The Company’s nomination and remuneration functions are currently carried out by the Board of Commissioners considering the relatively small scale of the Company.
For the remuneration function, the Board of Commissioners proposes the amount of remuneration with the approval of the controlling shareholders, which is then ratified by the General Meeting of Shareholders, based on considerations that include the prevailing rates in similar industries with approximately the same scale. Another important consideration is the Company’s performance at the time of determining the remuneration and during periodic remuneration adjustments.
In addition, regarding the nomination function, the Board of Commissioners assists in developing policies and systems for the selection of members of the Board of Commissioners and the Board of Directors.