The shareholders’ meeting is the body of a joint-stock company where shareholders are required to take decisions on important issues in relation to the company, such as approving its financial statements and appointing the board of directors.

The shareholders’ meeting can be convened in ordinary and extraordinary sessions.

The ordinary shareholders’ meeting :

1.  approves financial statements
2. -appoints and removes Directors; appoints the Board of Statutory Auditors and the external auditors
3.  approves the compensation for Directors and Auditors
4.  approves the rules for Shareholders meetings
5.  resolves on the Directors’ and the Auditors’ liability

The ordinary shareholders’ meeting is called at least once a year within 120 days of the end of the company’s financial year, to approve the financial statements.

The extraordinary shareholders’ meeting resolves on amendments to the company Bylaws.

The ordinary shareholders’ meeting resolutions are passed by absolute majority, providing that at least half of the share capital participates in the shareholders meeting. Different majorities are required for the 2nd call of an ordinary meeting and for an extraordinary meeting.