AS
“
R
ĪG
AS
K
U
Ģ
U
B
Ū
VĒT
A
V
A
”
C
O
R
PO
R
A
TE G
O
VER
N
A
N
CE RE
PO
RT
2022
P
repared
ba
s
ed
on
t
he
N
AS
D
A
Q
R
I
G
A
AS 2010 iss
ued
on
Co
r
po
r
a
t
e
gov
e
r
nan
c
e
p
r
in
c
ipl
e
s and
r
e
c
o
mme
nda
t
ions on
t
h
e
i
r
i
m
pl
eme
n
t
a
t
ion
and
t
he
pr
i
n
ci
p
l
e
o
f
c
o
m
ply o
r
e
xplain
R
ĪG
A
2023
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
2
J
O
I
N
T
S
T
O
CK
C
OMP
A
N
Y
„
R
ĪG
AS
K
U
Ģ
U
B
Ū
VĒT
A
V
A
”
C
O
R
PO
R
A
TIVE
G
O
VER
N
A
N
CE
R
E
PO
RT
ON
2022
AS
„
Rī
g
a
s
k
u
ģ
u
bū
v
ē
t
a
v
a
”
,
here
i
na
f
t
er
re
f
erred
t
o
a
s
t
he
C
o
m
pan
y
, C
orpora
t
i
v
e
G
o
v
ernan
c
e
R
epor
t
on
2022,
here
i
na
f
t
er
re
f
erred
t
o
a
s
t
he
R
epor
t
, is m
ade
a
cc
ord
i
n
g
t
o
N
AS
D
A
Q
R
I
G
A
AS,
here
i
na
f
t
er
re
f
erred
t
o
a
s
t
he
S
t
o
c
k
E
x
c
han
g
e
, Co
r
po
r
a
t
e
G
ov
e
r
nan
c
e
P
r
in
c
ipl
e
s and
R
e
c
o
mme
nda
t
ions on
t
h
e
i
r
I
m
pl
eme
n
t
a
t
ion iss
ued
i
n
2010. T
h e
R
epor
t
ha
s
been
prepared
b
y
t
he
C
o
m
pan
y
M
ana
g
e
m
en
t
B
oard
and
re
v
i
e
w
ed
b
y
t
he
C
oun
cil
o
f
t
he
C
o
m
pan
y
.
T
he
P
r
i
n
ci
p
l
e
s
o
f
C
orpora
t
e
G
o
v
ernan
c
e
are
m
a
x
im
u
m s
u
i
t
ab
l
e
f
or
bu
si
ne
ss
opera
t
i
on
s
o
f
t
he
C
o
m
pan
y
and
C
o
m
pan
y
c
o
m
p
li
ed
wi
t
h
m
o
s
t
o
f
t
he
m i
n
2022. Acc
ord
i
n
g
l
y
,
t
o
t
he
pr
i
n
ci
p
l
e
c
o
m
ply o
r
e
xplain
t
he
R
epor
t
i
n
cl
ude
s
t
he
d
iscl
o
s
ure
w
h
ic
h
pr
i
n
ci
p
l
e
is
no
t
c
o
m
p
li
ed
or
c
o
m
p
li
ed
par
t
i
a
ll
y
a
s w
e
ll
a
s
e
x
p
l
ana
t
i
on
o
f
ci
r
c
u
ms
t
an
c
e
s w
h
y
t
he
pr
i
n
ci
p
l
e
s is
no
t
c
o
m
p
li
ed
.
T
he
R
epor
t
ha
s
been
s
ub
mi
tt
ed
t
o
t
he
S
t
o
c
k
E
x
c
han
g
e
imm
ed
i
a
t
e
l
y
a
f
t
er
A
nnua
l R
epor
t
f
or
2022 w
a
s
appro
v
ed
and
pub
lis
hed
on
S
t
o
c
k
E
x
c
han
g
e
w
eb
si
t
e
,
a
s w
e
ll
a
s
pub
lis
hed
on
w
eb
si
t
e
o
f
t
he
C
o
m
pan
y
www.ri
g
a
–s
h
i
p
y
a
r
d
.c
o
m
.
R ī
g
a
A
pr
il 14
t
h
, 2022
M
e
m
ber
o
f
t
he
B
oard
E.B
u
k
s
M
e
m
ber
o
f
t
he
B
oard
D
.
P
ar
f
en
s
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
3
C
ON
TE
N
T
I
N
TR
O
D
U
CTI
ON
.......................................................................................................................... 4
1.
G
e
n
e
r
a
l
P
ro
v
ision s................................................................................................................. 4
2.
O
b
j
e
c
t
i
v
e
o
f
t
h
e
R
e
c
omm
e
nd
a
t
ion s....................................................................................... 4
3. Impl
e
m
e
n
t
a
t
ion o
f
t
h
e
prin
c
ipl
e
s o
f
c
orpor
a
t
e
g
o
v
e
rn
a
n
c
e
in
t
h
e
Issu
e
r’s
a
c
t
i
v
i
t
y
.............. 4
P
RI
N
CI
P
LES
O
F
GOO
D
C
O
R
PO
RATE
GO
VER
N
A
N
CE
....................................................................... 6
I. S
H
ARE
H
O
L
D
ERS
’ M
EETI
N G
............................................................................................. 6
1. E
N
S
U
R I
N
G
S
H
ARE
H
O
L
D
ERS
’
RI
G H
TS A
N
D
P
ARTICI
P
ATI
ON
AT S
H
ARE
H
O
L
D
ERS
’
M E ETI
N
G
S
.. 6
2.
P
ARTICI
P
ATI
ON
O
F MEMBERS A
N
D
MEMBER CA
N
D
I
D
ATES
O
F T
H
E
I
SS
U
ER
’
S MA
N
A
G
EME
N
T
I
N
STIT
U
TI
ON
S AT S
H
ARE
H
O
L
D
ERS
’
MEETI
N
G
S
............................................................................... 8
II. B
O
AR
D
O
F
D
IRECT
O
RS
................................................................................................ 8
3.
O
BLI
G
ATI
ON
S A
N
D
RES
PON
SIBILITIES
O
F T
H
E
B
O
AR
D
........................................................... 8
4. B
O
AR
D
C
O
M
PO
SITI
ON
A
N
D
RE
QU
IREME
N
TS F
O
R B
O
AR
D
MEMBERS
...................................... 9
5. I
D
E
N
TIFICATI
ON
O
F I
N
TEREST C
ON
FLICTS I
N
T
H
E
WO
RK
O
F B
O
AR
D
MEMBERS
................... 10
III. C
OUN
CIL
................................................................................................................... 11
6.
O
BLI
G
ATI
ON
S A
N
D
RES
PON
SIBILITIES
O
F T
H
E C
OUN
CIL
...................................................... 11
7. C
OUN
CIL C
O
M
PO
SIT I
ON
A
N
D
RE
QU
IREME
N
TS F
O
R C
O U N
CIL MEMBERS
.............................. 11
8. I
D
E
N
TIFICATI
ON
O
F I
N
TEREST C
ON
FLICTS I
N
T
H
E
WO
RK
O
F C
OUN
CIL MEMBERS
................ 13
IV.
D
ISCL
O
S
U
RE
O
F I
N
F
O
RMATI
O N
.................................................................................. 13
9. T
RA
N
S
P
ARE
N
CY
O
F T
H
E
I
SS
U
ER
’
S B
U
SI
N
ESS
....................................................................... 13
10. I
N
VEST
O
R RELATI
ON
S
.......................................................................................................... 14
V. I
N
TER
N
AL C
ON
TR
O
L A
N
D
RISK MA
N
A
G
EME
N
T
........................................................... 16
11.
P
RI
N
CI
P
LES
O
F T
H
E
I
SS
U
ER
’
S I
N
TER
N
AL A
N
D
EXTER
N
AL C
ON
TR
O
L
.................................... 16
12. A
U
D
IT
C
O
MMITTE E
.............................................................................................................. 16
VI. R
EM
UN
ERATI
ON
PO
LIC Y
............................................................................................ 17
13.
G
E
N
ERAL
P
RI
N
CI
P
LES
,
TY
P
ES A
N
D
CRITERIA F
O
R SETTI
N
G
REM
UN
ERATI
O N
....................... 17
14. R
EM
UN
ERATI
ON
R
E
PO
R T
..................................................................................................... 19
A
NN
E X
..................................................................................................................................... 21
I
N
D
E
P
E
N
D
E
N
CE
O
F
C
OUN
CIL
M
EMBER S
............................................................................... 21
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
4
I
N
TR
ODU
CTI
ON
1
.
G
e
n
e
ra
l
P
r
o
vi
s
i
o
ns
1.L
e
g
a
l
a
c
t
s o
f
t
h
e
R
e
public o
f
L
a
t
v
i
a
a
nd
t
h
e
r
e
g
ul
a
t
or
y
a
c
t
s r
e
l
a
t
e
d
t
h
e
r
e
t
o s
e
t
f
or
t
h
t
h
e
sp
e
ci
f
ic
pro
v
isions
t
o b
e
compli
e
d wi
t
h b
y
t
h
e
c
a
pi
t
a
l comp
a
ni
e
s
t
h
a
t
a
r
e
lis
t
e
d in
a
r
e
g
ul
a
t
e
d m
a
r
k
e
t
in
L
a
t
v
i
a
in r
e
l
a
t
ion
t
o
t
h
e
ir
a
dminis
t
r
a
t
ion
a
nd disclosur
e
o
f
in
f
orm
a
t
ion.
N
ow
a
d
a
y
s, i
t
is
t
h
e
disclos
e
d
f
in
a
nci
a
l
a
nd non
-f
in
a
nci
a
l in
f
orm
a
t
ion
t
h
a
t
is
v
e
r
y
impor
t
a
n
t
in
t
h
e
e
v
a
lu
a
t
ion o
f
t
h
e
busin
e
ss o
f
a
c
a
pi
t
a
l comp
a
n
y
,
t
h
e
r
e
f
or
e
, i
t
c
a
n b
e
sur
e
l
y
s
a
id
t
h
a
t
i
t
is r
e
quir
e
d
f
or c
a
pi
t
a
l
comp
a
ni
e
s
t
o impl
e
m
e
n
t
a
s
t
ric
t
l
y
d
e
t
e
rmin
e
d proc
e
dur
e
f
or
t
h
e
pro
v
ision o
f
in
t
e
rn
a
l
a
nd
e
x
t
e
rn
a
l
a
ccoun
t
s
a
nd
t
o
e
nsur
e
t
im
e
l
y
disclosur
e
o
f
subs
t
a
n
t
i
a
l in
f
orm
a
t
ion.
Th
e
ob
j
e
c
t
i
v
e
a
nd
a
im o
f
corpor
a
t
e
g
o
v
e
rn
a
nc
e
is
t
o incr
ea
s
e
t
h
e
v
a
lu
e
o
f
a
comp
a
n
y
bu
t
i
t
c
a
n b
e
impl
e
m
e
n
t
e
d onl
y
i
f
a
ll
t
h
e
in
t
e
r
e
s
t
s
a
nd ri
g
h
t
s o
f
sh
a
r
e
hold
e
rs
a
r
e
compli
e
d wi
t
h.
2.Th
e
b
a
sis o
f
a
n
y
corpor
a
t
e
g
o
v
e
rn
a
nc
e
is
t
h
e
d
e
t
e
rmin
a
t
ion o
f
t
h
e
pow
e
rs o
f
t
h
e
council
a
nd
t
h
e
bo
a
rd o
f
a
c
a
pi
t
a
l comp
a
n
y
, b
a
l
a
ncin
g
t
h
e
ir s
k
ills,
e
x
p
e
ri
e
nc
e
a
nd
a
lso ind
e
p
e
nd
e
nc
e
in
a
ccord
a
nc
e
wi
t
h
t
h
e
busin
e
ss
t
y
p
e
a
nd
v
olum
e
o
f
t
h
e
comp
a
n
y
. Th
e
mos
t
e
ss
e
n
t
i
a
l
a
r
e
hon
e
s
t
y
, ind
e
p
e
nd
e
nc
e
,
r
e
sponsibili
t
y
a
nd compli
a
nc
e
wi
t
h
e
t
hic
a
l principl
e
s o
f
t
h
e
p
e
rsons who mi
g
h
t
a
ff
e
c
t
t
h
e
s
t
r
a
t
e
gy
a
nd
f
in
a
nci
a
l ind
e
p
e
nd
e
nc
e
o
f
t
h
e
Issu
e
r,
a
nd
t
h
e
council should consis
t
o
f
g
ood pro
f
e
ssion
a
ls wi
t
h
hi
g
h principl
e
s o
f
mor
a
l.
T
a
k
in
g
in
t
o
a
ccoun
t t
h
a
t
i
t
is impossibl
e
t
o sp
e
ci
fy
on
e
uni
f
orm b
e
s
t
coop
e
r
a
t
i
v
e
g
o
v
e
rn
a
nc
e
mod
e
l
t
h
a
t
could b
e
a
ppli
e
d b
y
a
ll
t
h
e
Issu
e
rs
t
o
e
qu
a
ll
y
e
ff
ici
e
n
t
e
x
t
e
n
t
,
t
h
e
s
e
r
e
comm
e
nd
a
t
ions pro
v
id
e
a
summ
a
r
y
o
f
t
h
e
k
e
y
principl
e
s
t
h
a
t
should b
e
consid
e
r
e
d
a
s
t
h
e
b
a
sis o
f
t
h
e
b
e
s
t
corpor
a
t
e
g
o
v
e
rn
a
nc
e
.
3.Th
e
s
e
P
rincipl
e
s o
f
Corpor
a
t
e
G
o
v
e
rn
a
nc
e
a
nd R
e
comm
e
nd
a
t
ions on
t
h
e
ir Impl
e
m
e
n
t
a
t
ion
(
h
e
r
e
in
a
f
t
e
r –
t
h
e
R
e
comm
e
nd
a
t
ions
)
h
a
v
e
b
ee
n pr
e
p
a
r
e
d
t
a
k
in
g
in
t
o
a
ccoun
t
t
h
e
r
e
quir
e
m
e
n
t
s
f
or
c
a
pi
t
a
l comp
a
ni
e
s l
a
id down in
t
h
e
l
e
g
a
l
a
c
t
s o
f
t
h
e
R
e
public o
f
L
a
t
v
i
a
a
s w
e
ll
a
s
t
h
e
r
e
comm
e
nd
a
t
ions o
f
t
h
e
Europ
ea
n
U
nion
a
nd
t
h
e
O
EC
D
(O
r
g
a
ni
z
a
t
ion o
f
Economic Coop
e
r
a
t
ion
a
nd
D
e
v
e
lopm
e
n
t
)
on
t
h
e
g
o
v
e
rn
a
nc
e
o
f
c
a
pi
t
a
l comp
a
ni
e
s. Th
e
principl
e
s o
f
corpor
a
t
e
g
o
v
e
rn
a
nc
e
should b
e
compli
e
d wi
t
h no
t
onl
y
b
y
t
h
e
c
a
pi
t
a
l comp
a
ni
e
s
t
h
e
sh
a
r
e
s o
f
which
a
r
e
lis
t
e
d on
t
h
e
r
e
g
ul
a
t
e
d m
a
r
k
e
t
or
g
a
ni
z
e
d b
y
S
t
oc
k
E
x
ch
a
n
g
e
t
h
e
y
a
r
e
r
e
comm
e
nd
e
d
t
o
a
n
y
o
t
h
e
r
c
a
pi
t
a
l comp
a
n
y
.
2
.
O
bj
e
c
t
iv
e
o
f th
e
R
e
c
o
mm
e
ndat
i
o
ns
4.A qu
a
li
t
y
g
o
v
e
rn
a
nc
e
a
nd
t
r
a
nsp
a
r
e
nc
y
o
f
t
h
e
c
a
pi
t
a
l comp
a
ni
e
s
t
h
e
s
t
oc
k
s o
f
which
a
r
e
includ
e
d in
t
h
e
m
a
r
k
e
t
r
e
g
ul
a
t
e
d b
y
t
h
e
S
t
oc
k
E
x
ch
a
n
g
e
(
h
e
r
e
in
a
f
t
e
r –
t
h
e
Issu
e
rs
)
b
e
com
e
s mor
e
a
nd mor
e
si
g
ni
f
ic
a
n
t
a
cri
t
e
rion
f
o r in
v
e
s
t
ors wh
e
n choosin
g
t
h
e
ob
j
e
c
t
o
f
in
v
e
s
t
m
e
n
t
s. Th
e
ob
j
e
c
t
i
v
e
o
f
t
h
e
s
e
R
e
comm
e
nd
a
t
ions is
t
o
f
a
cili
t
a
t
e
t
h
e
t
r
a
nsp
a
r
e
nc
y
o
f
t
h
e
Issu
e
rs’ busin
e
ss
a
nd
t
o impro
v
e
t
h
e
disclosur
e
qu
a
li
t
y
, which would, in i
t
s
t
urn,
f
a
cili
t
a
t
e
t
h
e
in
t
e
r
e
s
t
o
f
loc
a
l
a
nd
f
or
e
i
g
n in
v
e
s
t
ors
a
bou
t
t
h
e
s
t
oc
k
s o
f
t
h
e
Issu
e
rs
t
h
a
t
a
r
e
lis
t
e
d on
t
h
e
S
t
oc
k
E
x
ch
a
n
g
e
,
a
s w
e
ll
a
s
t
h
e
r
e
li
a
bili
t
y
o
f
s
e
curi
t
i
e
s in
t
h
e
m
a
r
k
e
t
o
f
L
a
t
v
i
a
on
t
h
e
whol
e
.
5.Sinc
e
t
h
e
g
o
v
e
rn
a
nc
e
o
f
t
h
e
Issu
e
rs is b
a
s
e
d on
t
h
e
l
e
g
a
l
a
c
t
s bindin
g
t
o
t
h
e
Issu
e
rs,
t
h
e
s
e
R
e
comm
e
nd
a
t
ions
a
r
e
in
t
e
nd
e
d
t
o suppl
e
m
e
n
t
t
h
e
proc
e
dur
e
s l
a
id down in such l
e
g
a
l
a
c
t
s.
6.For
t
h
e
purpos
e
s o
f
t
h
e
s
e
R
e
comm
e
nd
a
t
ions
t
h
e
t
e
rm
“
corpor
a
t
e
g
o
v
e
rn
a
nc
e
”
sh
a
ll m
ea
n
a
s
y
s
t
e
m b
y
m
ea
ns o
f
which
t
h
e
busin
e
ss o
f
t
h
e
Issu
e
r is or
g
a
ni
z
e
d. Corpor
a
t
e
g
o
v
e
rn
a
nc
e
is
a
s
e
t
o
f
m
ea
sur
e
s
f
or
a
tt
a
inin
g
t
h
e
Issu
e
r’s busin
e
ss ob
j
e
c
t
i
v
e
s, moni
t
orin
g
t
h
e
Issu
e
r’s busin
e
ss
a
nd
a
ss
e
ssin
g
a
nd m
a
n
a
g
in
g
ris
k
s
t
h
e
r
e
o
f
.
3
.
Imp
l
e
m
e
ntat
i
o
n
o
f th
e
pr
i
n
ci
p
l
e
s
o
f
c
o
rp
o
rat
e
g
o
v
e
rnan
c
e
i
n th
e
Issu
e
r’s a
c
t
ivi
t
y
7.Th
e
Issu
e
rs
a
r
e
c
a
ll
e
d on
t
o
e
v
a
lu
a
t
e
a
nd impl
e
m
e
n
t
t
h
e
principl
e
s o
f
g
ood corpor
a
t
e
g
o
v
e
rn
a
nc
e
r
e
f
e
rr
e
d
t
o h
e
r
e
in
a
s
a
con
f
irm
a
t
ion o
f
t
h
e
f
a
c
t
t
h
a
t
t
h
e
Issu
e
r is in
t
e
r
e
s
t
e
d in pro
t
e
c
t
in
g
t
h
e
ri
g
h
t
s
o
f
i
t
s sh
a
r
e
hold
e
rs
a
nd
e
nsurin
g
t
h
e
ir in
t
e
r
e
s
t
s. E
v
e
r
y
Issu
e
r sh
a
ll h
a
v
e
t
h
e
ri
g
h
t
t
o
f
r
ee
choic
e
wh
e
t
h
e
r
t
o
a
ppl
y
t
h
e
s
e
principl
e
s in
t
h
e
ir
a
c
t
i
v
i
t
y
a
nd
t
o wh
a
t
e
x
t
e
n
t
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
5
8.Th
e
Issu
e
rs
a
r
e
a
s
k
e
d
t
o
a
cqu
a
in
t
a
lso
t
h
e
ir sh
a
r
e
hold
e
rs wi
t
h
t
h
e
s
e
principl
e
s
f
or
t
h
e
m
t
o
e
v
a
lu
a
t
e
t
h
e
s
e
principl
e
s
a
nd
t
h
e
n
e
c
e
ssi
t
y
t
o impl
e
m
e
n
t
t
h
e
m in
t
h
e
a
c
t
i
v
i
t
y
o
f
t
h
e
Issu
e
r
a
d
e
qu
a
t
e
l
y
. I
t
is
impor
t
a
n
t
t
o
a
cqu
a
in
t
sh
a
r
e
hold
e
rs wi
t
h
t
h
e
principl
e
s o
f
corpor
a
t
e
g
o
v
e
rn
a
nc
e
in c
a
s
e
s wh
e
n i
t
is
r
e
quir
e
d
t
o
a
dop
t
sp
e
ci
f
ic d
e
cisions
f
or
t
h
e
impl
e
m
e
n
t
a
t
ion o
f
s
e
p
a
r
a
t
e
principl
e
s,
e
.
g
. in c
a
s
e
o
f
a
m
e
ndm
e
n
t
s
t
o
t
h
e
s
t
a
t
u
t
e
s o
f
t
h
e
Issu
e
r or o
t
h
e
r or
g
a
ni
z
a
t
ion
a
l docum
e
n
t
s which
a
r
e
a
ppro
v
e
d b
y
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
.
