Board of Directors Committees

NIS's Board of Directors has formed the following Committees:

In addition to the committees required by law, the Board of Directors may establish by special decision other standing or ad hoc committees which will deal with issues relevant to the activities of the Board of Directors. A decision of the Board of Directors on the establishment of other committees and the decision on permanent or ad hoc status will be based on the need for better and more efficient management and resolution of complex issues within its competence.

Audit Committee

The main responsibilities of the Audit Committee are:

  • preparing, proposing and checking the implementation of accounting policies and risk management policies;
  • making proposals to the Board of Directors on the appointment and dismissal of persons competent to perform the functions of internal control of the Company and supervision of the work of the internal control of the Company;
  • examining the application of accounting standards in preparing financial statements and evaluation of the contents of financial statements;
  • conducting the election of the Auditor and nomination of candidates for the Auditor, with an opinion on his competence and independence in relation to the Company, as well as overseeing the audit process.

The Members of the Audit Committee are

- Wolfgang Ruttenstorfer, chairman of the Audit Committee,
- Alexey Yankevich, member of the Audit Committee and
- Nenad Mijailovic, member of the Audit Committee.

Remunerations Committee

The responsibilities of the Remunerations Committee are:

  • to prepare draft decisions on the compensation policy for executive members of the Board of Directors;
  • to make proposals on the amount and structure of compensation for each executive member of the Board of Directors and the proposed auditor fees;
  • at least annually to report to the Shareholders Assembly on its assessment of the amount and structure of remuneration for each member of the Board of Directors, and
  • to make recommendations to the executive members of the Board of Directors on the amount and structure of compensation to persons in management positions in the Company.

The Members of the Remunerations Committee are

- Olga Vysotskaia, chairman of the Remunerations Committee,
- Anatoly Cherner, member of the Remunerations Committee and
- Zoran Grujicic, member of the Remunerations Committee.

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