INFO07A j.qxd - Bosnalijek dd
INFO07A j.qxd - Bosnalijek dd
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.