9.
O
n
t
h
e
impl
e
m
e
n
t
a
t
ion o
f
t
h
e
corpor
a
t
e
g
o
v
e
rn
a
nc
e
principl
e
s in
t
h
e
ir busin
e
ss,
t
h
e
Issu
e
rs sh
a
ll
pr
e
p
a
r
e
t
h
e
Corpor
a
t
e
G
o
v
e
rn
a
nc
e
R
e
por
t
(
h
e
r
e
in
a
f
t
e
r –
t
h
e
R
e
por
t
)
t
h
a
t
sh
a
ll b
e
pr
e
p
a
r
e
d in
compli
a
nc
e
wi
t
h
t
h
e
principl
e
“
compl
y
wi
t
h or
e
x
pl
a
in
”
.
Sinc
e
t
h
e
Issu
e
rs h
a
v
e
f
r
ee
dom o
f
choic
e
a
s
t
o wh
a
t
principl
e
s
t
o impl
e
m
e
n
t
in
t
h
e
ir busin
e
ss
a
nd
t
o
wh
a
t
e
x
t
e
n
t
t
o
a
ppl
y
t
h
e
m,
t
h
e
n
t
h
e
Issu
e
rs
a
r
e
a
s
k
e
d
t
o pro
v
id
e
in
t
h
e
ir R
e
por
t
s in
f
orm
a
t
ion on wh
a
t
principl
e
s
a
nd in wh
a
t
w
a
y
t
h
e
Issu
e
r h
a
s impl
e
m
e
n
t
e
d. I
f
a
n
y
principl
e
is no
t
a
ppli
e
d or
a
ppli
e
d
p
a
r
t
i
a
ll
y
,
t
h
e
Issu
e
r sh
a
ll pro
v
id
e
in i
t
s R
e
por
t
t
h
e
in
f
orm
a
t
ion on
t
h
e
circums
t
a
nc
e
s du
e
t
o which
t
h
e
principl
e
in qu
e
s
t
ion is no
t
or c
a
nno
t
b
e
impl
e
m
e
n
t
e
d.
W
h
e
n pr
e
p
a
rin
g
t
h
e
R
e
por
t
,
t
h
e
Issu
e
rs sh
a
ll
t
a
k
e
in
t
o
a
ccoun
t
t
h
e
principl
e
s r
e
f
e
rr
e
d
t
o in
t
his
docum
e
n
t
on
t
h
e
impl
e
m
e
n
t
a
t
ion o
f
corpor
a
t
e
g
o
v
e
rn
a
nc
e
principl
e
s.
10. Th
e
Issu
e
rs sh
a
ll pro
v
id
e
t
h
e
R
e
por
t
t
o
g
e
t
h
e
r wi
t
h
t
h
e
a
nnu
a
l r
e
por
t
wi
t
hin
t
h
e
t
e
rm s
e
t
b
y
t
h
e
S
t
oc
k
E
x
ch
a
n
g
e
a
s w
e
ll
a
s publish
t
h
e
s
a
id in
f
orm
a
t
ion on i
t
s w
e
bsi
t
e
on
t
h
e
In
t
e
rn
e
t
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
6
P
RI
N
CI
P
LE
S
O
F G
OO
D
C
O
R
P
O
R
A
TE G
O
VER
N
A
N
CE
I
.
S
H
A
REH
O
L
D
ER
S
’
M
EETI
N
G
Sh
a
r
e
hold
e
rs r
ea
li
z
e
t
h
e
ir ri
g
h
t
t
o p
a
r
t
icip
a
t
e
in
t
h
e
m
a
n
a
g
e
m
e
n
t
o
f
t
h
e
Issu
e
r
a
t
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
s. In
compli
a
nc
e
wi
t
h l
e
g
a
l
a
c
t
s
t
h
e
Issu
e
rs sh
a
ll c
a
ll
t
h
e
a
nnu
a
l sh
a
r
e
hold
e
rs’ m
ee
t
in
g
a
s minimum onc
e
a
y
ea
r. E
x
t
r
a
ordin
a
r
y
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
s sh
a
ll b
e
c
a
ll
e
d
a
s r
e
quir
e
d.
1
.
E
N
S
U
RI
N
G
S
H
A
REH
O
L
D
ER
S
’
RIGHT
S
A
ND
P
A
RTICI
P
A
TI
O
N
A
T
S
H
A
REH
O
L
D
ER
S
’
M
EETI
N
G
S
Th
e
Issu
e
rs sha
ll
e
nsur
e
e
qua
l
att
i
tud
e
t
o
wards a
ll
th
e
shar
e
h
o
l
d
e
rs – h
o
l
d
e
rs
o
f
o
n
e
c
at
e
g
o
r
y
o
f
shar
e
s
.
A
ll
shar
e
h
o
l
d
e
rs sha
ll
ha
v
e
e
qua
l
r
i
ghts t
o
part
ici
pat
e
i
n th
e
manag
e
m
e
nt
o
f th
e
Issu
e
r – t
o
part
ici
pat
e
at shar
e
h
o
l
d
e
rs’ m
ee
t
i
ngs and r
e
c
e
iv
e
i
nf
o
rmat
i
o
n that shar
e
h
o
l
d
e
rs n
ee
d
i
n
o
rd
e
r t
o
ma
k
e
d
e
ci
s
i
o
ns
.
1.1.I
t
sh
a
ll b
e
impor
t
a
n
t
t
o
e
nsur
e
t
h
a
t
a
ll
t
h
e
hold
e
rs o
f
sh
a
r
e
s o
f
on
e
c
a
t
e
g
or
y
h
a
v
e
a
lso
e
qu
a
l ri
g
h
t
s,
includin
g
t
h
e
ri
g
h
t
t
o r
e
c
e
i
v
e
a
sh
a
r
e
o
f
t
h
e
Issu
e
r’s pro
f
i
t
a
s di
v
id
e
nds or in
a
no
t
h
e
r w
a
y
in
propor
t
ion
t
o
t
h
e
numb
e
r o
f
t
h
e
sh
a
r
e
s own
e
d b
y
t
h
e
m i
f
such ri
g
h
t
is s
t
ipul
a
t
e
d
f
or
t
h
e
sh
a
r
e
s
own
e
d b
y
t
h
e
m.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
. In
c
o
m
plian
c
e
t
o
t
h
e
Ar
t
i
c
l
e
s o
f
A
sso
c
ia
t
ions
Co
m
pany has issu
e
d
c
los
e
d
em
ission and publi
c
em
ission sha
r
e
s, all
t
h
e
sha
r
e
s giv
e
s
t
igh
t
s
t
o
divid
e
nds,
r
e
c
e
ip
t
o
f
liquida
t
ion quo
t
as and vo
t
ing
r
igh
t
s a
t
t
h
e
S
ha
r
e
hold
e
r
s’ M
ee
t
ing.
1.2.Th
e
Issu
e
r sh
a
ll pr
e
p
a
r
e
a
polic
y
f
or
t
h
e
di
v
ision o
f
pro
f
i
t
. In
t
h
e
pr
e
p
a
r
a
t
ion o
f
t
h
e
polic
y
, i
t
is
r
e
comm
e
nd
e
d
t
o
t
a
k
e
in
t
o
a
ccoun
t
no
t
onl
y
t
h
e
pro
v
ision o
f
imm
e
di
a
t
e
b
e
n
e
f
i
t
f
or
t
h
e
Issu
e
r’s
sh
a
r
e
hold
e
rs b
y
p
a
y
in
g
di
v
id
e
nds
t
o
t
h
e
m bu
t
a
lso
t
h
e
e
x
p
e
di
e
nc
y
o
f
pro
f
i
t
r
e
in
v
e
s
t
in
g
, which
would incr
ea
s
e
t
h
e
v
a
lu
e
o
f
t
h
e
Issu
e
r in
f
u
t
ur
e
. I
t
is r
e
comm
e
nd
e
d
t
o discuss
t
h
e
polic
y
o
f
pro
f
i
t
di
v
ision
a
t
a
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
t
hus
e
nsurin
g
t
h
a
t
a
s possibl
y
l
a
r
g
e
r
a
numb
e
r o
f
sh
a
r
e
hold
e
rs
h
a
v
e
t
h
e
possibili
t
y
t
o
a
cqu
a
in
t
t
h
e
ms
e
l
v
e
s wi
t
h i
t
a
nd
t
o
e
x
pr
e
ss
t
h
e
ir opinion on i
t
. Th
e
R
e
por
t
sh
a
ll sp
e
ci
fy
wh
e
r
e
t
h
e
Issu
e
r
’
s pro
f
i
t
dis
t
ribu
t
ion polic
y
is m
a
d
e
a
v
a
il
a
bl
e
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
1.3.In ord
e
r
t
o pro
t
e
c
t
t
h
e
Issu
e
r’s sh
a
r
e
hold
e
rs’ in
t
e
r
e
s
t
t
o
a
su
ff
ici
e
n
t
e
x
t
e
n
t
, no
t
onl
y
t
h
e
Issu
e
rs
bu
t
a
lso
a
n
y
o
t
h
e
r p
e
rsons who in compli
a
nc
e
wi
t
h
t
h
e
proc
e
dur
e
s
t
ipul
a
t
e
d in l
e
g
isl
a
t
i
v
e
a
c
t
s
c
a
ll,
a
nnounc
e
a
nd or
g
a
ni
z
e
a
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
a
r
e
a
s
k
e
d
t
o compl
y
wi
t
h
a
ll
t
h
e
issu
e
s
r
e
f
e
rr
e
d
t
o in
t
h
e
s
e
R
e
comm
e
nd
a
t
ions in r
e
l
a
t
ion
t
o c
a
llin
g
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
s
a
nd pro
v
ision
o
f
sh
a
r
e
hold
e
rs wi
t
h
t
h
e
r
e
quir
e
d in
f
orm
a
t
ion.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
1.4.Sh
a
r
e
hold
e
rs o
f
t
h
e
Issu
e
rs sh
a
ll b
e
pro
v
id
e
d wi
t
h
t
h
e
possibili
t
y
t
o r
e
c
e
i
v
e
in du
e
t
im
e
a
nd
r
e
g
ul
a
rl
y
a
ll
t
h
e
r
e
quir
e
d in
f
orm
a
t
ion on
t
h
e
r
e
l
e
v
a
n
t
Issu
e
r, p
a
r
t
icip
a
t
e
a
t
m
ee
t
in
g
s
a
nd
v
o
t
e
on
a
g
e
nd
a
issu
e
s. Th
e
Issu
e
rs sh
a
ll c
a
rr
y
ou
t
a
ll
t
h
e
possibl
e
a
c
t
i
v
i
t
i
e
s
t
o
a
chi
e
v
e
t
h
a
t
a
s m
a
n
y
a
s
possibl
e
sh
a
r
e
hold
e
rs p
a
r
t
icip
a
t
e
a
t
m
ee
t
in
g
s;
t
h
e
r
e
f
or
e
,
t
h
e
t
im
e
a
nd pl
a
c
e
o
f
a
m
ee
t
in
g
should
no
t
r
e
s
t
ric
t
t
h
e
a
tt
e
nd
a
nc
e
o
f
a
m
ee
t
in
g
b
y
sh
a
r
e
hold
e
rs. Th
e
r
e
f
or
e
, i
t
should no
t
b
e
a
dmissibl
e
t
o ch
a
n
g
e
t
h
e
t
im
e
a
nd pl
a
c
e
o
f
a
n
a
nnounc
e
d sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
shor
t
l
y
b
e
f
or
e
t
h
e
m
ee
t
in
g
,
which
t
hus would hind
e
r or
e
v
e
n m
a
k
e
i
t
impossibl
e
f
or sh
a
r
e
hold
e
rs
t
o
a
tt
e
nd
t
h
e
m
ee
t
in
g
.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
1.5.Th
e
Issu
e
rs sh
a
ll in
f
orm
t
h
e
ir sh
a
r
e
hold
e
rs on c
a
llin
g
a
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
b
y
publishin
g
a
no
t
ic
e
in compli
a
nc
e
wi
t
h
t
h
e
proc
e
dur
e
a
nd
t
h
e
t
im
e
limi
t
s s
e
t
f
or
t
h in l
e
g
isl
a
t
i
v
e
a
c
t
s. Th
e
Issu
e
rs
a
r
e
a
s
k
e
d
t
o
a
nnounc
e
t
h
e
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
a
s soon
a
s
t
h
e
d
e
cision on c
a
llin
g
t
h
e
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
h
a
s b
ee
n
t
a
k
e
n; in p
a
r
t
icul
a
r,
t
his condi
t
ion
a
ppli
e
s
t
o
e
x
t
r
a
ordin
a
r
y
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
s. Th
e
in
f
orm
a
t
ion on c
a
llin
g
a
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
sh
a
ll b
e
publish
e
d
a
lso on
t
h
e
Issu
e
r’s w
e
bsi
t
e
on
t
h
e
In
t
e
rn
e
t
, wh
e
r
e
i
t
should b
e
publish
e
d
a
lso
a
t
l
ea
s
t
in on
e
f
or
e
i
g
n l
a
n
g
u
a
g
e
. I
t
is r
e
comm
e
nd
e
d
t
o us
e
t
h
e
En
g
lish l
a
n
g
u
a
g
e
a
s
t
h
e
s
a
id o
t
h
e
r l
a
n
g
u
a
g
e
so
t
h
a
t
t
h
e
w
e
bsi
t
e
could b
e
us
e
d
a
lso b
y
f
or
e
i
g
n in
v
e
s
t
ors.
W
h
e
n publishin
g
in
f
orm
a
t
ion on c
a
llin
g
a
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
,
a
lso
t
h
e
ini
t
i
a
t
or o
f
c
a
llin
g
t
h
e
m
ee
t
in
g
sh
a
ll b
e
sp
e
ci
f
i
e
d.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
7
T
h
e
Co
m
pany has
e
nsu
r
e
d
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
in 2021.
T
h
e
announ
c
eme
n
t
s a
r
e
publish
e
d in La
t
vian and English.
1.6.Th
e
Issu
e
r sh
a
ll
e
nsur
e
t
h
a
t
comp
e
t
e
in
f
orm
a
t
ion on
t
h
e
cours
e
a
nd
t
im
e
o
f
t
h
e
m
ee
t
in
g
,
t
h
e
v
o
t
in
g
on d
e
cisions
t
o b
e a
dop
t
e
d,
a
s w
e
l l
a
s
t
h
e
a
g
e
nd
a a
nd dr
a
f
t
d
e
cisions on which i
t
is pl
a
nn
e
d
t
o
v
o
t
e
a
t
t
h
e
m
ee
t
in
g
is
a
v
a
il
a
bl
e
in du
e
t
im
e
t
o
t
h
e
sh
a
r
e
hold
e
rs. Th
e
Issu
e
rs sh
a
ll
a
lso in
f
orm
t
h
e
sh
a
r
e
hold
e
rs whom
t
h
e
y
c
a
n
a
ddr
e
ss
t
o r
e
c
e
i
v
e
a
nsw
e
rs
t
o
a
n
y
qu
e
s
t
ions on
t
h
e
a
rr
a
n
g
e
m
e
n
t
s
f
or
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
a
nd
t
h
e
a
g
e
nd
a
issu
e
s
a
nd
e
nsur
e
t
h
a
t
t
h
e
r
e
quir
e
d
a
ddi
t
ion
a
l
in
f
orm
a
t
ion is pro
v
id
e
d
t
o
t
h
e
sh
a
r
e
hold
e
rs.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
1.7.Th
e
Issu
e
r sh
a
ll
e
nsur
e
t
h
a
t
a
t
l
ea
s
t
14
(f
our
t
ee
n
)
d
a
y
s prior
t
o
t
h
e
m
ee
t
in
g
t
h
e
sh
a
r
e
hold
e
rs h
a
v
e
t
h
e
possibili
t
y
t
o
a
cqu
a
in
t
t
h
e
ms
e
l
v
e
s wi
t
h
t
h
e
dr
a
f
t
d
e
cisions on
t
h
e
issu
e
s
t
o b
e
d
ea
l
t
wi
t
h
a
t
t
h
e
m
ee
t
in
g
, includin
g
t
hos
e
t
h
a
t
h
a
v
e
b
ee
n submi
tt
e
d
a
ddi
t
ion
a
ll
y
a
lr
ea
d
y
a
f
t
e
r
t
h
e
a
nnounc
e
m
e
n
t
on c
a
llin
g
t
h
e
m
ee
t
in
g
. Th
e
Issu
e
r sh
a
ll
e
nsur
e
t
h
e
possibili
t
y
t
o r
ea
d
a
compl
e
t
e
t
e
x
t
o
f
dr
a
f
t
d
e
cisions,
e
sp
e
ci
a
ll
y
i
f
t
h
e
y
a
ppl
y
t
o
v
o
t
in
g
on
a
m
e
ndm
e
n
t
s
t
o
t
h
e
Issu
e
r’s s
t
a
t
u
t
e
s,
e
l
e
c
t
ion o
f
t
h
e
Issu
e
r’s o
ff
ici
a
ls, d
e
t
e
rmin
a
t
ion o
f
t
h
e
ir r
e
mun
e
r
a
t
ion, di
v
ision o
f
t
h
e
Issu
e
r’s
pro
f
i
t
a
nd o
t
h
e
r issu
e
s.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
1.8.In no w
a
y
m
a
y
t
h
e
Issu
e
rs r
e
s
t
ric
t
t
h
e
ri
g
h
t
o
f
sh
a
r
e
hold
e
rs
t
o nomin
a
t
e
r
e
pr
e
s
e
n
t
a
t
i
v
e
s o
f
t
h
e
sh
a
r
e
hold
e
rs
f
or council
e
l
e
c
t
ions. Th
e
c
a
ndid
a
t
e
s
t
o
t
h
e
council
a
nd c
a
ndid
a
t
e
s
t
o o
t
h
e
r o
ff
ic
e
s
sh
a
ll b
e
nomin
a
t
e
d in du
e
t
im
e
so
t
h
a
t
t
h
e
in
f
orm
a
t
ion on
t
h
e
s
a
id p
e
rsons would b
e
a
v
a
il
a
bl
e
t
o
t
h
e
sh
a
r
e
hold
e
rs
t
o
t
h
e
e
x
t
e
n
t
a
s s
t
ipul
a
t
e
d in Cl
a
us
e
1.9 o
f
t
his S
e
c
t
ion
a
s minimum 14
(f
our
t
ee
n
)
d
a
y
s prior
t
o
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
1.9.Esp
e
ci
a
ll
y
,
a
tt
e
n
t
ion should b
e
p
a
id
t
h
a
t
t
h
e
sh
a
r
e
hold
e
rs
a
t
l
ea
s
t
14
(f
our
t
ee
n
)
d
a
y
s prior
t
o
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
h
a
v
e
t
h
e
possibili
t
y
t
o
a
cqu
a
in
t
t
h
e
ms
e
l
v
e
s wi
t
h in
f
orm
a
t
ion on council
m
e
mb
e
r c
a
ndid
a
t
e
s
a
nd
a
udi
t
commi
tt
ee
m
e
mb
e
r c
a
ndid
a
t
e
s whos
e
a
ppro
v
a
l is pl
a
nn
e
d
a
t
t
h
e
m
ee
t
in
g
.
W
h
e
n disclosin
g
t
h
e
s
a
id in
f
orm
a
t
ion,
a
lso
a
shor
t
p
e
rson
a
l bio
g
r
a
ph
y
o
f
t
h
e
c
a
ndid
a
t
e
s
sh
a
ll b
e
publish
e
d.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
1.10. Th
e
Issu
e
r m
a
y
no
t
r
e
s
t
ric
t t
h
e
ri
g
h
t
o
f
sh
a
r
e
hold
e
rs
t
o consul
t
a
mon
g
t
h
e
m durin
g
a
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
i
f
i
t
is r
e
quir
e
d in ord
e
r
t
o
a
dop
t
a
d
e
cision or
t
o m
a
k
e
cl
ea
r som
e
issu
e
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
1.11. To pro
v
id
e
sh
a
r
e
hold
e
rs wi
t
h compl
e
t
e
in
f
orm
a
t
ion on
t
h
e
cours
e
o
f
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
,
t
h
e
Issu
e
r sh
a
ll pr
e
p
a
r
e
t
h
e
r
e
g
ul
a
t
ions on
t
h
e
cours
e
o
f
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
, in which
t
h
e
a
g
e
nd
a
o
f
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
a
nd
t
h
e
proc
e
dur
e
f
or sol
v
in
g
a
n
y
or
g
a
ni
z
a
t
ion
a
l issu
e
s
conn
e
c
t
e
d wi
t
h
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g(
e
.
g
., r
e
g
is
t
r
a
t
ion o
f
m
ee
t
in
g
p
a
r
t
icip
a
n
t
s,
t
h
e
proc
e
dur
e
f
or
t
h
e
a
dop
t
ion o
f
d
e
cisions on
t
h
e
issu
e
s
t
o b
e
d
ea
l
t
wi
t
h
a
t
t
h
e
m
ee
t
in
g
,
t
h
e
Issu
e
r’s
a
c
t
ions in c
a
s
e
a
n
y
o
f
t
h
e
issu
e
s on
t
h
e
a
g
e
nd
a
is no
t
d
ea
l
t
wi
t
h, i
f
i
t
is impossibl
e
t
o
a
dop
t
a
d
e
cision
e
t
c.
