The Board of Commissioners is IPC’s organ that is in charge of overseeing the management policies, the General Management of IPC, and IPC’s business, and advising the Board of directors on behalf of IPC, in accordance with the intent and purpose of IPC. The key reference of the Board is law no. 40/2007 on Limited Liability Companies and Law no. 19/2003 on State-Owned Enterprises. In performing its duties, the Board is assisted by supporting organs that include the secretary of the Board of Commissioners, Audit Committee, Risk Management Monitoring Committee, and Nomination and Remuneration Committee.

BOARD OF COMMISSIONERS DUTIES

The Board of Commissioners duties are regulated by the Board Manual for Board of Directors and the Board of Commissioners. The Board of Commissioners duties and scope of responsibilities includes:

To supervise the policies and the Company’s management by the Board of Directors and to provide advice to the Board of Directors, covering the Company’s development plans, the annual Work Plans and Budget, the implementation of the articles of association, and GMS decisions, and the prevailing laws and regulations for the benefit of IPC and in accordance with the purposes and objectives of the Company.

• To carry out duties, authorities and responsibilities in accordance with the provisions of the articles of association and decisions of the GMS and prevailing laws and regulations.
• To carry out the interests of the Company with due regard to the interests of the shareholders and be responsible to the GMS.
• To examine and review the annual reports prepared by the Board of Directors and to sign the reports.
• To approve transactions or actions within the scope of the Board of Commissioners or the GMS authority.