a managing
authority if we interpret the
managing concept within its standard
meaning. This derives from
the authority and obligations of
the management to organise operations
and manage business, representing
the corporation and
being liable for legality of its business.
Within this framework there
is a basic distribution of the rights
and liabilities for each one of
them. From the ownership point
of view, the Assembly is the highest
authority of a Stock Corporation
within which the shareholders
express their interests and,
personally or by means of representation,
make important decisions
with regard to functioning
and business of the Corporation,
having decisive influence on the
other corporation authorities.
In the sense of functioning,
Administration and the Auditing
committee have the crucial role.
Administration organises operations
and manages business, re-
Stock Corporation and is responsible
for legality of business
operations with almost complete
or complete independence
when it comes to making operational
decisions.
The Auditing committee is in a
way a connection between the
Stock Corporation Assembly and
the Administration, and it has a
great responsibility with regard
to the Assembly, as well as the
rights with regard to the Corporation
administration. Therefore,
co-operation between the
Auditing committee and the
Administration, in making operational
decisions and otherwise,
is of major importance
regarding the successfulness of
the Corporation.
However, the co-operation of
managing authorities, joint and
separate, Auditing committee
and Administration, does not
mean, in the sense of basic authorisation
source and liabilities
relations, disruption of hierarchy
relations but it only strengthens
the co-operation of authorities
with different authorisations and
liabilities, which should contribute
to better efficiency in decision
making and successful functioning
of the Corporation.
In compliance with this, the basic
authorisations and liabilities
been determined by the Law on
business societies, which has been
additionally elaborated for
“Bosnalijek” d.d. Sarajevo (hereinafter
referred to as Corporation)
in the Corporation Statute
(article 130 – 145).
From the type and scope of liabilities
of Corporation Auditing
committee, determined by the
Statute, it is possible to conclude
that the work of the Corporation
Auditing committee is also of
great importance for the efficient
functioning and successful operation
of the Corporation.
Policy decisions are within the
scope of Assembly authority and
these decisions are made in
most cases on the basis of Auditing
committee proposals. The
Corporation Administration deals
with daily operation organisation
and Corporation business
management.
The Auditing committee is positioned
between the Assembly
and Administration and it is responsible
for ensuring the optimal
relations between the owners
and the Corporation. Accordingly,
the Auditing committee
represents the transmission by
which the shareholders’ wishes
are transformed into daily operations
of the Corporation.
Page 6
Assembly ”Bosnalijek” d.d.
Sarajevo
Enactment of the Statute of Bosnalijek
d.d. Sarajevo and appointment
of the Auditing
committee and Revision Board
Mr Esad Vilogorac, Ph.D.
Econ., Assistant Professor at
the Faculty of Economy in Sarajevo,
was elected the President
of the Auditing committee.
The Assembly enacted the Statute
of “Bosnalijek” d.d. in the wording
determined by the Auditing committee
as the Statute proposal.
The Auditing committee was elected
as follows:
Esad Vilogorac Ph.D. Econ., Assistant
Professor at the Faculty of Economy
in Sarajevo, the president;
Jadranka Bièakèiæ, graduate jurist,
employed with the Ministry of
Energy, Mining and Industry, BiH
Government, Head of the department
for company privatisation;
Ljunora Mavriæ, graduate economist,
director for domestic and
foreign supply in UM department
of Bosnalijek;
Abdul-Umid [alaka, d. of medical
science, obstetrician and gynaecology
specialist, director of Domestic
sale department in Bosnalijek
and
Midhat Vehaboviæ, B.Sc.Pharm.
Spec., director of Medical department
in Bosnalijek, as members.
The following persons were elected
for the Revision Board:
Mustafa Karoviæ, graduate jurist,
the president;
Aida Nuhiæ, graduate economist and
Rabija Avduli, economy technician,
the members.