)
. Th
e
proc
e
dur
e
s
a
dop
t
e
d b
y
t
h
e
Issu
e
r in r
e
l
a
t
ion
t
o p
a
r
t
icip
a
t
ion in
v
o
t
in
g
sh
a
ll b
e
ea
s
y
t
o impl
e
m
e
n
t
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
1.12. Th
e
Issu
e
r sh
a
l l
e
nsur
e
t
h
a
t
durin
g
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
t
h
e
sh
a
r
e
hold
e
rs h
a
v
e
t
h
e
possibili
t
y
t
o
a
s
k
qu
e
s
t
ions
t
o
t
h
e
c
a
ndid
a
t
e
s
t
o b
e
e
l
e
c
t
e
d
a
t
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
a
nd o
t
h
e
r
a
tt
e
ndin
g
r
e
pr
e
s
e
n
t
a
t
i
v
e
s o
f
t
h
e
Issu
e
r. Th
e
Issu
e
r sh
a
ll h
a
v
e
t
h
e
ri
g
h
t
t
o s
e
t
r
ea
son
a
bl
e
r
e
s
t
ric
t
ions on
qu
e
s
t
ions,
f
or
e
x
a
mpl
e
,
e
x
cludin
g
t
h
e
possibili
t
y
t
h
a
t
on
e
sh
a
r
e
hold
e
r us
e
s up
t
h
e
t
o
t
a
l
t
im
e
pro
v
id
e
d
f
or
a
s
k
in
g
o
f
qu
e
s
t
ions
a
nd s
e
tt
in
g
a
t
im
e
limi
t
o
f
sp
ee
ch
e
s.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
8
1.13.
W
h
e
n
e
n
t
e
rin
g
t
h
e
cours
e
a
nd con
t
e
n
t
s o
f
discussions on
t
h
e
a
g
e
nd
a
issu
e
s
t
o b
e
d
ea
l
t
wi
t
h
a
t
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
in
t
h
e
minu
t
e
s o
f
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
,
t
h
e
ch
a
irp
e
rson o
f
t
h
e
m
ee
t
in
g
sh
a
ll
e
nsur
e
t
h
a
t
, in c
a
s
e
a
n
y
m
ee
t
in
g
p
a
r
t
icip
a
n
t
r
e
quir
e
s i
t
, p
a
r
t
icul
a
r d
e
b
a
t
e
s
a
r
e
r
e
f
l
e
c
t
e
d in
t
h
e
minu
t
e
s or
t
h
a
t
sh
a
r
e
hold
e
r propos
a
l or qu
e
s
t
ions
a
r
e
a
pp
e
nd
e
d
t
h
e
r
e
t
o in wri
tt
e
n
f
orm.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
2
.
P
A
RTICI
P
A
TI
O
N
O
F
M
E
M
B
ER
S
A
ND
M
E
M
B
ER C
A
ND
I
D
A
TE
S
O
F T H E
I
S S
U
ER
’
S
M
A
N
A
GE
M
E
N
T
I
N
S
TIT
U
TI
O
N
S
A
T
S
H
A
REH
O
L
D
ER
S
’
M
EETI
N
G
S
S
har
e
h
o
l
d
e
rs
’
m
ee
t
i
ngs sha
ll
b
e
att
e
nd
e
d b
y
th
e
Iss u
e
r’s b
o
ard m
e
mb
e
rs, aud
i
t
o
rs, and as
p
o
ss
i
b
ly
man
y
c
o
un
cil
m
e
mb
e
rs
.
2.1.Th
e
a
tt
e
nd
a
nc
e
o
f
m
e
mb
e
rs o
f
t
h
e
Issu
e
r’s m
a
n
a
g
e
m
e
n
t
ins
t
i
t
u
t
ions
a
nd
a
udi
t
or
a
t
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
s sh
a
ll b
e
n
e
c
e
ss
a
r
y
t
o
e
nsur
e
in
f
orm
a
t
ion
e
x
ch
a
n
g
e
b
e
t
w
ee
n
t
h
e
Issu
e
r’s sh
a
r
e
hold
e
rs
a
nd m
e
mb
e
rs o
f
m
a
n
a
g
e
m
e
n
t
ins
t
i
t
u
t
ions
a
s w
e
ll
a
s
t
o
f
ul
f
ill
t
h
e
ri
g
h
t
o
f
sh
a
r
e
hold
e
rs
t
o r
e
c
e
i
v
e
a
nsw
e
rs
f
rom comp
e
t
e
n
t
p
e
rsons
t
o
t
h
e
qu
e
s
t
ions submi
tt
e
d. Th
e
a
tt
e
nd
a
nc
e
o
f
t
h
e
a
udi
t
or sh
a
ll
no
t
b
e
m
a
nd
a
t
or
y
a
t
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
s
a
t
which issu
e
s conn
e
c
t
e
d wi
t
h
t
h
e
f
in
a
nc
e
s o
f
t
h
e
Issu
e
r
a
r
e
no
t
d
ea
l
t
wi
t
h. B
y
usin
g
t
h
e
ri
g
h
t
t
o
a
s
k
qu
e
s
t
ions sh
a
r
e
hold
e
rs h
a
v
e
t
h
e
possibili
t
y
t
o
ob
t
a
in in
f
orm
a
t
ion on
t
h
e
circums
t
a
nc
e
s
t
h
a
t
mi
g
h
t
a
ff
e
c
t
t
h
e
e
v
a
lu
a
t
ion o
f
t
h
e
f
in
a
nci
a
l r
e
por
t
a
nd
t
h
e
f
in
a
nci
a
l si
t
u
a
t
ion o
f
t
h
e
Issu
e
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
T
h
e
B
oa
r
d o
f
D
i
r
e
c
t
o
r
s s
e
nds no
t
i
f
i
c
a
t
ion
abou
t
t
h
e
mee
t
ing, i
t
s pla
c
e
and
t
i
me
t
o all
t
h
e
abov
e
me
n
t
ion
e
d p
e
r
sons.
2.2.Sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
s sh
a
ll b
e
a
tt
e
nd
e
d b
y
t
h
e
Issu
e
r’s o
ff
ici
a
l c
a
ndid
a
t
e
s whos
e
e
l
e
c
t
ion is
pl
a
nn
e
d
a
t
t
h
e
m
ee
t
in
g
. This sh
a
ll in p
a
r
t
icul
a
r
a
ppl
y
t
o council m
e
mb
e
rs. I
f
a
council m
e
mb
e
r
c
a
ndid
a
t
e
or
a
udi
t
or c
a
ndid
a
t
e
is un
a
bl
e
t
o
a
tt
e
nd
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
du
e
t
o
a
n impor
t
a
n
t
r
ea
son,
t
h
e
n i
t
sh
a
ll b
e
a
dmissibl
e
t
h
a
t
t
his p
e
rson do
e
s no
t
a
tt
e
nd
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
. In
t
his c
a
s
e
,
a
ll
t
h
e
subs
t
a
n
t
i
a
l in
f
orm
a
t
ion on
t
h
e
c
a
ndid
a
t
e
sh
a
ll b
e
disclos
e
d b
e
f
or
e
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
2.3.
D
urin
g
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
s,
t
h
e
p
a
r
t
icip
a
n
t
s mus
t
h
a
v
e
t
h
e
possibili
t
y
t
o ob
t
a
in in
f
orm
a
t
ion on
o
ff
ici
a
ls or o
ff
ici
a
l c
a
ndid
a
t
e
s who do no
t
a
tt
e
nd
t
h
e
m
ee
t
in
g
a
nd r
ea
sons
t
h
e
r
e
o
f
. Th
e
r
ea
son o
f
non
-
a
tt
e
nd
a
nc
e
should b
e
e
n
t
e
r
e
d in
t
h
e
minu
t
e
s o
f
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
II
.
B
O
A
R
D
O
F
D
IRECT
O
R
S
Th
e
bo
a
rd is
t
h
e
Issu
e
r’s
e
x
e
cu
t
i
v
e
ins
t
i
t
u
t
ion, which m
a
n
a
g
e
s
a
nd r
e
pr
e
s
e
n
t
s
t
h
e
Issu
e
r in i
t
s
e
v
e
r
y
d
a
y
busin
e
ss,
t
h
e
r
e
f
or
e
t
h
e
Issu
e
r sh
a
ll
e
nsur
e
t
h
a
t
i
t
is
e
ff
ici
e
n
t
,
a
bl
e
t
o
t
a
k
e
d
e
cisions,
a
nd commi
tt
e
d
t
o
incr
ea
s
e
t
h
e
v
a
lu
e
o
f
t
h
e
comp
a
n
y
,
t
h
e
r
e
f
or
e
i
t
s obli
g
a
t
ions
a
nd r
e
sponsibili
t
i
e
s h
a
v
e
t
o b
e
cl
ea
rl
y
d
e
t
e
rmin
e
d.
3
.
O
B
LIG
A
TI
O
N
S
A
ND
RE
S
P
O
N
S
I
B
ILITIE
S
O
F THE
B
OA
R
D
Th
e
Issu
e
rs sha
ll
cl
e
ar
ly
and
e
x
pr
e
ss
iv
e
ly
d
e
t
e
rm
i
n
e
th
e
o
b
li
gat
i
o
ns and auth
o
r
i
t
i
e
s
o
f th
e
b
o
ard
and r
e
sp
o
ns
i
b
ili
t
i
e
s
o
f
i
ts m
e
mb
e
rs, thus
e
nsur
i
ng a su
cc
e
ssfu
l
w
o
r
k
o
f th
e
b
o
ard and an
i
n
c
r
e
as
e
i
n
th
e
Issu
e
r’s
v
a
l
u
e.
3.1.Th
e
bo
a
rd sh
a
ll h
a
v
e
t
h
e
obli
g
a
t
ion
t
o m
a
n
a
g
e
t
h
e
busin
e
ss o
f
t
h
e
Issu
e
r, which includ
e
s
a
lso
t
h
e
r
e
sponsibili
t
y
f
or
t
h
e
r
ea
li
z
a
t
ion o
f
t
h
e
ob
j
e
c
t
i
v
e
s
a
nd s
t
r
a
t
e
g
i
e
s d
e
t
e
rmin
e
d b
y
t
h
e
Issu
e
r
a
nd
t
h
e
r
e
sponsibili
t
y
f
or
t
h
e
r
e
sul
t
s
a
chi
e
v
e
d. Th
e
bo
a
rd sh
a
ll b
e
r
e
sponsibl
e
f
or
t
h
e
s
a
id
t
o
t
h
e
council
a
nd
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
. In
f
ul
f
ilm
e
n
t
o
f
i
t
s obli
g
a
t
ions,
t
h
e
bo
a
rd sh
a
ll
a
dop
t
d
e
cisions
g
uid
e
d b
y
in
t
e
r
e
s
t
s o
f
a
ll
t
h
e
sh
a
r
e
hold
e
rs
a
nd pr
e
v
e
n
t
in
g
a
n
y
po
t
e
n
t
i
a
l con
f
lic
t
o
f
in
t
e
r
e
s
t
s.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
9
3.2.Th
e
pow
e
rs o
f
t
h
e
bo
a
rd sh
a
ll b
e
s
t
ipul
a
t
e
d in
t
h
e
Bo
a
rd R
e
g
ul
a
t
ions or
a
simil
a
r docum
e
n
t
,
which is
t
o b
e
publish
e
d on
t
h
e
w
e
bsi
t
e
o
f
t
h
e
Issu
e
r on
t
h
e
In
t
e
rn
e
t
. Th is docum
e
n
t
mus
t
b
e
a
lso
a
v
a
il
a
bl
e
a
t
t
h
e
r
e
g
is
t
e
r
e
d o
ff
ic
e
o
f
t
h
e
Issu
e
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
, b
e
c
aus
e
do
c
u
me
n
t
s s
t
ipula
t
ing
t
h
e
po
we
r
s o
f
t
h
e
B
oa
r
d o
f
D
i
r
e
c
t
o
r
s a
r
e
no
t
publish
e
d on
t
h
e
we
bsi
t
e
o
f
t
h
e
Co
m
pany.
T
h
e
f
u
r
t
h
e
r
d
e
v
e
lop
me
n
t
o
f
t
h
e
we
bsi
t
e
t
o
r
ef
l
e
c
t
t
his in
f
o
r
m
a
t
ion is ongoing and
t
h
e
plann
e
d
c
o
m
pl
e
t
ion
t
i
me
is 2024.
3.3.Th
e
bo
a
rd sh
a
ll b
e
r
e
sponsibl
e
a
lso
f
or
t
h
e
compli
a
nc
e
wi
t
h
a
ll
t
h
e
bindin
g
r
e
g
ul
a
t
or
y
a
c
t
s, ris
k
m
a
n
a
g
e
m
e
n
t
,
a
s w
e
ll
a
s
t
h
e
f
in
a
nci
a
l
a
c
t
i
v
i
t
y
o
f
t
h
e
Issu
e
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
3.4.Th
e
bo
a
rd sh
a
ll p
e
r
f
orm c
e
r
t
a
in
t
a
s
k
s, includin
g
:
1
)
corpor
a
t
e
s
t
r
a
t
e
g
i
e
s, wor
k
pl
a
n, ris
k
con
t
rol proc
e
dur
e
,
a
ss
e
ssm
e
n
t
a
nd
a
d
v
a
nc
e
m
e
n
t
o
f
a
nnu
a
l bud
g
e
t
a
nd busin
e
ss pl
a
ns,
e
nsurin
g
con
t
rol on
t
h
e
f
ul
f
ilm
e
n
t
o
f
pl
a
ns
a
nd
t
h
e
a
chi
e
v
e
m
e
n
t
o
f
pl
a
nn
e
d r
e
sul
t
s ;
2
)
s
e
l
e
c
t
ion o
f
s
e
nior m
a
n
a
g
e
rs o
f
t
h
e
Issu
e
r, d
e
t
e
rmin
a
t
ion o
f
t
h
e
ir r
e
mun
e
r
a
t
ion
a
nd con
t
rol o
f
t
h
e
ir wor
k
a
nd
t
h
e
ir r
e
pl
a
c
e
m
e
n
t
, i
f
n
e
c
e
ss
a
r
y
, in compli
a
nc
e
wi
t
h in
t
e
rn
a
l proc
e
dur
e
s
(
e
.
g
.
p
e
rsonn
e
l polic
y
a
dop
t
e
d b
y
t
h
e
Issu
e
r, r
e
mun
e
r
a
t
ion polic
y
e
t
c.
)
;
3
)
t
im
e
l
y
a
nd qu
a
li
t
a
t
i
v
e
submission o
f
r
e
por
t
s,
e
nsurin
g
a
lso
t
h
a
t
t
h
e
in
t
e
rn
a
l
a
udi
t
s
a
r
e
c
a
rri
e
d
ou
t
a
nd
t
h
e
disclosur
e
o
f
in
f
orm
a
t
ion is con
t
roll
e
d.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
3.5.In
a
nnu
a
l r
e
por
t
s,
t
h
e
bo
a
rd sh
a
ll con
f
irm
t
h
a
t
t
h
e
in
t
e
rn
a
l ris
k
proc
e
dur
e
s
a
r
e
e
ff
ici
e
n
t
a
nd
t
h
a
t
t
h
e
ris
k
m
a
n
a
g
e
m
e
n
t
a
nd in
t
e
rn
a
l con
t
rol h
a
v
e
b
ee
n c
a
rri
e
d ou
t
in compli
a
nc
e
wi
t
h
t
h
e
s
a
id con
t
rol
proc
e
dur
e
s
t
hrou
g
hou
t
t
h
e
y
ea
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
as
t
h
e
in
t
e
r
nal
r
isk
c
on
t
r
ol p
r
o
c
e
du
r
e
has b
ee
n upda
t
e
d,
w
hi
c
h is s
c
h
e
dul
e
d
t
o b
e
c
o
m
pl
e
t
e
d in 2023.
3.6.I
t
sh
a
ll b
e
pr
e
f
e
r
a
bl
e
t
h
a
t
t
h
e
bo
a
rd submi
t
s d
e
cisions
t
h
a
t
d
e
t
e
rmin
e
t
h
e
ob
j
e
c
t
i
v
e
s
a
nd s
t
r
a
t
e
g
i
e
s
f
or
a
chi
e
v
e
m
e
n
t
t
h
e
r
e
o
f
(
p
a
r
t
icip
a
t
ion in o
t
h
e
r comp
a
ni
e
s,
a
cquisi
t
ion or
a
li
e
n
a
t
ion o
f
prop
e
r
t
y
,
op
e
nin
g
o
f
r
e
pr
e
s
e
n
t
a
t
ion o
ff
ic
e
s or br
a
nch
e
s,
e
x
p
a
nsion o
f
busin
e
ss
e
t
c
)
t
o
t
h
e
Issu
e
r’s council
f
or
a
ppro
v
a
l.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
4
.
B
OA
R
D
C
O
MP
OS
I T I
O
N
A
ND
RE
QU
IRE
M
E
N
T
S
F
O
R
BOA
R
D
M
E
M
B
ER
S
A
b
o
ard
c
o
mp
o
s
i
t
i
o
n appr
o
v
e
d b
y
th
e
Issu
e
r sha
ll
b
e
ab
l
e
t
o
e
nsur
e
suff
ici
e
nt
ly
c
r
i
t
ic
a
l
and
i
nd
e
p
e
nd
e
nt att
i
tud
e
i
n ass
e
ss
i
ng and ta
k
i
ng d
e
ci
s
i
o
ns
.
4.1.In composin
g
t
h
e
bo
a
rd, i
t
sh
a
ll b
e
obs
e
r
v
e
d
t
h
a
t
e
v
e
r
y
bo
a
rd m
e
mb
e
r h
a
s
a
ppropri
a
t
e
e
duc
a
t
ion
a
nd wor
k
e
x
p
e
ri
e
nc
e
. Th
e
Issu
e
r sh
a
ll pr
e
p
a
r
e
a
summ
a
r
y
o
f
t
h
e
r
e
quir
e
m
e
n
t
s
t
o b
e
s
e
t
f
or
e
v
e
r
y
bo
a
rd m
e
mb
e
r, which sp
e
ci
f
i
e
s
t
h
e
s
k
ills,
e
duc
a
t
ion, pr
e
v
ious wor
k
e
x
p
e
ri
e
nc
e
a
nd o
t
h
e
r
s
e
l
e
c
t
ion cri
t
e
ri
a
f
or
e
v
e
r
y
bo
a
rd m
e
mb
e
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
T
h
e
M
em
b
e
r
s o
f
t
h
e
B
oa
r
d o
f
D
i
r
e
c
t
o
r
s a
r
e
no
m
ina
t
e
d and
e
l
e
c
t
e
d in a
cc
o
r
dan
c
e
w
i
t
h
t
h
e
p
r
ovisions
e
s
t
ablish
e
d by
t
h
e
Co
mme
rc
ial L a
w
o
f
t
h
e
R
e
publi
c
o
f
La
t
via.
4.2.
O
n
t
h
e
Issu
e
r’s w
e
bsi
t
e
on
t
h
e
In
t
e
rn
e
t
,
t
h
e
f
ollowin
g
in
f
orm
a
t
ion on
e
v
e
r
y
Issu
e
r’s bo
a
rd
m
e
mb
e
r sh
a
ll b
e
publish
e
d: n
a
m
e
, surn
a
m
e
,
y
ea
r o
f
bir
t
h,
e
duc
a
t
ion, o
ff
ic
e
t
e
rm, posi
t
ion,
d
e
scrip
t
ion o
f
t
h
e
l
a
s
t
t
hr
ee
y
ea
r’s pro
f
e
ssion
a
l
e
x
p
e
ri
e
nc
e
, numb
e
r o
f
t
h
e
Issu
e
r’s or i
t
s p
a
r
e
n
t
comp
a
ni
e
s/subsidi
a
ri
e
s sh
a
r
e
s own
e
d b
y
t
h
e
m
e
mb
e
r, in
f
orm
a
t
ion on posi
t
ions in o
t
h
e
r c
a
pi
t
a
l
comp
a
ni
e
s.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
10
Co
m
pany a
t
t
h
e
m
o
me
n
t
do
e
s no
t
e
nsu
r
e
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
, bu
t
t
h
e
f
u
r
t
h
e
r
d
e
v
e
lop
me
n
t
o
f
t
h
e
we
bsi
t
e
t
o
e
nsu
r
e
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
is ongoing.
T
h
e
plann
e
d
c
o
m
pl
e
t
ion
t
i
me
is 2024.
T
h
e
Co
m
pan y
r
e
qu
e
s
t
s
e
a
c
h M
em
b
e
r
o
f
t
h
e
B
oa
r
d o
f
D
i
r
e
c
t
o
r
s and/o
r
t
h
e
c
andida
t
e
t
o a M
em
b
e
r
o
f
t
h
e
B
oa
r
d o
f
D
i
r
e
c
t
o
r
s
t
o sub
m
i
t
t
h
e
in
f
o
r
m
a
t
ion
r
efe
rr
e
d
t
o in
t
his pa
r
ag
r
aph.
