In accordance with Art. 23.1 of the Parent’s Articles of Association, the Parent’s Management Board consists of no more than seven persons, including President, Vice-Presidents and other Members. The number of Management Board members is defined by the governing body that appoints the Management Board. Members of the Management Board are appointed for a joint three-year term of office.
Pursuant to Art. 24 of the Parent’s Articles of Association, any or all members of the Management Board are appointed and removed by the Supervisory Board, subject to the provisions of Art. 25 et seq. of the Articles of Association.
Any member of the Management Board may be removed or suspended from duties by the Supervisory Board or the General Meeting. (Art. 24.2 of the Parent’s Articles of Association).
As long as the Parent employs an annual average of above 500 employees, the Supervisory Board appoints one person elected by Parent employees to the Management Board, for the Management Board’s term of office (Art. 25.1 of the Parent’s Articles of Association).
The Supervisory Board has the capacity to remove and suspend from duties any or all members of the Management Board, for a good reason, and to delegate members of the Supervisory Board, for no longer than three months, to temporarily perform the duties of members of the
Management Board who were removed from office, tendered their resignation or for any other reason are unable to perform the duties (Art. 33.1 of the Parent’s Articles of Association).