tailieunhanh - JOINT STOCK COMPANY “VEF”

All industrial, commercial and financial combinations are governed by chance: speculation thus involves some level of risk. The reward from the transaction is therefore two-fold: for the newly created utility there is the reward for a service and a speculative gain for the risk assumed. This second part, the jobbery, is the object of abuse: sought for its own sake, irrespective of any service supplied, this remuneration of risk can be classified as a game or even as a fraud. Speculation is thus the art of becoming rich “without working, capital, trade or genius.” Proudhon did not imagine risk being. | c@ĩ JOINT STOCK COMPANY VEF Corporate Governance Report For year 2011 Joint Stock Company VEF Corporate Governance Report for the year 2011 TABLE OF CONTENTS I II PRINCIPLES OF GOOD CORPORATE SHAREHOLDERS MEETING. 4 1. Ensuring shareholders rights and participation at shareholders 2. Participation of members and member candidates of the Issuer s management institutions at shareholders 3. Obligations and responsibilities of the 4. Board composition and requirements for board 5. Identification of interest conflicts in the work of board 6. Obligations and responsibilities of the 7. Council composition and requirements for council members. 11 8. Identification of interest conflicts in the work of council members. 12 DISCLOSURE OF INFORMATION. . .13 9. Transparency of the Issuer s 10. Investor relations. 14 INTERNAL CONTROL AND RISK 11. Principles of the Issuer s internal and external control. 15 12. Audit REMUNERATION 13. General principles types and criteria for setting remuneration. 17 14. Remuneration Report. 18 2 Joint Stock Company VEF Corporate Governance Report for the year 2011 I Introduction Joint Stock Company VEF hereinafter Company or VEF Corporate Governance Report for 2011 hereinafter the Report has been prepared in compliance with Article of NASDAQ OMX Riga Rules on Listing and Trading of Financial Instruments on the Markets Regulated by the Exchange Corporate Governance Principles and Recommendations on their Implementation issued by the NASDAQ OMX Riga publicly available http files riga and Law on Financial instruments market Article . The Report has been prepared by VEF Management Board and reviewed by VEF Supervisory Council. The Report discloses the information on the compliance with the corporate governance principles in 2011 .