4.3.In ord
e
r
t
o
f
ul
f
il
t
h
e
ir obli
g
a
t
ions succ
e
ss
f
ull
y
, bo
a
rd m
e
mb
e
rs mus
t
h
a
v
e
a
cc
e
ss in du
e
t
im
e
t
o
a
ccur
a
t
e
in
f
orm
a
t
ion on
t
h
e
a
c
t
i
v
i
t
y
o
f
t
h
e
Issu
e
r. Th
e
bo
a
rd mus
t
b
e
c
a
p
a
bl
e
o
f
pro
v
idin
g
a
n
ob
j
e
c
t
i
v
e
e
v
a
lu
a
t
ion on
t
h
e
a
c
t
i
v
i
t
y
o
f
t
h
e
Issu
e
r. Bo
a
rd m
e
mb
e
rs mus
t
h
a
v
e
e
nou
g
h
t
im
e
f
or
t
h
e
p
e
r
f
orm
a
nc
e
o
f
t
h
e
ir du
t
i
e
s.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
4.4.I
t
is no
t
r
e
comm
e
nd
e
d
t
o
e
l
e
c
t
on
e
a
nd
t
h
e
s
a
m
e
bo
a
rd m
e
mb
e
r
f
or mor
e
t
h
a
n
f
our succ
e
ssi
v
e
t
e
rms. Th
e
Issu
e
r h
a
s
t
o
e
v
a
lu
a
t
e
wh
e
t
h
e
r i
t
s d
e
v
e
lopm
e
n
t
will b
e
f
a
cili
t
a
t
e
d in
t
h
e
r
e
sul
t
o
f
t
h
a
t
a
nd wh
e
t
h
e
r i
t
will b
e
possibl
e
t
o
a
v
oid
a
si
t
u
a
t
ion wh
e
r
e
g
r
ea
t
e
r pow
e
r is conc
e
n
t
r
a
t
e
d in h
a
nds
o
f
on
e
or
a
numb
e
r o
f
s
e
p
a
r
a
t
e
p
e
rsons du
e
t
o
t
h
e
ir lon
g-
t
e
rm wor
k
a
t
t
h
e
Issu
e
r. I
f
, how
e
v
e
r,
such
e
l
e
c
t
ion is
a
dmi
tt
e
d, i
t
sh
a
ll b
e
r
e
comm
e
nd
e
d
t
o consid
e
r
t
o ch
a
n
g
e
t
h
e
f
i
e
ld o
f
wor
k
o
f
t
h
e
r
e
l
e
v
a
n
t
Bo
a
rd m
e
mb
e
r
a
t
t
h
e
Issu
e
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
5
.
I
D
E
N
TIFIC
A
TI
O
N
O
F I
N
TERE
S
T C
O
N
FLICT
S
I
N
THE
W
O
RK
O
F
BOA
R
D
M
E
M
B
ER
S
E
v
e
r
y
b
o
ard m
e
mb
e
r sha
ll
a
v
o
i
d an
y
i
nt
e
r
e
st
c
o
nf
lic
ts
i
n h
i
s/h
e
r w
o
r
k
and b
e
ma
xi
ma
lly
i
nd
e
p
e
nd
e
nt fr
o
m an
y
e
x
t
e
rna
l
ci
r
c
umstan
c
e
s and w
illi
ng t
o
assum
e
r
e
sp
o
ns
i
b
ili
t
y
f
o
r th
e
d
e
ci
s
i
o
ns ta
k
e
n and
c
o
mp
ly
w
i
th th
e
g
e
n
e
ra
l
e
th
ic
a
l
pr
i
n
ci
p
l
e
s
i
n ad
o
pt
i
ng an
y
d
e
ci
s
i
o
ns
c
o
nn
e
c
t
e
d w
i
th th
e
bus
i
n
e
ss
o
f th
e
Issu
e
r
.
5.1.I
t
sh
a
ll b
e
t
h
e
obli
g
a
t
ion o
f
e
v
e
r
y
bo
a
rd m
e
mb
e
r
t
o
a
v
oid
a
n
y
,
e
v
e
n onl
y
suppos
e
d, in
t
e
r
e
s
t
con
f
lic
t
s in his/h
e
r wor
k
. In
t
a
k
in
g
d
e
cisions, bo
a
rd m
e
mb
e
rs sh
a
ll b
e
g
uid
e
d b
y
t
h
e
in
t
e
r
e
s
t
s o
f
t
h
e
Issu
e
r
a
nd no
t
us
e
t
h
e
coop
e
r
a
t
ion o
ff
e
rs propos
e
d
t
o
t
h
e
Issu
e
r
t
o ob
t
a
in p
e
rson
a
l b
e
n
e
f
i
t
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
5.2.
O
n
t
h
e
occurr
e
nc
e
o
f
a
n
y
in
t
e
r
e
s
t
con
f
lic
t
or
e
v
e
n onl
y
on i
t
s possibili
t
y
,
a
bo
a
rd m
e
mb
e
r sh
a
ll
no
t
i
fy
o
t
h
e
r bo
a
rd m
e
mb
e
rs wi
t
hou
t
d
e
l
a
y
. Bo
a
rd m
e
mb
e
rs sh
a
ll no
t
i
fy
on
a
n
y
d
ea
l or
a
g
r
ee
m
e
n
t
t
h
e
Issu
e
r is pl
a
nnin
g
t
o conclud
e
wi
t
h
a
p
e
rson who h
a
s clos
e
r
e
l
a
t
ionship or is conn
e
c
t
e
d wi
t
h
t
h
e
bo
a
rd m
e
mb
e
r in qu
e
s
t
ion,
a
s w
e
ll
a
s in
f
orm on
a
n
y
in
t
e
r
e
s
t
con
f
lic
t
s occurr
e
d durin
g
t
h
e
v
a
lidi
t
y
p
e
riod o
f
conclud
e
d
a
g
r
ee
m
e
n
t
s.
For
t
h
e
purpos
e
s o
f
t
h
e
s
e
R
e
comm
e
nd
a
t
ions
t
h
e
f
ollowin
g
sh
a
ll b
e
r
e
g
a
rd
e
d
a
s p
e
rsons who h
a
v
e
clos
e
r
e
l
a
t
ionship wi
t
h
a
bo
a
rd m
e
mb
e
r: spous
e
s,
a
r
e
l
a
t
i
v
e
, includin
g
k
inship o
f
s
e
cond d
e
g
r
ee
or
bro
t
h
e
r
-
in
-
l
a
w o
f
f
irs
t
d
e
g
r
ee
, or p
e
rsons wi
t
h whom
t
h
e
bo
a
rd m
e
mb
e
r h
a
s h
a
d
a
common
hous
e
hold
f
or
a
t
l
ea
s
t
on
e
y
ea
r. For
t
h
e
purpos
e
s o
f
t
h
e
s
e
r
e
comm
e
nd
a
t
ions
t
h
e
f
ollowin
g
sh
a
ll b
e
r
e
g
a
rd
e
d
a
s p
e
rsons who
a
r
e
conn
e
c
t
e
d wi
t
h
a
bo
a
rd m
e
mb
e
r: l
e
g
a
l p
e
rsons wh
e
r
e
t
h
e
bo
a
rd
m
e
mb
e
r or
a
clos
e
l
y
r
e
l
a
t
e
d
t
o him/h
e
r p
e
rson is
a
bo
a
rd or council m
e
mb
e
r, p
e
r
f
orms
t
h
e
t
a
s
k
s o
f
a
n
a
udi
t
or or holds
a
no
t
h
e
r m
a
n
a
g
in
g
o
ff
ic
e
in which h
e
or sh
e
could d
e
t
e
rmin
e
or
a
ff
e
c
t
t
h
e
busin
e
ss s
t
r
a
t
e
gy
o
f
t
h
e
r
e
sp
e
c
t
i
v
e
l
e
g
a
l
e
n
t
i
t
y
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
5.3.Bo
a
rd m
e
mb
e
rs should no
t
p
a
r
t
icip
a
t
e
in
t
a
k
in
g
d
e
cisions
t
h
a
t
could c
a
us
e
a
n in
t
e
r
e
s
t
con
f
lic
t
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
11
III
.
C
OUN
CIL
In compli
a
nc
e
wi
t
h l
e
g
a
l
a
c
t
s
a
council is
t
h
e
ins
t
i
t
u
t
ion
t
h
a
t
sup
e
r
v
is
e
s
t
h
e
Issu
e
r
a
nd r
e
pr
e
s
e
n
t
s
in
t
e
r
e
s
t
s o
f
sh
a
r
e
hold
e
rs b
e
t
w
ee
n m
ee
t
in
g
s in c
a
s
e
s s
t
ipul
a
t
e
d in
t
h
e
l
a
w
a
nd in
t
h
e
s
t
a
t
u
t
e
s o
f
t
h
e
Issu
e
r,
sup
e
r
v
is
e
s
t
h
e
wor
k
o
f
t
h
e
bo
a
rd.
6
.
O
B
LIG
A
TI
O
N
S
A
ND
RE
S
P
O
N
S
I
B
ILITIE
S
O
F THE C
O
UN
CIL
Th
e
o
bj
e
c
t
iv
e
o
f th
e
Issu
e
r’s
c
o
un
cil
i
s t
o
a
c
t
i
n th
e
i
nt
e
r
e
sts
o
f a
ll
th
e
shar
e
h
o
l
d
e
rs,
e
nsur
i
ng that th
e
v
a
l
u
e
o
f th
e
Issu
e
r gr
o
ws
.
Th
e
Issu
e
r sha
ll
cl
e
ar
ly
d
e
t
e
rm
i
n
e
th
e
o
b
li
gat
i
o
ns
o
f th
e
c
o
un
cil
and th
e
r
e
sp
o
ns
i
b
ili
t
y
o
f th
e
c
o
un
cil
m
e
mb
e
rs, as w
e
ll
as
e
nsur
e
that
i
nd
ivi
dua
l
c
o
un
cil
m
e
mb
e
rs
o
r gr
o
ups
th
e
r
eo
f d
o
n
o
t ha
v
e
a d
o
m
i
nat
i
ng r
o
l
e
i
n d
e
ci
s
i
o
n ma
k
i
ng
.
6.1.Th
e
f
unc
t
ions o
f
t
h
e
council sh
a
ll b
e
s
e
t
f
or
t
h in
t
h
e
council r
e
g
ul
a
t
ion or
a
docum
e
n
t
e
qu
a
t
e
d
t
h
e
r
e
t
o
t
h
a
t
r
e
g
ul
a
t
e
s
t
h
e
wor
k
o
f
t
h
e
council,
a
nd i
t
sh
a
ll b
e
publish
e
d on
t
h
e
Issu
e
r’s w
e
bsi
t
e
on
t
h
e
In
t
e
rn
e
t
. This docum
e
n
t
sh
a
ll b
e
a
lso
a
v
a
il
a
bl
e
a
t
t
h
e
Issu
e
r’s o
ff
ic
e
.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
, b
e
c
aus
e
do
c
u
me
n
t
s s
t
ipula
t
ing
t
h
e
po
we
r
s o
f
a Coun
c
il a
r
e
no
t
publish
e
d on
t
h
e
we
bsi
t
e
o
f
t
h
e
Co
m
pany.
T
h
e
f
u
r
t
h
e
r
d
e
v
e
lop
me
n
t
o
f
t
h
e
we
bsi
t
e
t
o
e
nsu
r
e
publi
c
a
t
ion o
f
t
his do
c
u
me
n
t
is ongoing and
t
h
e
plann
e
d
c
o
m
pl
e
t
ion
t
i
me
is
2024.
6.2.Th
e
sup
e
r
v
ision c
a
rri
e
d ou
t
b
y
t
h
e
council o
v
e
r
t
h
e
wor
k
o
f
t
h
e
bo
a
rd sh
a
ll includ
e
sup
e
r
v
ision
o
v
e
r
t
h
e
a
chi
e
v
e
m
e
n
t
o
f
t
h
e
ob
j
e
c
t
i
v
e
s s
e
t
b
y
t
h
e
Issu
e
r,
t
h
e
corpor
a
t
e
s
t
r
a
t
e
gy
a
nd ris
k
m
a
n
a
g
e
m
e
n
t
,
t
h
e
proc
e
ss o
f
f
in
a
nci
a
l
a
ccoun
t
in
g
, bo
a
rd’s propos
a
ls on
t
h
e
us
e
o
f
t
h
e
pro
f
i
t
o
f
t
h
e
Issu
e
r,
a
nd
t
h
e
busin
e
ss p
e
r
f
orm
a
nc
e
o
f
t
h
e
Issu
e
r in compli
a
nc
e
wi
t
h
t
h
e
r
e
quir
e
m
e
n
t
s o
f
r
e
g
ul
a
t
or
y
a
c
t
s. Th
e
council should discuss
e
v
e
r
y
o
f
t
h
e
s
a
id m
a
tt
e
rs
a
nd
e
x
pr
e
ss i
t
s opinion
a
t
l
ea
s
t
a
nnu
a
ll
y
, compl
y
in
g
wi
t
h
f
r
e
qu
e
nc
y
o
f
c
a
llin
g
council m
ee
t
in
g
s
a
s l
a
id down in r
e
g
ul
a
t
or
y
a
c
t
s,
a
nd
t
h
e
r
e
sul
t
s o
f
discussions sh
a
ll b
e
r
e
f
l
e
c
t
e
d in
t
h
e
minu
t
e
s o
f
t
h
e
council’s m
ee
t
in
g
s.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
6.3.Th
e
council
a
nd
e
v
e
r
y
i
t
s m
e
mb
e
r sh
a
ll b
e
r
e
sponsibl
e
t
h
a
t
t
h
e
y
h
a
v
e
a
ll
t
h
e
in
f
orm
a
t
ion r
e
quir
e
d
f
or
t
h
e
m
t
o
f
ul
f
il
t
h
e
ir du
t
i
e
s, ob
t
a
inin
g
i
t
f
rom bo
a
rd m
e
mb
e
rs
a
nd in
t
e
rn
a
l
a
udi
t
ors or, i
f
n
e
c
e
ss
a
r
y
,
f
ro m
e
mplo
y
ee
s o
f
t
h
e
Issu
e
r o r
e
x
t
e
rn
a
l consul
t
a
n
t
s. To
e
nsur
e
in
f
orm
a
t
ion
e
x
ch
a
n
g
e
,
t
h
e
council ch
a
irp
e
rson sh
a
ll con
t
a
c
t
t
h
e
Issu
e
r’s bo
a
rd, in
t
e
r
a
li
a
t
h
e
bo
a
rd ch
a
irp
e
rson, on
a
r
e
g
ul
a
r b
a
sis
a
nd discuss
a
ll
t
h
e
mos
t
impor
t
a
n
t
issu
e
s conn
e
c
t
e
d wi
t
h
t
h
e
Issu
e
r’s busin
e
ss
a
nd
d
e
v
e
lopm
e
n
t
s
t
r
a
t
e
gy
, busin
e
ss
a
c
t
i
v
i
t
i
e
s,
a
nd ris
k
m
a
n
a
g
e
m
e
n
t
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
6.4.
W
h
e
n d
e
t
e
rminin
g
t
h
e
f
unc
t
ions o
f
t
h
e
council, i
t
should b
e
s
t
ipul
a
t
e
d
t
h
a
t
e
v
e
r
y
council m
e
mb
e
r
h
a
s
t
h
e
obli
g
a
t
ion
t
o pro
v
id
e
e
x
pl
a
n
a
t
ions in c
a
s
e
t
h
e
council m
e
mb
e
r is un
a
bl
e
t
o p
a
r
t
icip
a
t
e
in
council m
ee
t
in
g
s. I
t
sh
a
ll b
e
r
e
comm
e
nd
e
d
t
o disclos
e
in
f
orm
a
t
ion on
t
h
e
council m
e
mb
e
rs who
h
a
v
e
no
t
a
tt
e
nd
e
d mor
e
t
h
a
n
a
h
a
l
f
o
f
t
h
e
council m
ee
t
in
g
s wi
t
hin
a
y
ea
r o
f
r
e
por
t
in
g
, pro
v
idin
g
a
lso
t
h
e
r
ea
sons
f
or non
-
a
tt
e
nd
a
nc
e
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
7
.
C
O
UN
CIL C
O
MP
OS
I T I
O
N
A
ND
RE
QU
IRE
M
E
N
T
S
F
O
R C
O
UN
CIL
M
E
M
B
ER
S
Th
e
c
o
un
cil
stru
c
tur
e
d
e
t
e
rm
i
n
e
d b
y
th
e
Issu
e
r sha
ll
b
e
transpar
e
nt and und
e
rstandab
l
e
and
e
nsur
e
suff
ici
e
nt
ly
c
r
i
t
ic
a
l
and
i
nd
e
p
e
nd
e
nt att
i
tud
e
i
n
e
v
a
l
uat
i
ng and ta
k
i
ng d
e
ci
s
i
o
ns
.
7.1 Th
e
Issu
e
r sh
a
ll r
e
quir
e
e
v
e
r
y
council m
e
mb
e
r
a
s w
e
ll
a
s council m
e
mb
e
r c
a
ndid
a
t
e
who is
pl
a
nn
e
d
t
o b
e
e
l
e
c
t
e
d
a
t
a
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
t
h
a
t
t
h
e
y
submi
t
t
o
t
h
e
Issu
e
r
t
h
e
f
ollowin
g
in
f
orm
a
t
ion: n
a
m
e
, surn
a
m
e
,
y
ea
r o
f
bir
t
h,
e
duc
a
t
ion, o
ff
ic
e
t
e
rm
a
s
a
council m
e
mb
e
r,
d
e
scrip
t
ion o
f
t
h
e
l
a
s
t
t
hr
ee
y
ea
r’s pro
f
e
ssion
a
l
e
x
p
e
ri
e
nc
e
, numb
e
r o
f
t
h
e
Issu
e
r’s or i
t
s p
a
r
e
n
t
comp
a
ni
e
s/subsidi
a
ri
e
s sh
a
r
e
s own
e
d b
y
t
h
e
m
e
mb
e
r, in
f
orm
a
t
ion on posi
t
ions in o
t
h
e
r c
a
pi
t
a
l
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
12
comp
a
ni
e
s. Th
e
s
a
id in
f
orm
a
t
ion sh
a
ll b
e
publish
e
d
a
lso on
t
h
e
Issu
e
r’s w
e
bsi
t
e
on
t
h
e
In
t
e
rn
e
t
,
pro
v
idin
g
, in
a
ddi
t
ion
t
o
t
h
e
s
a
id in
f
orm
a
t
ion,
a
lso
t
h
e
t
e
rm o
f
o
ff
ic
e
f
or which
t
h
e
council
m
e
mb
e
r is
e
l
e
c
t
e
d, i
t
s posi
t
ion, includin
g
a
lso
a
ddi
t
ion
a
l posi
t
ions
a
nd obli
g
a
t
ions, i
f
a
n
y
.
Co
m
pany
c
u
rr
e
n
t
ly do
e
s no
t
e
nsu
r
e
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
, bu
t
t
h
e
f
u
r
t
h
e
r
d
e
v
e
lop
me
n
t
o
f
t
h
e
we
bsi
t
e
t
o
e
nsu
r
e
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
is ongoing.
T
h
e
plann
e
d
c
o
m
pl
e
t
ion
t
i
me
is
2024.
T
h
e
Co
m
pany
r
e
qu
e
s
t
s
e
a
c
h M
em
b
e
r
o
f
t
h
e
Coun
c
il and/o
r
t
h
e
c
andida
t
e
t
o a M
em
b
e
r
o
f
t
h
e
Coun
c
il
t
o sub
m
i
t
t
h
e
in
f
o
r
m
a
t
ion
r
efe
rr
e
d
t
o in
t
his pa
r
ag
r
aph.
7.2
W
h
e
n d
e
t
e
rminin
g
t
h
e
r
e
quir
e
m
e
n
t
s
f
or council m
e
mb
e
rs
a
s r
e
g
a
rds
t
h
e
numb
e
r o
f
a
ddi
t
ion
a
l
posi
t
ions,
a
tt
e
n
t
ion sh
a
ll b
e
p
a
id
t
h
a
t
a
council m
e
mb
e
r h
a
s
e
nou
g
h
t
im
e
t
o p
e
r
f
orm his or h
e
r
du
t
i
e
s in ord
e
r
t
o
f
ul
f
il
t
h
e
ir du
t
i
e
s succ
e
ss
f
ull
y
a
nd
a
c
t
in
t
h
e
in
t
e
r
e
s
t
s o
f
t
h
e
Issu
e
r
t
o
a
f
ull
e
x
t
e
n
t
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
7.3 In
e
s
t
a
blishin
g
t
h
e
Issu
e
r’s council,
t
h
e
qu
a
li
f
ic
a
t
ion o
f
council m
e
mb
e
rs should b
e
t
a
k
e
n in
t
o
a
ccoun
t
a
nd
a
ss
e
ss
e
d o n
a
p
e
riodic
a
l b
a
sis. Th
e
counci l should b
e
compos
e
d o
f
indi
v
idu
a
ls whos
e
k
nowl
e
d
g
e
, opinions
a
nd
e
x
p
e
ri
e
nc
e
is
v
a
ri
e
d, which is r
e
quir
e
d
f
or
t
h
e
council
t
o
f
ul
f
ill
t
h
e
ir
t
a
s
k
s succ
e
ss
f
ull
y
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
7.4 E
v
e
r
y
council m
e
mb
e
r in his or h
e
r wor
k
sh
a
ll b
e
a
s possibl
y
ind
e
p
e
nd
e
n
t
f
rom
a
n
y
e
x
t
e
rn
a
l
circums
t
a
nc
e
s
a
nd h
a
v
e
t
h
e
will
t
o
a
ssum
e
r
e
sponsibili
t
y
f
or
t
h
e
d
e
cisions
t
a
k
e
n
a
nd compl
y
wi
t
h
t
h
e
g
e
n
e
r
a
l
e
t
hic
a
l principl
e
s wh
e
n
t
a
k
in
g
d
e
cisions in r
e
l
a
t
ion
t
o
t
h
e
busin
e
ss o
f
t
h
e
Issu
e
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
7.5 I
t
is impossibl
e
t
o compil
e
a
lis
t
o
f
a
ll
t
h
e
circums
t
a
nc
e
s
t
h
a
t
mi
g
h
t
t
hr
ea
t
e
n
t
h
e
ind
e
p
e
nd
e
nc
e
o
f
council m
e
mb
e
rs or
t
h
a
t
could b
e
us
e
d in
a
ss
e
ssin
g
t
h
e
con
f
ormi
t
y
o
f
a
c
e
r
t
a
in p
e
rson
t
o
t
h
e
s
t
a
t
us o
f
a
n ind
e
p
e
nd
e
n
t
counci l m
e
mb
e
r. Th
e
r
e
f
or
e
,
t
h
e
Issu
e
r, wh
e
n
a
ss
e
ssin
g
t
h
e
ind
e
p
e
nd
e
nc
e
o
f
council m
e
mb
e
rs, sh
a
ll b
e
g
uid
e
d b
y
t
h
e
ind
e
p
e
nd
e
nc
e
cri
t
e
ri
a
o
f
council m
e
mb
e
rs sp
e
ci
f
i
e
d
in
t
h
e
Ann
e
x
h
e
r
e
t
o.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
7.6 I
t
sh
a
ll b
e
r
e
comm
e
nd
e
d
t
h
a
t
a
t
l
ea
s
t
a
h
a
l
f
o
f
council m
e
mb
e
rs
a
r
e
ind
e
p
e
nd
e
n
t
a
ccordin
g
t
o
t
h
e
ind
e
p
e
nd
e
nc
e
cri
t
e
ri
a
sp
e
ci
f
i
e
d in
t
h
e
Ann
e
x
h
e
r
e
t
o. I
f
t
h
e
numb
e
r o
f
council m
e
mb
e
rs is
a
n odd
numb
e
r,
t
h
e
numb
e
r o
f
ind
e
p
e
nd
e
n
t
council m
e
mb
e
rs m
a
y
b
e
on
e
p
e
rson l
e
ss
t
h
a
n
t
h
e
numb
e
r
o
f
t
h
e
council m
e
mb
e
rs who do no
t
con
f
orm
t
o
t
h
e
ind
e
p
e
nd
e
nc
e
cri
t
e
ri
a
sp
e
ci
f
i
e
d in
t
h
e
Ann
e
x
h
e
r
e
t
o.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
7.7 As ind
e
p
e
nd
e
n
t
sh
a
ll b
e
consid
e
r
e
d p
e
rsons
t
h
a
t
con
f
orm
t
o
t
h
e
ind
e
p
e
nd
e
nc
e
cri
t
e
ri
a
sp
e
ci
f
i
e
d in
t
h
e
Ann
e
x
h
e
r
e
t
o. I
f
a
council m
e
mb
e
r do
e
s no
t
con
f
orm
t
o
a
n
y
o
f
t
o
t
h
e
ind
e
p
e
nd
e
nc
e
cri
t
e
ri
a
sp
e
ci
f
i
e
d in
t
h
e
Ann
e
x
h
e
r
e
t
o bu
t
t
h
e
Issu
e
r do
e
s consid
e
r
t
h
e
council m
e
mb
e
r in qu
e
s
t
ion
t
o b
e
ind
e
p
e
nd
e
n
t
,
t
h
e
n i
t
sh
a
ll pro
v
id
e
a
n
e
x
pl
a
n
a
t
ion o
f
i
t
s opinion in d
e
t
a
il on
t
h
e
t
ol
e
r
a
nc
e
s
p
e
rmi
tt
e
d.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
7.8 Th
e
con
f
ormi
t
y
o
f
a
p
e
rson
t
o
t
h
e
ind
e
p
e
nd
e
nc
e
cri
t
e
ri
a
sp
e
ci
f
i
e
d in
t
h
e
Ann
e
x
h
e
r
e
t
o sh
a
ll b
e
e
v
a
lu
a
t
e
d
a
lr
ea
d
y
wh
e
n
t
h
e
council m
e
mb
e
r c
a
ndid
a
t
e
in qu
e
s
t
ion h
a
s b
ee
n nomin
a
t
e
d
f
or
e
l
e
c
t
ion
t
o
t
h
e
council. Th
e
Issu
e
r sh
a
ll sp
e
ci
fy
in
t
h
e
R
e
por
t
who o
f
t
h
e
council m
e
mb
e
rs
a
r
e
t
o b
e
consid
e
r
e
d
a
s ind
e
p
e
nd
e
n
t
e
v
e
r
y
y
ea
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
, b
e
c
aus
e
t
h
e
c
on
f
o
r
m
i
t
y o
f
t
h
e
c
oun
c
il
mem
b
e
r
t
o
t
h
e
ind
e
p
e
nd
e
n
c
e
cr
i
t
e
r
ia is
m
ad
e
, bu
t
t
h
e
r
e
sp
e
c
t
iv
e
in
f
o
r
m
a
t
ion is no
t
sp
e
c
i
f
i
e
d in
t
h
e
R
e
po
r
t
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
13
8
.
I
D
E
N
TIFIC
A
TI
O
N
O
F I
N
TERE
S
T C
O
N
FLICT
S
I
N
T H E
W
O
RK
O
F C
O
UN
CIL
M
E
M
B
ER
S
E
v
e
r
y
c
o
un
cil
m
e
mb
e
r sha
ll
a
v
o
i
d an
y
i
nt
e
r
e
st
c
o
nf
lic
ts
i
n h
i
s/h
e
r w
o
r
k
and b
e
ma
xi
ma
lly
i
nd
e
p
e
nd
e
nt fr
o
m an
y
e
x
t
e
rna
l
ci
r
c
umstan
c
e
s
.
C
o
un
cil
m
e
mb
e
rs sha
ll
c
o
mp
ly
w
i
th th
e
g
e
n
e
ra
l
e
th
ic
a
l
pr
i
n
ci
p
l
e
s
i
n ad
o
pt
i
ng an
y
d
e
ci
s
i
o
ns
c
o
nn
e
c
t
e
d w
i
th th
e
bus
i
n
e
ss
o
f th
e
Issu
e
r and assum
e
r
e
sp
o
ns
i
b
ili
t
y
f
o
r th
e
d
e
ci
s
i
o
ns ta
k
e
n
.
8.1.I
t
sh
a
ll b
e
t
h
e
obli
g
a
t
ion o
f
e
v
e
r
y
council m
e
mb
e
r
t
o
a
v
oid
a
n
y
,
e
v
e
n onl
y
suppos
e
d, in
t
e
r
e
s
t
con
f
lic
t
s in his/h
e
r wor
k
.
W
h
e
n
t
a
k
in
g
d
e
cisions, bo
a
rd m
e
mb
e
rs sh
a
ll b
e
g
uid
e
d b
y
t
h
e
in
t
e
r
e
s
t
s o
f
t
h
e
Issu
e
r
a
nd no
t
us
e
t
h
e
coop
e
r
a
t
ion o
ff
e
rs propos
e
d
t
o
t
h
e
Issu
e
r
t
o ob
t
a
in p
e
rson
a
l b
e
n
e
f
i
t
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
8.2.
O
n
t
h
e
occurr
e
nc
e
o
f
a
n
y
in
t
e
r
e
s
t
con
f
lic
t
or
e
v
e
n onl
y
on i
t
s possibili
t
y
,
a
council m
e
mb
e
r sh
a
ll
no
t
i
fy
o
t
h
e
r council m
e
mb
e
rs wi
t
hou
t
d
e
l
a
y
. Council m
e
mb
e
rs sh
a
ll no
t
i
fy
on
a
n
y
d
ea
l or
a
g
r
ee
m
e
n
t
t
h
e
Issu
e
r is pl
a
nnin
g
t
o conclud
e
wi
t
h
a
p
e
rson who h
a
s clos
e
r
e
l
a
t
ionship or is
conn
e
c
t
e
d wi
t
h
t
h
e
council m
e
mb
e
r in qu
e
s
t
ion,
a
s w
e
ll
a
s in
f
orm on
a
n
y
in
t
e
r
e
s
t
con
f
lic
t
s
occurr
e
d durin
g
t
h
e
v
a
lidi
t
y
p
e
riod o
f
conclud
e
d
a
g
r
ee
m
e
n
t
s.
For
t
h
e
purpos
e
s o
f
t
h
e
s
e
r
e
comm
e
nd
a
t
ions
t
h
e
f
ollowin
g
sh
a
ll b
e
r
e
g
a
rd
e
d
a
s p
e
rsons who h
a
v
e
clos
e
r
e
l
a
t
ionship wi
t
h
a
council m
e
mb
e
r: spous
e
s,
a
r
e
l
a
t
i
v
e
, includin
g
k
inship o
f
s
e
cond d
e
g
r
ee
or
bro
t
h
e
r
-
in
-
l
a
w o
f
f
irs
t
d
e
g
r
ee
, or p
e
rsons wi
t
h whom
t
h
e
council m
e
mb
e
r h
a
s h
a
d
a
common
hous
e
hold
f
or
a
t
l
ea
s
t
on
e
y
ea
r. For
t
h
e
purpos
e
s o
f
t
h
e
s
e
r
e
comm
e
nd
a
t
ions
t
h
e
f
ollowin
g
sh
a
ll b
e
r
e
g
a
rd
e
d
a
s p
e
rsons who
a
r
e
conn
e
c
t
e
d wi
t
h
a
council m
e
mb
e
r: l
e
g
a
l p
e
rsons wh
e
r
e
t
h
e
council
m
e
mb
e
r or
a
clos
e
l
y
r
e
l
a
t
e
d
t
o him/h
e
r p
e
rson is
a
bo
a
rd or council m
e
mb
e
r, p
e
r
f
orms
t
h
e
t
a
s
k
s
o
f
a
n
a
udi
t
or or holds
a
no
t
h
e
r m
a
n
a
g
in
g
o
ff
ic
e
in which h
e
or sh
e
could d
e
t
e
rmin
e
or
a
ff
e
c
t
t
h
e
busin
e
ss s
t
r
a
t
e
gy
o
f
t
h
e
r
e
sp
e
c
t
i
v
e
l
e
g
a
l
e
n
t
i
t
y
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
8.3.A council m
e
mb
e
r who is in
a
possibl
e
in
t
e
r
e
s
t
con
f
lic
t
should no
t
p
a
r
t
icip
a
t
e
in
t
a
k
in
g
d
e
cisions
t
h
a
t
mi
g
h
t
b
e
a
c
a
us
e
o
f
a
n in
t
e
r
e
s
t
con
f
lic
t
.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
IV
.
D
I
S
CL
O
S
U
RE
O
F I
N
F
O
R
M
A
TI
ON
G
ood pr
a
c
t
ic
e
o
f
corpor
a
t
e
g
o
v
e
rn
a
nc
e
f
or
a
n Issu
e
r whos
e
sh
a
r
e
s
a
r
e
includ
e
d in
t
h
e
m
a
r
k
e
t
r
e
g
ul
a
t
e
d b
y
t
h
e
S
t
oc
k
E
x
ch
a
n
g
e
m
ea
ns
t
h
a
t
t
h
e
in
f
orm
a
t
ion disclos
e
d b
y
t
h
e
Issu
e
r h
a
s
t
o pro
v
id
e
a
v
i
e
w on
t
h
e
e
conomic
a
c
t
i
v
i
t
y
o
f
t
h
e
Issu
e
r
a
nd i
t
s
f
in
a
nci
a
l r
e
sul
t
s. This
f
a
cili
t
a
t
e
s
a
j
us
t
i
f
i
e
d d
e
t
e
rmin
a
t
ion o
f
t
h
e
pric
e
o
f
f
in
a
nci
a
l ins
t
rum
e
n
t
s in public circul
a
t
ion
a
s w
e
ll
a
s
t
h
e
t
rus
t
in
f
in
a
nc
e
a
nd c
a
pi
t
a
l m
a
r
k
e
t
s.
D
isclosur
e
o
f
in
f
orm
a
t
ion is clos
e
l
y
conn
e
c
t
e
d wi
t
h in
v
e
s
t
or r
e
l
a
t
ions
(
h
e
r
e
in
a
f
t
e
r –
t
h
e
I R
)
, which c
a
n b
e
d
e
f
in
e
d
a
s
t
h
e
proc
e
ss o
f
d
e
v
e
lopin
g
Issu
e
r’s r
e
l
a
t
ions wi
t
h i
t
s po
t
e
n
t
i
a
l
a
nd
e
x
is
t
in
g
in
v
e
s
t
ors
a
nd o
t
h
e
r
p
a
r
t
i
e
s in
t
e
r
e
s
t
e
d in
t
h
e
busin
e
ss o
f
t
h
e
Issu
e
r.
9
.
T
R
A
N
S
P
A
RE
N
CY
O
F THE
I
SS
U
ER
’
S
B
U
S
I
N
E
SS
Th
e
i
nf
o
rmat
i
o
n d
i
s
cl
o
s
e
d b
y
th
e
Issu
e
rs sha
ll
b
e
pr
o
vi
d
e
d
i
n du
e
t
i
m
e
and a
ll
o
w
i
ng th
e
shar
e
h
o
l
d
e
rs t
o
ass
e
s s th
e
manag
e
m
e
nt
o
f th
e
Issu
e
r, t
o
g
e
t an
i
d
e
a
o
n th
e
bus
i
n
e
ss
o
f th
e
c
o
mpan
y
and
i
ts f
i
nan
ci
a
l
r
e
su
l
ts, as w
e
ll
as t
o
ta
k
e
gr
o
und
e
d d
e
ci
s
i
o
ns
i
n r
e
l
at
i
o
n t
o
th
e
shar
e
s
o
wn
e
d b
y
th
e
m
.
9.1 Th
e
s
t
ruc
t
ur
e
o
f
corpor
a
t
e
g
o
v
e
rn
a
nc
e
sh
a
ll b
e
e
s
t
a
blish
e
d in
a
m
a
nn
e
r
t
h
a
t
e
nsur
e
s pro
v
ision o
f
t
im
e
l
y
a
nd
e
x
h
a
us
t
i
v
e
in
f
orm
a
t
ion on
a
ll
t
h
e
subs
t
a
n
t
i
a
l m
a
tt
e
rs
t
h
a
t
conc
e
rn
t
h
e
Issu
e
r, includin
g
i
t
s
f
in
a
nci
a
l si
t
u
a
t
ion, busin
e
ss r
e
sul
t
s,
a
nd
t
h
e
s
t
ruc
t
ur
e
o
f
own
e
rs.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
14
9.2 Th
e
in
f
orm
a
t
ion disclos
e
d sh
a
ll b
e
ch
e
c
k
e
d, pr
e
cis
e
, un
a
mbi
g
uous
a
nd pr
e
p
a
r
e
d in compli
a
nc
e
wi
t
h hi
g
h
-
qu
a
li
t
y
s
t
a
nd
a
rds.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
9.3 Th
e
Issu
e
rs should
a
ppoin
t
a
p
e
rson who would b
e
e
n
t
i
t
l
e
d
t
o con
t
a
c
t
t
h
e
pr
e
ss
a
nd o
t
h
e
r m
a
ss
m
e
di
a
on b
e
h
a
l
f
on
t
h
e
Issu
e
r,
t
hus
e
nsurin
g
uni
f
orm dis
t
ribu
t
ion o
f
in
f
orm
a
t
ion
a
nd
e
v
a
din
g
public
a
t
ion o
f
con
t
r
a
dic
t
or
y
a
nd un
t
ru
t
h
f
ul in
f
orm
a
t
ion,
a
nd
t
his p
e
rson could b
e
con
t
a
c
t
e
d, i
f
n
e
c
e
ss
a
r
y
, b
y
t
h
e
S
t
oc
k
E
x
ch
a
n
g
e
a
nd in
v
e
s
t
ors.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
9.4 Th
e
Issu
e
rs should
e
nsur
e
t
im
e
l
y
a
nd compli
a
n
t
wi
t
h
t
h
e
e
x
is
t
in
g
r
e
quir
e
m
e
n
t
s pr
e
p
a
r
a
t
ion
a
nd
disclosur
e
o
f
f
in
a
nci
a
l r
e
por
t
s
a
nd
a
nnu
a
l r
e
por
t
s o
f
t
h
e
Issu
e
r. Th
e
proc
e
dur
e
f
or
t
h
e
pr
e
p
a
r
a
t
ion o
f
r
e
por
t
s should b
e
s
t
ipul
a
t
e
d in
t
h
e
in
t
e
rn
a
l proc
e
dur
e
s o
f
t
h
e
Issu
e
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
10
.
I
N
VE
S
T
O
R REL
A
TI
O
N
S
C
o
ns
i
d
e
r
i
ng that f
i
nan
ci
a
l
i
nstrum
e
nts
o
f th
e
Issu
e
rs ar
e
o
ff
e
r
e
d
o
n a r
e
gu
l
at
e
d mar
k
e
t, a
l
s
o
su
c
h
a
c
t
ivi
t
y
sph
e
r
e
o
f th
e
Issu
e
rs as
i
n
v
e
st
o
r r
e
l
at
i
o
ns
(
h
e
r
e
i
naft
e
r – th
e
IR
)
and th
e
d
e
v
e
l
o
pm
e
nt and
ma
i
nta
i
n
i
ng th
e
r
eo
f
i
s
e
qua
lly
i
mp
o
rtant, pa
yi
ng sp
e
ci
a
l
att
e
nt
i
o
n t
o
that a
ll
th
e
i
n
v
e
st
o
rs ha
v
e
a
cc
e
ss t
o
e
qua
l
, t
i
m
e
ly
and suff
ici
e
nt
i
nf
o
rmat
i
o
n
.
10.1 Th
e
m
a
in ob
j
e
c
t
i
v
e
s o
f
t
h
e
IR
a
r
e
t
h
e
pro
v
ision o
f
a
ccur
a
t
e
a
nd
t
im
e
l
y
in
f
orm
a
t
ion on
t
h
e
busin
e
ss o
f
t
h
e
Issu
e
r
t
o p
a
r
t
icip
a
n
t
s o
f
f
in
a
nc
e
m
a
r
k
e
t
,
a
s w
e
ll
a
s
t
h
e
pro
v
ision o
f
a
f
ee
db
a
c
k
,
i.
e
. r
e
c
e
i
v
in
g
r
e
f
e
r
e
nc
e
s
f
rom
t
h
e
e
x
is
t
in
g
a
nd po
t
e
n
t
i
a
l in
v
e
s
t
ors
a
nd o
t
h
e
r p
e
rsons. In
t
h
e
r
ea
li
z
a
t
ion o
f
t
h
e
IR proc
e
ss, i
t
sh
a
ll b
e
born in mind
t
h
a
t
t
h
e
t
a
r
g
e
t
g
roup consis
t
s no
t
onl
y
o
f
ins
t
i
t
u
t
ion
a
l in
v
e
s
t
ors
a
nd
f
in
a
nc
e
m
a
r
k
e
t
a
n
a
l
y
s
t
s. A
g
r
ea
t
e
r
e
mph
a
sis should b
e
pu
t
on
indi
v
idu
a
l in
v
e
s
t
ors,
a
nd mor
e
impor
t
a
nc
e
should b
e
a
tt
a
ch
e
d
t
o in
f
ormin
g
o
t
h
e
r in
t
e
r
e
s
t
e
d
p
a
r
t
i
e
s:
e
mplo
y
ee
s, cr
e
di
t
ors
a
nd busin
e
ss p
a
r
t
n
e
rs.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
10.2 Th
e
Issu
e
r sh
a
ll pro
v
id
e
a
ll in
v
e
s
t
ors wi
t
h
e
qu
a
l
a
nd
ea
sil
y
a
cc
e
ssibl
e
impor
t
a
n
t
in
f
orm
a
t
ion
r
e
l
a
t
e
d
t
o
t
h
e
Issu
e
r
’
s busin
e
ss, includin
g
f
in
a
nci
a
l posi
t
ion, own
e
rship s
t
ruc
t
ur
e
a
nd
m
a
n
a
g
e
m
e
n
t
. Th
e
Issu
e
r sh
a
ll pr
e
s
e
n
t
t
h
e
in
f
orm
a
t
ion in
a
cl
ea
r
a
nd und
e
rs
t
a
nd
a
bl
e
m
a
nn
e
r,
disclosin
g
bo
t
h posi
t
i
v
e
a
nd n
e
g
a
t
i
v
e
f
a
c
t
s,
t
hus pro
v
idin
g
t
h
e
in
v
e
s
t
ors wi
t
h
a
compl
e
t
e
a
nd
compr
e
h
e
nsi
v
e
in
f
orm
a
t
ion on
t
h
e
Issu
e
r,
a
llowin
g
t
h
e
in
v
e
s
t
or
t
o
a
ss
e
ss
a
ll in
f
orm
a
t
ion
a
v
a
il
a
bl
e
b
e
f
or
e
t
h
e
d
e
cision m
a
k
in
g
.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
10.3 A numb
e
r o
f
ch
a
nn
e
ls sh
a
ll b
e
us
e
d
f
or
t
h
e
in
f
orm
a
t
ion
f
low in
t
h
e
IR. Th
e
IR s
t
r
a
t
e
gy
o
f
t
h
e
Issu
e
r sh
a
ll b
e
cr
ea
t
e
d usin
g
bo
t
h
t
h
e
possibili
t
i
e
s pro
v
id
e
d b
y
t
e
chnolo
g
i
e
s
(
w
e
bsi
t
e
)
a
nd
r
e
l
a
t
ions wi
t
h m
a
ss m
e
di
a
a
nd
t
h
e
t
i
e
s wi
t
h
t
h
e
p
a
r
t
icip
a
n
t
s o
f
f
in
a
nc
e
m
a
r
k
e
t
. Consid
e
rin
g
t
h
e
d
e
v
e
lopm
e
n
t
s
t
a
g
e
o
f
mod
e
rn
t
e
chnolo
g
i
e
s
a
nd
t
h
e
a
cc
e
ssibili
t
y
t
h
e
r
e
o
f
,
t
h
e
In
t
e
rn
e
t
is us
e
d in
t
h
e
IR o
f
e
v
e
r
y
mod
e
rn comp
a
n
y
. Thi s
t
y
p
e
o
f
m
e
di
a
h
a
s b
e
com
e
on
e
o
f
t
h
e
mos
t
impor
t
a
n
t
m
ea
ns o
f
communic
a
t
ions
f
or
t
h
e
m
a
j
ori
t
y
o
f
in
v
e
s
t
ors.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
10.4 Th
e
b
a
sic principl
e
s
t
h
a
t
should b
e
obs
e
r
v
e
d b
y
t
h
e
Issu
e
rs in pr
e
p
a
rin
g
t
h
e
IR s
e
c
t
ion o
f
t
h
e
ir
w
e
bsi
t
e
s:
1
)
Th
e
IR s
e
c
t
ion o
f
w
e
bsi
t
e
sh
a
ll b
e
p
e
rc
e
i
v
e
d no
t
onl
y
a
s
a
s
t
or
e
o
f
in
f
orm
a
t
ion or
f
a
c
t
s bu
t
a
lso
a
s on
e
o
f
t
h
e
prim
a
r
y
m
ea
ns o
f
communic
a
t
ion b
y
m
ea
ns o
f
which i
t
is possibl
e
t
o in
f
orm
t
h
e
e
x
is
t
in
g
a
nd po
t
e
n
t
i
a
l sh
a
r
e
hold
e
rs;
2
)
a
ll
t
h
e
v
isi
t
ors o
f
t
h
e
IR s
e
c
t
ion o
f
w
e
bsi
t
e
sh
a
ll h
a
v
e
t
h
e
possibili
t
y
t
o ob
t
a
in con
v
e
ni
e
n
t
l
y
a
ll
t
h
e
in
f
orm
a
t
ion publish
e
d
t
h
e
r
e
. In
f
orm
a
t
ion on w
e
bsi
t
e
s sh
a
ll b
e
publish
e
d in
a
ll
t
h
e
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
15
f
or
e
i
g
n l
a
n
g
u
a
g
e
s in which
t
h
e
Issu
e
r norm
a
ll
y
dis
t
ribu
t
e
s in
f
orm
a
t
ion so
t
h
a
t
in no w
a
y
would
f
or
e
i
g
n in
v
e
s
t
ors b
e
discrimin
a
t
e
d, how
e
v
e
r, i
t
sh
a
ll b
e
t
a
k
e
n in
t
o
a
ccoun
t
t
h
a
t
in
f
orm
a
t
ion mus
t
b
e
disclos
e
d
a
t
l
ea
s
t
in L
a
t
v
i
a
n
a
nd En
g
lish;
3
)
I
t
sh
a
ll b
e
r
e
comm
e
nd
e
d
t
o consid
e
r
a
solu
t
ion
t
h
a
t
would
a
llow
t
h
e
e
x
is
t
in
g
a
nd po
t
e
n
t
i
a
l
in
v
e
s
t
ors
t
o m
a
in
t
a
in
t
i
e
s wi
t
h
t
h
e
Issu
e
r b
y
usin
g
t
h
e
IR s
e
c
t
ion o
f
w
e
bsi
t
e
– submi
t
qu
e
s
t
ions
a
nd r
e
c
e
i
v
e
a
nsw
e
rs
t
h
e
r
e
t
o, ord
e
r
t
h
e
mos
t
r
e
c
e
n
t
in
f
orm
a
t
ion,
e
x
pr
e
ss
t
h
e
ir
opinions
e
t
c.;
4
)
t
h
e
in
f
orm
a
t
ion publish
e
d on w
e
bsi
t
e
s sh
a
ll b
e
upd
a
t
e
d on
a
r
e
g
ul
a
r b
a
sis,
a
nd
t
h
e
n
e
ws in
r
e
l
a
t
ion
t
o
t
h
e
Issu
e
r
a
nd i
t
s busin
e
ss sh
a
l l b
e
publish
e
d in du
e
t
im
e
.I
t
sh
a
l l no
t
b
e
a
dmissibl
e
t
h
a
t
ou
t
d
a
t
e
d in
f
orm
a
t
ion
t
h
a
t
could misl
ea
d in
v
e
s
t
ors is
f
ound on w
e
bsi
t
e
s;
5
)
a
f
t
e
r
t
h
e
w
e
bsi
t
e
is cr
ea
t
e
d
t
h
e
cr
ea
t
ors
t
h
e
ms
e
l
v
e
s should
a
ss
e
ss
t
h
e
IR s
e
c
t
ion o
f
t
h
e
w
e
bsi
t
e
f
rom
t
h
e
poin
t
o
f
v
i
e
w o
f
us
e
rs – wh
e
t
h
e
r
t
h
e
in
f
orm
a
t
ion o
f
in
t
e
r
e
s
t
c
a
n b
e
f
ound
ea
sil
y
, wh
e
t
h
e
r
t
h
e
in
f
orm
a
t
ion publish
e
d pro
v
id
e
s
a
nsw
e
rs
t
o
t
h
e
mos
t
impor
t
a
n
t
qu
e
s
t
ions
e
t
c.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
b
e
c
aus
e
t
h
e
f
u
r
t
h
e
r
d
e
v
e
lop
me
n
t
o
f
t
h
e
we
bsi
t
e
is ongoing, and
t
h
e
plann
e
d
c
o
m
pl
e
t
ion
t
i
me
is 2024.
10.5 Th
e
Issu
e
r sh
a
ll
e
nsur
e
t
h
a
t
a
t
l
ea
s
t
t
h
e
f
ollowin
g
in
f
orm
a
t
ion is con
t
a
in
e
d in
t
h
e
IR s
e
c
t
ion o
f
w
e
bsi
t
e
:
6
)g
e
n
e
r
a
l in
f
orm
a
t
ion on
t
h
e
Issu
e
r – his
t
or
y
o
f
i
t
s
e
s
t
a
blishm
e
n
t
a
nd busin
e
ss, r
e
g
is
t
r
a
t
ion
d
a
t
a
, d
e
scrip
t
ion o
f
indus
t
r
y
, m
a
in
t
y
p
e
s o
f
busin
e
ss;
7
)
Issu
e
r’s R
e
por
t
(“
compl
y
or
e
x
pl
a
in
”)
on
t
h
e
compli
a
nc
e
wi
t
h
t
h
e
principl
e
s o
f
corpor
a
t
e
g
o
v
e
rn
a
nc
e
;
8
)N
umb
e
r o
f
issu
e
d
a
nd p
a
id
f
in
a
nci
a
l ins
t
rum
e
n
t
s, sp
e
ci
fy
in
g
ho w m
a
n
y
o
f
t
h
e
m
a
r
e
includ
e
d
in
a
r
e
g
ul
a
t
e
d m
a
r
k
e
t
;
9
)
in
f
orm
a
t
ion on sh
a
r
e
hold
e
rs’ m
ee
t
in
g
s, dr
a
f
t
d
e
cisions
t
o b
e
e
x
a
min
e
d, d
e
cisions
a
dop
t
e
d –
a
t
l
ea
s
t
f
or
t
h
e
l
a
s
t
y
ea
r o
f
r
e
por
t
;
10
)
Issu
e
r’s s
t
a
t
u
t
e
s;
11
)
Issu
e
r’s bo
a
rd or council r
e
g
ul
a
t
ion or
a
docum
e
n
t
e
qu
a
t
e
d
t
h
e
r
e
t
o
t
h
a
t
r
e
g
ul
a
t
e
s i
t
s wor
k
,
a
s
w
e
ll
a
s
t
h
e
Issu
e
r’s r
e
mun
e
r
a
t
ion polic
y
(
or
a
r
e
f
e
r
e
nc
e
wh
e
r
e
i
t
is m
a
d
e
a
v
a
il
a
bl
e
)
a
nd
t
h
e
sh
a
r
e
hold
e
rs’ m
ee
t
in
g
proc
e
dur
e
r
e
g
ul
a
t
ion, i
f
such h
a
s b
ee
n
a
dop
t
e
d;
12
)
In
f
orm
a
t
ion on
t
h
e
p
e
r
f
orm
a
nc
e
o
f
t
h
e
Issu
e
r
’
s A u di
t
Commi
tt
ee
;
13
)
in
f
orm
a
t
ion on pr
e
s
e
n
t
Issu
e
r’s council
a
nd bo
a
rd m
e
mb
e
rs
(
on
ea
ch indi
v
idu
a
ll
y)
: wor
k
e
x
p
e
ri
e
nc
e
,
e
duc
a
t
ion, numb
e
r o
f
t
h
e
Issu
e
r’s sh
a
r
e
s own
e
d b
y
t
h
e
m
e
mb
e
r
(
a
s
a
t
t
h
e
b
e
g
innin
g
o
f
y
ea
r;
t
h
e
in
f
orm
a
t
ion sh
a
ll b
e
upd
a
t
e
d
a
s r
e
quir
e
d bu
t
a
t
l
ea
s
t
a
nnu
a
ll
y)
,
in
f
orm
a
t
ion on posi
t
ions in o
t
h
e
r c
a
pi
t
a
l comp
a
ni
e
s,
a
nd
t
h
e
t
e
rm o
f
o
ff
ic
e
o
f
bo
a
rd
a
nd
council m
e
mb
e
rs;
14
)
Issu
e
r’s sh
a
r
e
hold
e
rs which/who own
a
t
l
ea
s
t
5
%
o
f
t
h
e
Issu
e
r’s sh
a
r
e
s;
a
nd in
f
orm
a
t
ion on
ch
a
n
g
e
s o
f
sh
a
r
e
hold
e
rs;
15
)
Fin
a
nci
a
l r
e
por
t
s
a
nd
a
nnu
a
l r
e
por
t
s o
f
t
h
e
Issu
e
r pr
e
p
a
r
e
d in compli
a
nc
e
wi
t
h
t
h
e
proc
e
dur
e
sp
e
ci
f
i
e
d in l
e
g
a
l
a
c
t
s
a
nd
t
h
e
S
t
oc
k
E
x
ch
a
n
g
e
r
e
g
ul
a
t
ions;
16
)
A n
y
o
t
h
e
r in
f
orm
a
t
ion
t
o b
e
disclos
e
d b
y
t
h
e
Issu
e
r,
e
.
g
. in
f
orm
a
t
ion on
a
n
y
subs
t
a
n
t
i
a
l
e
v
e
n
t
s, Issu
e
r’s pr
e
ss r
e
l
ea
s
e
s,
a
rchi
v
e
d in
f
orm
a
t
ion on Issu
e
r’s
f
in
a
nci
a
l
a
nd
a
nnu
a
l r
e
por
t
s on
pr
e
v
ious p
e
riods
e
t
c.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
T
h
e
f
u
r
t
h
e
r
d
e
v
e
lop
me
n
t
o
f
t
h
e
we
bsi
t
e
t
o
e
nsu
r
e
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
is ongoing and
t
h
e
plann
e
d
c
o
m
pl
e
t
ion
t
i
me
is 2024.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
16
M
e
an
w
hil
e
r
e
qui
r
e
d in
f
o
r
m
a
t
ion is publish
e
d on
we
bsi
t
e
o
f
Nasdaq
R
iga
AS
www
.nasdaqbal
t
i
c
.
c
o
m
and
we
bsi
t
e
o
f
t
h
e
C
e
n
t
r
al
S
t
o
r
ag
e
o
f
R
e
gula
t
e
d In
f
o
r
m
a
t
ion
www
.o
r
i
c
gs.lv
, as
we
ll as pa
r
t
ially on
we
b si
t
e
o
f
t
h
e
Co
m
pany
www
.
r
iga–shipya
r
d.
c
o
m
.
V
.
I
N
TER
N
A
L C
ON
TR
O
L
A
ND
RI
S
K
M
A
N
A
GE
M
E
N
T
Th
e
purpos
e
o
f
in
t
e
rn
a
l con
t
rol
a
nd ris
k
m
a
n
a
g
e
m
e
n
t
is
t
o
e
nsur
e
e
ff
ici
e
n
t
a
nd succ
e
ss
f
ul wor
k
o
f
t
h
e
Issu
e
r,
t
h
e
t
ru
t
h
f
uln
e
ss o
f
t
h
e
in
f
orm
a
t
ion disclos
e
d
a
nd con
f
ormi
t
y
t
h
e
r
e
o
f
t
o
t
h
e
r
e
l
e
v
a
n
t
r
e
g
ul
a
t
or
y
a
c
t
s
a
nd busin
e
ss principl
e
s. In
t
e
rn
a
l con
t
rol h
e
lps
t
h
e
bo
a
rd
t
o id
e
n
t
i
fy
t
h
e
shor
t
comin
g
s
a
nd ris
k
s in
t
h
e
m
a
n
a
g
e
m
e
n
t
o
f
t
h
e
Issu
e
r
a
s w
e
ll
a
s
f
a
cili
t
a
t
e
s
t
h
a
t
t
h
e
council
’
s
t
a
s
k
-
t
o sup
e
r
v
is
e
t
h
e
wor
k
o
f
t
h
e
bo
a
rd
-
is
f
ul
f
ill
e
d
e
ff
ici
e
n
t
l
y
.
11
.
P
RI
N
CI
P
LE
S
O
F THE
I
SS
U
ER
’
S
I
N
TER
N
A
L
A
ND
EXTER
N
A
L C
O
N
TR
O
L
T
o
e
nsur
e
su
cc
e
ssfu
l
w
o
r
k
o
f th
e
I ssu
e
r,
i
t sha
ll
b
e
n
e
c
e
ssar
y
t
o
p
l
an r
e
gu
l
ar
i
ts
c
o
ntr
o
l
s and t
o
d
e
t
e
rm
i
n
e
th
e
pr
o
c
e
dur
e
o
f
i
nt
e
rna
l
and
e
x
t
e
rna
l
(
aud
i
t
)
c
o
ntr
o
l
.
11.1 To
e
nsur
e
succ
e
ss
f
ul op
e
r
a
t
ion,
t
h
e
Issu
e
r sh
a
ll con
t
rol i
t
s wor
k
on
a
r
e
g
ul
a
r b
a
sis
a
nd d
e
f
in
e
t
h
e
proc
e
dur
e
o
f
in
t
e
rn
a
l con
t
rol.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
11.2 Th
e
ob
j
e
c
t
i
v
e
o
f
ris
k
m
a
n
a
g
e
m
e
n
t
is
t
o
e
nsur
e
t
h
a
t
t
h
e
ris
k
s conn
e
c
t
e
d wi
t
h
t
h
e
comm
e
rci
a
l
a
c
t
i
v
i
t
y
o
f
t
h
e
Issu
e
r
a
r
e
id
e
n
t
i
f
i
e
d
a
nd sup
e
r
v
is
e
d. To
e
nsur
e
a
n
e
ff
ici
e
n
t
ris
k
m
a
n
a
g
e
m
e
n
t
, i
t
sh
a
ll b
e
n
e
c
e
ss
a
r
y
t
o d
e
f
in
e
t
h
e
b
a
sic principl
e
s o
f
ris
k
m
a
n
a
g
e
m
e
n
t
. I
t
is r
e
comm
e
nd
e
d
t
o
ch
a
r
a
c
t
e
ri
z
e
t
h
e
mos
t
e
ss
e
n
t
i
a
l po
t
e
n
t
i
a
l
a
nd
e
x
is
t
in
g
ris
k
s in r
e
l
a
t
ion
t
o
t
h
e
busin
e
s s o
f
t
h
e
Issu
e
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
hi s p
r
in
c
ipl
e
, b
e
c
aus
e
t
h
e
r
e
is
e
s
t
ablish
e
d p
r
o
c
e
du
r
e
f
o
r
s
t
r
a
t
e
gi
c
R
isk Manag
eme
n
t
,
m
os
t
i
m
po
r
t
an
t
po
t
e
n
t
ial and
c
u
rr
e
n
t
r
isks a
r
e
id
e
n
t
i
f
i
e
d, as
we
ll as
p
r
o
c
e
du
r
e
f
o
r
sup
e
r
vising and p
r
e
v
e
n
t
ing su
c
h
r
isks has b
ee
n d
e
v
e
lop
e
d, and
c
u
rr
e
n
t
ly
t
h
e
R
isk
Manag
eme
n
t
p
r
o
c
e
du
r
e
s has b
ee
n upda
t
e
d,
w
hi
c
h is s
c
h
e
dul
e
d
t
o b
e
c
o
m
pl
e
t
e
d in 2024, in o
r
d
e
r
t
o
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
11.3 Audi
t
ors sh
a
ll b
e
g
r
a
n
t
e
d
a
cc
e
ss
t
o
t
h
e
in
f
orm
a
t
ion r
e
quir
e
d
f
or
t
h
e
f
ul
f
ilm
e
n
t
o
f
t
h
e
a
udi
t
or’s
t
a
s
k
s
a
nd
t
h
e
possibili
t
y
t
o
a
tt
e
nd counci l
a
nd bo
a
rd m
ee
t
in
g
s
a
t
which
f
in
a
nci
a
l
a
nd o
t
h
e
r m
a
tt
e
rs
a
r
e
d
ea
l
t
wi
t
h.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
11.4 Audi
t
ors sh
a
ll b
e
ind
e
p
e
nd
e
n
t
in
t
h
e
ir wor
k
a
nd
t
h
e
ir
t
a
s
k
sh
a
ll b
e
t
o pro
v
id
e
t
h
e
Issu
e
r wi
t
h
ind
e
p
e
nd
e
n
t
a
nd ob
j
e
c
t
i
v
e
a
udi
t
in
g
a
nd consul
t
a
t
ion s
e
r
v
ic
e
s in ord
e
r
t
o
f
a
cili
t
a
t
e
t
h
e
e
ff
ici
e
nc
y
o
f
t
h
e
Issu
e
r’s busin
e
ss
a
nd
t
o pro
v
id
e
suppor
t
in
a
chi
e
v
in
g
t
h
e
ob
j
e
c
t
i
v
e
s s
e
t
f
or
t
h
e
Issu
e
r
’
s
m
a
n
a
g
e
m
e
n
t
b
y
o
ff
e
rin
g
a
s
y
s
t
e
m
a
t
ic
a
ppro
a
ch
f
or
t
h
e
a
ss
e
ssm
e
n
t
a
nd impro
v
e
m
e
n
t
o
f
ris
k
m
a
n
a
g
e
m
e
n
t
a
nd con
t
rol proc
e
ss
e
s.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
11.5 I
t
sh
a
ll b
e
r
e
comm
e
nd
e
d
t
o c
a
rr
y
ou
t
a
n ind
e
p
e
nd
e
n
t
in
t
e
rn
a
l con
t
rol
a
t
l
ea
s
t
a
nnu
a
ll
y
in ord
e
r
t
o
a
ss
e
ss
t
h
e
wor
k
o
f
t
h
e
Issu
e
r, includin
g
i
t
s con
f
ormi
t
y
t
o
t
h
e
proc
e
dur
e
s
a
ppro
v
e
d b
y
t
h
e
Issu
e
r.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
11.6
W
h
e
n
a
ppro
v
in
g
a
n
a
udi
t
or, i
t
is r
e
comm
e
nd
e
d
t
h
a
t
t
h
e
t
e
rm o
f
o
ff
ic
e
o
f
on
e
a
udi
t
or is no
t
t
h
e
s
a
m
e
a
s
t
h
e
t
e
rm o
f
o
ff
ic
e
o
f
t
h
e
bo
a
rd.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
12
.
A
UD
I T
C
O
MM
ITTEE
Th
e
A
ud
i
t C
o
mm
i
tt
ee
sha
ll
b
e
e
stab
li
sh
e
d b
y
a r
e
s
o
l
ut
i
o
n
o
f th
e
Issu
e
r
’
s shar
e
h
o
l
d
e
rs
’
m
ee
t
i
ng,
and
i
ts
o
p
e
rat
i
o
ns and s
c
o
p
e
o
f r
e
sp
o
ns
i
b
ili
t
i
e
s sha
ll
b
e
s
e
t as gu
i
d
e
d b
y
th
e
l
e
g
i
s
l
at
i
o
n
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
17
12.1. Th
e
f
unc
t
ions
a
nd r
e
sponsibili
t
y
o
f
t
h
e
Audi
t
Commi
tt
ee
should b
e
sp
e
ci
f
i
e
d in
t
h
e
r
e
g
ul
a
t
ion o
f
t
h
e
commi
tt
ee
or
a
comp
a
r
a
bl
e
docum
e
n
t
.
Co
m
pany
e
nsu
r
e
s
t
h
e
pa
r
t
ial obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
T
o
c
o
m
ply
w
i
t
h
t
h
e
r
e
qui
r
eme
n
t
s
sp
e
c
i
f
i
e
d in
t
h
e
r
e
gula
t
o
r
y
e
na
c
t
me
n
t
s o
f
t
h
e
R
e
publi
c
o
f
La
t
via,
t
h
e
Coun
c
il in a n
ew
c
o
m
posi
t
ion
w
as
e
l
e
c
t
e
d a
t
t
h
e
Co
m
pany’s
A
nnual
S
ha
r
e
hold
e
r
s’ M
ee
t
ing h
e
ld in 2022,
w
hi
c
h in
a
cc
o
r
dan
c
e
w
i
t
h
t
h
e
p
r
ovisions o
f
t
h
e
Finan
c
ial Ins
t
r
u
me
n
t
s Ma
r
k
e
t
L a
w
w
ill p
e
r
f
o
r
m
t
h
e
du
t
i
e
s
o
f
t
h
e
A
udi
t
Co
mm
i
tt
ee
.
12.2. To
a
ssur
e
a
n
e
ff
ici
e
n
t
f
unc
t
ionin
g
o
f
t
h
e
Audi
t
Commi
tt
ee
, i
t
is r
e
comm
e
nd
e
d
t
h
a
t
a
t
l
ea
s
t
t
hr
ee
o
f
i
t
s m
e
mb
e
rs h
a
v
e
a
d
e
qu
a
t
e
k
nowl
e
d
g
e
in
a
ccoun
t
in
g
a
nd
f
in
a
nci
a
l r
e
por
t
in
g
, b
e
c
a
us
e
issu
e
s
r
e
l
a
t
e
d
t
o
t
h
e
Issu
e
r
’
s
f
in
a
nci
a
l r
e
por
t
s
a
nd con
t
rol
a
r
e
in
t
h
e
f
ocus o
f
t
h
e
Audi
t
Commi
tt
ee
’
s
op
e
r
a
t
ions.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
12.3. All Audi
t
Commi
tt
ee
m
e
mb
e
rs sh
a
ll h
a
v
e
a
cc
e
ss
t
o
t
h
e
in
f
orm
a
t
ion
a
bou
t
t
h
e
a
ccoun
t
in
g
principl
e
s pr
a
c
t
ic
e
d b
y
t
h
e
Issu
e
r. Bo
a
rd sh
a
ll
a
d
v
is
e
t
h
e
a
udi
t
Commi
tt
ee
a
s
t
o
t
h
e
a
ppro
a
ch
e
s
t
o si
g
ni
f
ic
a
n
t
a
nd unusu
a
l
t
r
a
ns
a
c
t
ions, wh
e
r
e
a
l
t
e
rn
a
t
i
v
e
e
v
a
lu
a
t
ions
a
r
e
possibl
e
,
a
nd sh
a
ll
e
nsur
e
t
h
a
t
t
h
e
Audi
t
Commi
tt
ee
h
a
s
a
cc
e
ss
t
o
a
ll in
f
orm
a
t
ion
t
h
a
t
h
a
s b
ee
n sp
e
ci
f
i
e
d in
t
h
e
l
e
g
isl
a
t
ion.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
12.4. Th
e
Issu
e
r sh
a
ll
e
nsur
e
t
h
a
t
i
t
s o
ff
ici
a
ls, bo
a
rd m
e
mb
e
rs
a
nd s
t
a
ff
r
e
l
ea
s
e
t
h
e
in
f
orm
a
t
ion
t
o
t
h
e
Audi
t
Commi
tt
ee
t
h
a
t
is n
e
c
e
ss
a
r
y
f
or i
t
s op
e
r
a
t
ions. Th
e
Audi
t
Commi
tt
ee
should
a
lso b
e
e
n
t
i
t
l
e
d
t
o c
a
rr
y
ou
t
a
n ind
e
p
e
nd
e
n
t
in
v
e
s
t
i
g
a
t
ion in ord
e
r
t
o id
e
n
t
i
fy
, wi
t
hin i
t
s scop
e
,
a
n
y
v
iol
a
t
ions in
t
h
e
Issu
e
r
’
a
c
t
i
v
i
t
i
e
s.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
12.5.
W
i
t
hin i
t
s scop
e
,
t
h
e
Audi
t
Commi
tt
ee
sh
a
ll
a
dop
t
r
e
solu
t
ions,
a
nd is
a
ccoun
t
a
bl
e
t
o
t
h
e
sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
f
or i
t
s op
e
r
a
t
ions.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
VI
.
R
E
MUN
ER
A
TI
ON
PO
LICY
13
.
G
E
N
ER
A
L
P
RI
N
CI
P
LE
S
,
TY
P
E
S
A
ND
CRITERI
A
F
O
R
S
ETTI
N
G RE
MUN
ER
A
TI
O
N
Th
e
p
o
licy
o
f th
e
r
e
mun
e
rat
i
o
n
o
f b
o
ard and
c
o
un
cil
m
e
mb
e
rs – t
y
p
e
, stru
c
tur
e
and am
o
unt
o
f
r
e
mun
e
rat
i
o
n
-
i
s
o
n
e
o
f th
e
sph
e
r
e
s wh
e
r
e
p
e
rs
o
ns
i
n
v
o
lv
e
d has a p
o
t
e
nt
i
a
lly
gr
e
at
e
r r
i
s
k
t
o
f
i
nd
th
e
ms
e
lv
e
s
i
n an
i
nt
e
r
e
st
c
o
nf
lic
t s
i
tuat
i
o
n
.
T
o
a
v
o
i
d
i
t, th
e
Issu
e
r sha
ll
d
e
v
e
l
o
p a
cl
e
ar
r
e
mun
e
rat
i
o
n p
o
licy
, sp
e
ci
f
yi
ng g
e
n
e
ra
l
pr
i
n
ci
p
l
e
s, t
y
p
e
s and
c
r
i
t
e
r
i
a f
o
r th
e
r
e
mun
e
rat
i
o
n t
o
b
e
award
e
d t
o
th
e
b
o
ard
o
r
c
o
un
cil
m
e
mb
e
rs
.
13.1 Th
e
Issu
e
rs
a
r
e
c
a
ll
e
d on
t
o d
e
v
e
lop
a
r
e
mun
e
r
a
t
ion polic
y
in which
t
h
e
m
a
in principl
e
s
f
or
s
e
tt
in
g
t
h
e
r
e
mun
e
r
a
t
ion, possibl
e
r
e
mun
e
r
a
t
ion sch
e
m
e
s
a
nd o
t
h
e
r
e
ss
e
n
t
i
a
l r
e
l
a
t
e
d issu
e
s
a
r
e
d
e
t
e
rmin
e
d.
W
hil
e
pr
e
p
a
rin
g
t
h
e
r
e
mun
e
r
a
t
ion polic
y
Issu
e
r should
e
nsur
e
t
h
a
t
t
h
e
r
e
mun
e
r
a
t
ion
o
f
m
a
n
a
g
e
m
e
n
t
a
nd sup
e
r
v
isor
y
bo
a
rd m
e
mb
e
rs is propor
t
ion
a
t
e
t
o
t
h
e
r
e
mun
e
r
a
t
ion o
f
t
h
e
Issu
e
r’s
e
x
e
cu
t
i
v
e
a
nd m
a
n
a
g
in
g
dir
e
c
t
ors
a
nd o
t
h
e
r
e
mplo
y
ee
s.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
13.2
W
i
t
hou
t
limi
t
in
g
t
h
e
rol
e
a
nd op
e
r
a
t
ions o
f
t
h
e
Issu
e
r
’
s m
a
n
a
g
e
m
e
n
t
bodi
e
s r
e
sponsibl
e
f
or
s
e
tt
in
g
r
e
mun
e
r
a
t
ion
t
o
t
h
e
bo
a
rd
a
nd council m
e
mb
e
rs,
t
h
e
dr
a
f
t
in
g
o
f
t
h
e
r
e
mun
e
r
a
t
ion polic
y
should b
e
m
a
d
e
a
r
e
sponsibili
t
y
o
f
t
h
e
Issu
e
r’s bo
a
rd, which durin
g
t
h
e
pr
e
p
a
r
a
t
ion o
f
a
dr
a
f
t
polic
y
should consul
t
wi
t
h
t
h
e
Issu
e
r’s council.
I
n
order
t
o
a
v
o
i
d
c
on
f
lic
t
s
o
f
i
n
t
ere
s
t
and
t
o
m
on
i
t
or
t
he
m
ana
g
e
m
en
t
board
re
m
unera
t
i
on
po
lic
y
,
t
he
Iss
uer
s
hou
l
d
appo
i
n
t
a
re
s
pon
si
b
l
e
per
s
on
ha
v
i
n
g
s
u
ff
ici
en
t
e
x
per
i
en
c
e
and
k
no
wl
ed
g
e
i
n
t
he
f
i
e
l
d
o
f
re
m
unera
t
i
on
f
or
de
v
e
l
op
m
en
t
o
f
t
he
re
m
unera
t
i
on
po
lic
y
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
18
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
13.3 Should
t
h
e
r
e
mun
e
r
a
t
ion polic
y
con
t
a
in
a
r
e
mun
e
r
a
t
ion s
t
ruc
t
ur
e
wi
t
h
a
v
a
ri
a
bl
e
p
a
r
t
in
t
h
e
f
orm o
f
t
h
e
Issu
e
r
’
s sh
a
r
e
s or sh
a
r
e
op
t
ions or
a
n
y
o
t
h
e
r p
a
y
m
e
n
t
s, includin
g
pr
e
miums, i
t
should b
e
lin
k
e
d
t
o pr
e
v
iousl
y
d
e
f
in
e
d shor
t
-
t
e
rm
a
nd lon
g-
t
e
rm
g
o
a
ls
a
nd p
e
r
f
orm
a
nc
e
cri
t
e
ri
a
. I
f
r
e
mun
e
r
a
t
ion d
e
p
e
nds on
f
ul
f
ilm
e
n
t
o
f
shor
t
-
t
e
rm
g
o
a
ls onl
y
, i
t
is no
t
li
k
e
l
y
t
o
e
ncour
a
g
e
a
n
in
t
e
r
e
s
t
in
t
h
e
comp
a
n
y
’
s
g
row
t
h
a
nd impro
v
e
d p
e
r
f
orm
a
nc
e
in
t
h
e
lon
g-
t
e
rm. Th
e
scop
e
a
nd
s
t
ruc
t
ur
e
o
f
t
h
e
r
e
mun
e
r
a
t
ion should d
e
p
e
nd on
t
h
e
busin
e
ss p
e
r
f
orm
a
nc
e
o
f
t
h
e
comp
a
n
y
, sh
a
r
e
pric
e
a
nd o
t
h
e
r Issu
e
r
’
s
e
v
e
n
t
s.
T
h
e
r
em
un
e
r
a
t
ion s
t
r
u
c
t
u
r
e
o
f
t
h
e
Co
m
pany do
e
s no
t
p
r
ovid
e
a va
r
iabl
e
pa
r
t
o
f
t
h
e
r
em
un
e
r
a
t
ion.
13.4
W
hil
e
s
e
tt
in
g
t
h
e
v
a
ri
a
bl
e
p
a
r
t
o
f
r
e
mun
e
r
a
t
ion, Issu
e
r should s
e
t
limi
t
s on
t
h
e
v
a
ri
a
bl
e
compon
e
n
t
(
s
)
. Th
e
non
-v
a
ri
a
bl
e
p
a
r
t
o
f
r
e
mun
e
r
a
t
ion should b
e
su
ff
ici
e
n
t
t
o
a
llow
t
h
e
Issu
e
r
t
o
wi
t
hhold
v
a
ri
a
bl
e
p
a
r
t
o
f
r
e
mun
e
r
a
t
ion wh
e
n n
e
c
e
ss
a
r
y
.
T
h
e
r
em
un
e
r
a
t
ion s
t
r
u
c
t
u
r
e
o
f
t
h
e
Co
m
pany do
e
s no
t
p
r
ovid
e
a va
r
iabl
e
pa
r
t
o
f
t
h
e
r
em
un
e
r
a
t
ion.
13.5
W
h
e
r
e
a
v
a
ri
a
bl
e
p
a
r
t
o
f
r
e
mun
e
r
a
t
ion pro
v
id
e
s Issu
e
r’s sh
a
r
e
s, sh
a
r
e
op
t
ions or
a
n
y
o
t
h
e
r
a
cquisi
t
ion ri
g
h
t
s
t
h
e
r
e
o
f
, i
t
should b
e
d
e
sir
a
bl
e
t
o pr
e
scrib
e
a
minimum non
-
us
e
d p
e
riod o
f
t
im
e
.
T
h
e
r
em
un
e
r
a
t
ion s
t
r
u
c
t
u
r
e
o
f
t
h
e
Co
m
pany do
e
s no
t
p
r
ovid
e
a va
r
iabl
e
pa
r
t
o
f
t
h
e
r
em
un
e
r
a
t
ion.
13.6 R
e
mun
e
r
a
t
ion polic
y
should includ
e
pro
v
isions
t
h
a
t
p
e
rmi
t
t
h
e
Issu
e
r
t
o r
e
cl
a
im
v
a
ri
a
bl
e
p
a
r
t
o
f
r
e
mun
e
r
a
t
ion
t
h
a
t
w
e
r
e
a
w
a
rd
e
d on
t
h
e
b
a
sis o
f
d
a
t
a
which subs
e
qu
e
n
t
l
y
pro
v
e
d
t
o b
e
m
a
ni
f
e
s
t
l
y
miss
t
a
t
e
d. Such pro
v
ision should b
e
includ
e
d in con
t
r
a
c
t
s conclud
e
d b
e
t
w
ee
n
t
h
e
r
e
sp
e
c
t
i
v
e
e
x
e
cu
t
i
v
e
s
a
nd
t
h
e
Issu
e
r.
T
h
e
r
em
un
e
r
a
t
ion s
t
r
u
c
t
u
r
e
o
f
t
h
e
Co
m
pany do
e
s no
t
p
r
ovid
e
a va
r
iabl
e
pa
r
t
o
f
t
h
e
r
em
un
e
r
a
t
ion.
13.7 R
e
mun
e
r
a
t
ion sch
e
m
e
s
t
h
a
t
includ
e
Issu
e
r’s sh
a
r
e
s
a
s r
e
mun
e
r
a
t
ion m
a
y
t
h
e
or
e
t
ic
a
ll
y
c
a
us
e
loss
t
o
t
h
e
Issu
e
r
’
s
e
x
is
t
in
g
sh
a
r
e
hold
e
rs b
e
c
a
us
e
t
h
e
sh
a
r
e
pric
e
mi
g
h
t
drop du
e
t
o
a
n
e
w issu
e
o
f
sh
a
r
e
s.
Th
e
r
e
f
or
e
, prior
t
o
t
h
e
pr
e
p
a
r
a
t
ion
a
nd
a
ppro
v
a
l o
f
t
his
t
y
p
e
o
f
r
e
mun
e
r
a
t
ion, i
t
sh
a
ll b
e
r
e
quir
e
d
t
o
a
ss
e
ss
t
h
e
possibl
e
b
e
n
e
f
i
t
s or loss
e
s.
I
f
as a va
r
iabl
e
pa
r
t
o
f
r
em
un
e
r
a
t
ion Co
m
pany’s sha
r
e
w
ill b
e
in
t
e
nd
e
d, Co
m
pany
w
ill
e
nsu
r
e
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
13.8
W
h
e
n pr
e
p
a
rin
g
t
h
e
r
e
mun
e
r
a
t
ion polic
y
wh
e
r
e
a
v
a
ri
a
bl
e
p
a
r
t
is in
t
h
e
f
orm o
f
t
h
e
Issu
e
r
’
s sh
a
r
e
s or
sh
a
r
e
op
t
ions,
t
h
e
Issu
e
r sh
a
ll b
e
obli
g
e
d
t
o disclos
e
in
f
orm
a
t
ion on how
t
h
e
Issu
e
r pl
a
ns
t
o
e
nsur
e
t
h
e
a
moun
t
o
f
sh
a
r
e
s
t
o b
e
g
r
a
n
t
e
d in compli
a
nc
e
wi
t
h
t
h
e
a
ppro
v
e
d r
e
mun
e
r
a
t
ion sch
e
m
e
s–
wh
e
t
h
e
r i
t
is pl
a
nn
e
d
t
o ob
t
a
in
t
h
e
m b
y
bu
y
in
g
on
a
r
e
g
ul
a
t
e
d m
a
r
k
e
t
or b
y
issuin
g
n
e
w sh
a
r
e
s.
I
f
as a va
r
iabl
e
pa
r
t
o
f
r
em
un
e
r
a
t
ion Co
m
pany’s sha
r
e
w
ill b
e
in
t
e
nd
e
d, Co
m
pany
w
ill
e
nsu
r
e
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
13.9
W
hil
e
dr
a
f
t
in
g
t
h
e
r
e
mun
e
r
a
t
ion polic
y
a
nd
e
n
v
is
a
g
in
g
a
w
a
rdin
g
op
t
ions
e
n
t
i
t
lin
g
t
o
t
h
e
Issu
e
r
’
s
sh
a
r
e
s,
t
h
e
S
t
oc
k
E
x
ch
a
n
g
e
rul
e
s r
e
g
a
rdin
g
dis
t
ribu
t
ion o
f
sh
a
r
e
op
t
ions should b
e
t
a
k
e
n in
t
o
a
ccoun
t
.
I
f
as a va
r
iabl
e
pa
r
t
o
f
r
em
un
e
r
a
t
ion Co
m
pany’s sha
r
e
w
ill b
e
in
t
e
nd
e
d, Co
m
pany
w
ill
e
nsu
r
e
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
13.10
W
hil
e
s
e
tt
in
g
r
e
mun
e
r
a
t
ion principl
e
s wi
t
h r
e
g
a
rd
t
o bo
a
rd
a
nd council m
e
mb
e
rs,
t
h
e
y
should
includ
e
g
e
n
e
r
a
l
a
ppro
a
ch
a
s
t
o comp
e
ns
a
t
ions, i
f
a
n
y
, in c
a
s
e
s wh
e
n con
t
r
a
c
t
s wi
t
h
t
h
e
s
a
id
o
ff
ici
a
ls
a
r
e
t
e
rmin
a
t
e
d
(
t
e
rmin
a
t
ion p
a
y
m
e
n
t
s
)
. T
e
rmin
a
t
ion p
a
y
m
e
n
t
s should no
t
b
e
p
a
id i
f
t
h
e
t
e
rmin
a
t
ion is du
e
t
o in
a
d
e
qu
a
t
e
p
e
r
f
orm
a
nc
e
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
19
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
13.11 I
t
is r
e
comm
e
nd
e
d
t
o s
e
t
a
n
a
d
e
qu
a
t
e
m
a
x
imum
a
moun
t
o
f
t
h
e
t
e
rmin
a
t
ion p
a
y
m
e
n
t
s which
should no
t
b
e
hi
g
h
e
r
t
h
a
n
t
wo
y
ea
rs o
f
t
h
e
non
-v
a
ri
a
bl
e
p
a
r
t
o
f
r
e
mun
e
r
a
t
ion.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
14
.
R
E
MUN
ER
A
TI
O
N
R
E
P
O
RT
A
cl
e
ar and
c
o
mp
l
e
t
e
r
e
p
o
rt
o
n th
e
r
e
mun
e
rat
i
o
n p
o
licy
w
i
th r
e
gard t
o
th
e
manag
e
m
e
nt b
o
d
y
m
e
mb
e
rs
o
f th
e
Issu
e
r sh
o
u
l
d b
e
mad
e
a
v
a
il
ab
l
e
t
o
th
e
shar
e
h
o
l
d
e
rs
.
P
ub
lic
d
i
s
cl
o
sur
e
o
f th
e
sa
i
d
i
nf
o
rmat
i
o
n w
o
u
l
d a
ll
o
w th
e
e
xi
st
i
ng and p
o
t
e
nt
i
a
l
shar
e
h
o
l
d
e
rs t
o
c
arr
y
o
ut a
c
o
mpr
e
h
e
ns
iv
e
e
v
a
l
uat
i
o
n
o
f th
e
Issu
e
r
’
s appr
o
a
c
h th
e
r
e
mun
e
rat
i
o
n
i
ssu
e
s;
c
o
ns
e
qu
e
nt
ly
, th
e
Issu
e
r
’
s
r
e
sp
o
ns
i
b
l
e
b
o
d
y
sha
ll
draft and mad
e
pub
lic
th
e
R
e
mun
e
rat
i
o
n R
e
p
o
rt
.
14.1. Th
e
Issu
e
r is obli
g
e
d
t
o m
a
k
e
public
t
h
e
R
e
mun
e
r
a
t
ion R
e
por
t
–
a
compl
e
t
e
r
e
por
t
on
t
h
e
r
e
mun
e
r
a
t
ion polic
y
a
ppli
e
d
t
o
t
h
e
m
e
mb
e
rs o
f
t
h
e
Issu
e
r
’
s m
a
n
a
g
e
m
e
n
t
bodi
e
s. R
e
mun
e
r
a
t
ion
R
e
por
t
m
a
y
b
e
a
s
e
p
a
r
a
t
e
docum
e
n
t
, or m
a
y
in
t
e
g
r
a
t
e
d in
a
sp
e
ci
a
l ch
a
p
t
e
r o
f
t
h
e
R
e
por
t
pr
e
p
a
r
e
d
b
y
t
h
e
Issu
e
r
a
s r
e
comm
e
nd
e
d b
y
I
t
e
m 9 o
f
t
h
e
In
t
roduc
t
ion o
f
t
h
e
pr
e
s
e
n
t
R
e
comm
e
nd
a
t
ions.
Th
e
R
e
mun
e
r
a
t
ion R
e
por
t
should b
e
pos
t
e
d on
t
h
e
Issu
e
rs w
e
bsi
t
e
.
14.2. R
e
mun
e
r
a
t
ion R
e
por
t
should con
t
a
in
a
t
l
ea
s
t
t
h
e
f
ollowin
g
in
f
orm
a
t
ion:
1
)
In
f
orm
a
t
ion
a
s
t
o
t
h
e
a
pplic
a
t
ion o
f
t
h
e
r
e
mun
e
r
a
t
ion polic
y
t
o bo
a
rd
a
nd council m
e
mb
e
rs in
t
h
e
pr
e
v
ious
f
in
a
nci
a
l
y
ea
r, sp
e
ci
fy
in
g
t
h
e
m
a
t
e
ri
a
l ch
a
n
g
e
s
t
o
t
h
e
Issu
e
r
’
s r
e
mun
e
r
a
t
ion
polic
y
comp
a
r
e
d
t
o
t
h
e
pr
e
v
ious r
e
por
t
in
g
p
e
riod;
2
)
Th
e
propor
t
ion b
e
t
w
ee
n
t
h
e
f
i
x
e
d
a
nd
v
a
ri
a
bl
e
p
a
r
t
o
f
t
h
e
r
e
mun
e
r
a
t
ion
f
or
t
h
e
r
e
sp
e
c
t
i
v
e
c
a
t
e
g
or
y
o
f
o
ff
ici
a
ls , includin
g
in
f
orm
a
t
ion wi
t
h r
e
g
a
rd
t
o
v
e
s
t
in
g
p
e
riods o
f
v
a
ri
a
bl
e
p
a
r
t
o
f
r
e
mun
e
r
a
t
ion;
3
)
Su
ff
ici
e
n
t
in
f
orm
a
t
ion
a
s
t
o lin
k
in
g
t
h
e
r
e
mun
e
r
a
t
ion wi
t
h p
e
r
f
orm
a
nc
e
. To consid
e
r
t
h
e
in
f
orm
a
t
ion su
ff
ici
e
n
t
,
t
h
e
r
e
por
t
should con
t
a
in:
·
An
e
x
pl
a
n
a
t
ion how
t
h
e
choic
e
o
f
p
e
r
f
orm
a
nc
e
cri
t
e
ri
a
con
t
ribu
t
e
s
t
o
t
h
e
lon
g
t
e
rm
in
t
e
r
e
s
t
o
f
t
h
e
Issu
e
r;
·
An
e
x
pl
a
n
a
t
ion o
f
t
h
e
m
e
t
hods
a
ppli
e
d in ord
e
r
t
o d
e
t
e
rmin
e
wh
e
t
h
e
r p
e
r
f
orm
a
nc
e
cri
t
e
ri
a
h
a
v
e
b
ee
n
f
ul
f
ill
e
d;
4
)
In
f
orm
a
t
ion
a
bou
t
t
h
e
Issu
e
r
’
s polic
y
wi
t
h r
e
g
a
rd
t
o
t
h
e
con
t
r
a
c
t
s wi
t
h
t
h
e
m
e
mb
e
rs o
f
t
h
e
Issu
e
r
’
s m
a
n
a
g
e
m
e
n
t
bodi
e
s,
t
h
e
t
e
rms
a
nd condi
t
ions o
f
t
h
e
con
t
r
a
c
t
s
(
dur
a
t
ion, no
t
ic
e
d
ea
dlin
e
s
a
bou
t
t
e
rmin
a
t
ion, includin
g
p
a
y
m
e
n
t
s du
e
in c
a
s
e
o
f
t
e
rmin
a
t
ion
)
;
5
)
In
f
orm
a
t
ion
a
bou
t
t
h
e
inc
e
n
t
i
v
e
sch
e
m
e
s
a
nd
t
h
e
sp
e
ci
f
ic
a
t
ions
a
nd r
ea
sons
f
or
a
w
a
rdin
g
a
n
y
o
t
h
e
r b
e
n
e
f
i
t
s;
6
)
A d
e
scrip
t
ion o
f
a
n
y
p
e
nsion or
ea
rl
y
r
e
t
ir
e
m
e
n
t
sch
e
m
e
s;
7
)
An o
v
e
r
v
i
e
w o
f
t
h
e
r
e
mun
e
r
a
t
ion p
a
id
t
o or
a
n
y
b
e
n
e
f
i
t
s r
e
c
e
i
v
e
d b
y
ea
ch indi
v
idu
a
l
t
h
a
t
h
a
s
b
ee
n bo
a
rd or council m
e
mb
e
r in
t
h
e
r
e
por
t
in
g
p
e
riod – disclosin
g
a
t
l
ea
s
t
t
h
e
in
f
orm
a
t
ion r
e
quir
e
d in I
t
e
ms 14.5, 14.5
a
nd 14.7 b
e
low.
14.3. To
a
v
oid o
v
e
rl
a
ppin
g
o
f
in
f
orm
a
t
ion,
t
h
e
Issu
e
r, whil
e
pr
e
p
a
rin
g
i
t
s R
e
mun
e
r
a
t
ion R
e
por
t
, m
a
y
omi
t
t
h
e
in
f
orm
a
t
ion r
e
quir
e
d in I
t
e
ms 14.2 1
)
t
o 7
)
a
bo
v
e
, pro
v
id
e
d i
t
is
a
p
a
r
t
o
f
t
h
e
Issu
e
r
’
s
R
e
mun
e
r
a
t
ion
P
olic
y
docum
e
n
t
. In such c
a
s
e
, R
e
mun
e
r
a
t
ion R
e
por
t
should h
a
v
e
a
r
e
f
e
r
e
nc
e
t
o
t
h
e
R
e
mun
e
r
a
t
ion
P
olic
y
,
t
o
g
e
t
h
e
r wi
t
h
a
n indic
a
t
ion wh
e
r
e
i
t
is m
a
d
e
a
v
a
il
a
bl
e
.
14.4. I
f
t
h
e
Issu
e
r b
e
li
e
v
e
s
t
h
a
t
,
a
s
a
r
e
sul
t
o
f
f
ollowin
g
t
h
e
pro
v
isions o
f
I
t
e
m 14.2 o
f
t
h
e
s
e
R
e
comm
e
nd
a
t
ions s
e
nsi
t
i
v
e
busin
e
ss in
f
orm
a
t
ion mi
g
h
t
b
e
com
e
public
t
o
t
h
e
d
e
t
rim
e
n
t
o
f
t
h
e
Issu
e
r
’
s s
t
r
a
t
e
g
ic posi
t
ion,
t
h
e
Issu
e
r m
a
y
no
t
disclos
e
such in
f
orm
a
t
ion
a
nd
g
i
v
e
t
h
e
r
ea
sons.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
20
14.5. Th
e
f
ollowin
g
r
e
mun
e
r
a
t
ion
a
nd o
t
h
e
r b
e
n
e
f
i
t
s r
e
l
a
t
e
d in
f
orm
a
t
ion
a
bou
t
ea
ch bo
a
rd
a
nd council
m
e
mb
e
r should b
e
disclos
e
d:
1
)
To
t
a
l
a
moun
t
p
a
id or ou
t
s
t
a
ndin
g
(
s
a
l
a
r
y)
f
or
t
h
e
y
ea
r;
2
)
R
e
mun
e
r
a
t
ion
a
nd o
t
h
e
r b
e
n
e
f
i
t
s r
e
c
e
i
v
e
d
f
rom
a
n
y
comp
a
n
y
a
ssoci
a
t
e
d wi
t
h
t
h
e
Issu
e
r. For
t
h
e
und
e
rs
t
a
ndin
g
o
f
t
his I
t
e
m, "
a
ssoci
a
t
e
d und
e
r
t
a
k
in
g
" is
a
comp
a
n
y
a
ccordin
g
t
o
t
h
e
d
e
f
ini
t
ion in
P
a
r
a
g
r
a
ph 1 o
f
t
h
e
L
a
w on
t
h
e
Fin
a
nci
a
l Ins
t
rum
e
n
t
s M
a
r
k
e
t
;
3
)
R
e
mun
e
r
a
t
ion p
a
id
a
s pro
f
i
t
dis
t
ribu
t
ion or bonus,
a
nd
t
h
e
r
ea
sons
f
or
a
w
a
rdin
g
such
r
e
mun
e
r
a
t
ion;
4
)
Comp
e
ns
a
t
ion
f
or
f
ul
f
ilm
e
n
t
o
f
du
t
i
e
s in
a
ddi
t
ion
t
o
t
h
e
r
e
g
ul
a
r
j
ob r
e
sponsibili
t
i
e
s;
5
)
Comp
e
ns
a
t
ions
a
nd
a
n
y
o
t
h
e
r p
a
y
m
e
n
t
s r
e
c
e
i
v
e
d b
y
or
t
o b
e
r
e
c
e
i
v
e
d b
y
bo
a
rd or council
m
e
mb
e
r who h
a
s l
e
f
t
t
h
e
posi
t
ion durin
g
t
h
e
a
ccoun
t
in
g
p
e
riod;
6
)
To
t
a
l
v
a
lu
e
o
f
a
n
y
o
t
h
e
r b
e
n
e
f
i
t
s
a
p
a
r
t
f
rom
t
hos
e
lis
t
e
d und
e
r I
t
e
ms 1
)
t
o 5
)
r
e
c
e
i
v
e
d
a
s
r
e
mun
e
r
a
t
ion.
14.6. Th
e
f
ollowin
g
in
f
orm
a
t
ion should b
e
disclos
e
d wi
t
h r
e
g
a
rd
t
o
t
h
e
sh
a
r
e
s
a
nd/or sh
a
r
e
op
t
ions or
a
n
y
o
t
h
e
r inc
e
n
t
i
v
e
sch
e
m
e
s r
e
sul
t
in
g
in own
e
rship o
f
t
h
e
Issu
e
r
’
s sh
a
r
e
s:
1
)
t
h
e
numb
e
r
a
nd holdin
g
condi
t
ions o
f
sh
a
r
e
s or sh
a
r
e
op
t
ions
e
n
t
i
t
lin
g
t
o
t
h
e
Issu
e
r
’
s sh
a
r
e
s
g
r
a
n
t
e
d o
v
e
r
t
h
e
r
e
por
t
in
g
p
e
riod
t
o
t
h
e
m
e
mb
e
rs o
f
Issu
e
r
’
s m
a
n
a
g
e
m
e
n
t
bodi
e
s;
2
)
Th
e
numb
e
r o
f
op
t
ions
e
x
e
rcis
e
d durin
g
t
h
e
r
e
por
t
in
g
p
e
riod,
e
n
t
i
t
lin
g
t
o
t
h
e
Issu
e
r
’
s sh
a
r
e
s,
sp
e
ci
fy
in
g
t
h
e
pric
e
a
nd
t
h
e
numb
e
r o
f
sh
a
r
e
s ob
t
a
in
e
d, or
t
h
e
uni
t
v
a
lu
e
h
e
ld b
y
t
h
e
m
e
mb
e
r
o
f
t
h
e
Issu
e
r
’
s m
a
n
a
g
e
m
e
n
t
bo
a
rd in
a
sh
a
r
e
-
r
e
l
a
t
e
d inc
e
n
t
i
v
e
sch
e
m
e
a
s
a
t
t
h
e
e
nd o
f
t
h
e
r
e
por
t
in
g
y
ea
r;
3
)
Th
e
numb
e
r o
f
non
-
e
x
e
rcis
e
d op
t
ions
e
n
t
i
t
lin
g
t
o
t
h
e
Issu
e
r
’
s sh
a
r
e
s
a
s
a
t
t
h
e
e
nd o
f
t
h
e
r
e
por
t
in
g
y
ea
r,
t
h
e
sh
a
r
e
pric
e
in
t
h
e
con
t
r
a
c
t
,
e
x
pir
y
d
a
t
e
a
nd
t
h
e
k
e
y
rul
e
s
f
or
e
x
e
rcisin
g
t
h
e
op
t
ion;
4
)
In
f
orm
a
t
ion ch
a
n
g
e
s, i
f
a
n
y
, in
t
roduc
e
d durin
g
t
h
e
r
e
por
t
in
g
p
e
riod wi
t
h r
e
g
a
rd
t
o
t
h
e
pro
v
isions o
f
t
h
e
con
t
r
a
c
t
s on op
t
ions
e
n
t
i
t
lin
g
t
o
t
h
e
Issu
e
r
’
s sh
a
r
e
s
(
such
a
s ch
a
n
g
e
s in
t
h
e
op
t
ion
e
x
e
rcisin
g
rul
e
s, ch
a
n
g
e
o
f
e
x
pir
y
d
a
t
e
e
t
c.
)
.
14.7. Th
e
f
ollowin
g
in
f
orm
a
t
ion should b
e
disclos
e
d wi
t
h r
e
g
a
rd
t
o s
a
v
in
g
s or con
t
ribu
t
ions
t
o p
e
nsion
sch
e
m
e
s o
f
pri
v
a
t
e
p
e
nsion
f
unds:
1
)
t
h
e
a
moun
t
o
f
con
t
ribu
t
ions m
a
d
e
b
y
t
h
e
Issu
e
r,
t
o
t
h
e
b
e
n
e
f
i
t
o
f
indi
v
idu
a
ls,
t
o
a
p
e
nsion
sch
e
m
e
or sch
e
m
e
s,
a
nd
t
h
e
rul
e
s
f
or disburs
e
m
e
n
t
o
f
t
h
e
p
e
nsion c
a
pi
t
a
l;
2
)
t
h
e
p
a
r
t
icip
a
t
ion rul
e
s, includin
g
t
e
rmin
a
t
ion o
f
p
a
r
t
icip
a
t
ion,
t
o
t
h
e
r
e
sp
e
c
t
i
v
e
p
e
nsion
sch
e
m
e
,
a
pplic
a
bl
e
t
h
e
concr
e
t
e
indi
v
idu
a
l.
14.8. R
e
mun
e
r
a
t
ion sch
e
m
e
s in
v
ol
v
in
g
a
w
a
rdin
g
wi
t
h
t
h
e
Issu
e
r
’
s sh
a
r
e
s, sh
a
r
e
op
t
ions or
a
n
y
o
t
h
e
r
t
ools r
e
sul
t
in
g
in own
e
rship o
f
t
h
e
Issu
e
r
’
s sh
a
r
e
s sh
a
l l b
e
a
ppro
v
e
d b
y
t
h
e
a
nnu
a
l
g
e
n
e
r
a
l m
ee
t
in
g
o
f
sh
a
r
e
hold
e
rs. Sh
a
r
e
hold
e
rs
’
m
ee
t
in
g
, whil
e
r
e
sol
v
in
g
on
a
ppro
v
a
l o
f
t
h
e
r
e
mun
e
r
a
t
ion sch
e
m
e
,
n
ee
d no
t
r
e
sol
v
e
on i
t
s
a
pplic
a
t
ion
t
o concr
e
t
e
indi
v
idu
a
ls.
Co
m
pany
e
nsu
r
e
s
t
h
e
obs
e
r
van
c
e
o
f
t
his p
r
in
c
ipl
e
.
C
O
R
PO
RATE
GO
VER
N
A
N
CE RE
PO
RT
ON
2022
21
A
NN
EX
I
ND
E
P
E
ND
E
N
CE
O
F
C
O
UN
CIL
M
E
M
B
ER
S
As ind
e
p
e
nd
e
n
t
sh
a
ll b
e
r
e
g
a
rd
e
d
a
council m
e
mb
e
r o
f
t
h
e
Issu
e
r who:
1
)
h
a
s no
t
b
ee
n
a
bo
a
rd or council m
e
mb
e
r o
f
t
h
e
Issu
e
r, i
t
s
a
ssoci
a
t
e
d comp
a
n
y
or
a
sh
a
r
e
hold
e
r
t
h
a
t
con
t
rols
t
h
e
Issu
e
r in
t
h
e
pr
e
v
ious
t
hr
ee
y
ea
rs
a
nd do
e
s no
t
hold
t
h
e
s
a
id o
ff
ic
e
a
lso wi
t
hin
t
h
e
t
im
e
p
e
riod wh
e
n holdin
g
t
h
e
o
ff
ic
e
o
f
a
council m
e
mb
e
r. A comp
a
n
y
a
ssoci
a
t
e
d wi
t
h
t
h
e
Issu
e
r sh
a
ll
m
ea
n
a
comp
a
n
y
which is includ
e
d in
t
h
e
consolid
a
t
e
d
f
in
a
nci
a
l r
e
por
t
o
f
t
h
e
Issu
e
r or
t
h
e
consolid
a
t
e
d r
e
por
t
o
f
which
t
h
e
Issu
e
r is includ
e
d in;
2
)
is no
t
t
h
e
Issu
e
r’s, i
t
s
a
ssoci
a
t
e
d comp
a
n
y
’s or
a
sh
a
r
e
hold
e
r’s which con
t
rols
t
h
e
Issu
e
r
e
mplo
y
ee
,
e
x
c
e
p
t
in c
a
s
e
s wh
e
n
t
h
e
council m
e
mb
e
r c
a
ndid
a
t
e
in qu
e
s
t
ion h
a
s b
ee
n
a
ppoin
t
e
d
f
or
e
l
e
c
t
ion
t
o
t
h
e
council
a
s
a
r
e
pr
e
s
e
n
t
a
t
i
v
e
o
f
t
h
e
Issu
e
r’s
e
mplo
y
ee
s;
3
)
in
a
ddi
t
ion
t
o
t
h
e
r
e
mun
e
r
a
t
ion h
e
or sh
e
r
e
c
e
i
v
e
s
a
s
a
council m
e
mb
e
r, h
e
or sh
e
do
e
s no
t
r
e
c
e
i
v
e
or
h
a
s no
t
r
e
c
e
i
v
e
d
a
n
y
subs
t
a
n
t
i
a
l
a
ddi
t
ion
a
l r
e
mun
e
r
a
t
ion
f
rom
t
h
e
Issu
e
r, i
t
s
a
ssoci
a
t
e
d
comp
a
n
y
or
a
sh
a
r
e
hold
e
r
t
h
a
t
con
t
rols
t
h
e
Issu
e
r;
4
)
n
e
i
t
h
e
r dir
e
c
t
l
y
or indir
e
c
t
l
y
r
e
pr
e
s
e
n
t
s
t
h
e
sh
a
r
e
hold
e
rs
t
h
a
t
con
t
rol
t
h
e
Issu
e
r;
5
)
n
e
i
t
h
e
r
a
s o
f
t
h
e
a
ppro
v
a
l nor wi
t
hin
t
h
e
l
a
s
t
y
ea
r prior
t
o
a
ppro
v
a
l
a
s
a
council m
e
mb
e
r n
e
i
t
h
e
r
dir
e
c
t
l
y
nor dir
e
c
t
l
y
h
a
s b
ee
n in subs
t
a
n
t
i
a
l busin
e
ss r
e
l
a
t
ions wi
t
h
t
h
e
Issu
e
r, i
t
s
a
ssoci
a
t
e
d
comp
a
n
y
or
a
sh
a
r
e
hold
e
r
t
h
a
t
con
t
rols
t
h
e
Issu
e
r n
e
i
t
h
e
r dir
e
c
t
l
y
nor
a
s
a
p
a
r
t
n
e
r, sh
a
r
e
hold
e
r or
a
s
e
nior m
a
n
a
g
e
r;
6
)
wi
t
hin
t
h
e
l
a
s
t
t
hr
ee
y
ea
rs h
a
s no
t
b
ee
n
a
n in
t
e
rn
a
l con
t
roll
e
r,
a
udi
t
or or
e
mplo
y
ee
a
t
a
comp
a
n
y
which is
t
h
e
e
x
t
e
rn
a
l
a
udi
t
or o
f
t
h
e
Issu
e
r, i
t
s
a
ssoci
a
t
e
d comp
a
n
y
or
a
sh
a
r
e
hold
e
r
t
h
a
t
con
t
rols
t
h
e
Issu
e
r;
7
)
is no
t
a
bo
a
rd m
e
mb
e
r or
a
no
t
h
e
r m
a
n
a
g
in
g
e
mplo
y
ee
a
t
a
comp
a
n
y
a
t
which
t
h
e
Issu
e
r’s bo
a
rd
m
e
mb
e
r p
e
r
f
orms
t
h
e
f
unc
t
ions o
f
a
council m
e
mb
e
r
a
nd i
f
h
e
or sh
e
h
a
s no
t
a
n
y
o
t
h
e
r
e
ss
e
n
t
i
a
l
r
e
l
a
t
ions wi
t
h
t
h
e
Issu
e
r’s bo
a
rd m
e
mb
e
rs b
y
p
a
r
t
icip
a
t
in
g
in o
t
h
e
r comp
a
ni
e
s or or
g
a
ni
z
a
t
ion
a
l
uni
t
s
(
mu
t
u
a
ll
y
conn
e
c
t
e
d con
t
rol r
e
l
a
t
ions
)
;
8
)
h
a
s no
t
b
ee
n
t
h
e
Issu
e
r’s council m
e
mb
e
r
f
or mor
e
t
h
e
n 10
(
t
e
n
)
succ
e
ssi
v
e
y
ea
rs;
9
)
is no
t
a
f
a
mil
y
m
e
mb
e
r
(f
or
t
h
e
purpos
e
s o
f
t
his cl
a
us
e
a
f
a
mil
y
m
e
mb
e
r is
a
spous
e
,
a
p
a
r
e
n
t
, or
a
child
)
o
f
a
bo
a
rd m
e
mb
e
r or
a
p
e
rson
t
o whom
t
h
e
cri
t
e
ri
a
sp
e
ci
f
i
e
d in sub
-
cl
a
us
e
s
(
1
)
t
o
(
8
)
o
f
t
his
Ann
e
x
a
ppl
y
.