Integrated Annual Report 2014

Powers of the Board

The Board of Grupa LOTOS represents the Company before third parties and manages its corporate affairs. In addition, individual Board members perform their duties in line with the division of powers and responsibilities resulting from their operational functions within the Company. Each member of the Board is authorised to represent the Company in court and out of court in relation to its business, with the exception of matters reserved for the General Meeting or Supervisory Board under the Commercial Companies Code or the Company’s Articles of Association, as well as matters falling outside the scope of ordinary management of the business where they require the Board’s prior resolution and matters within the powers of another member of the Board.

The Board operates on the basis of the Grupa LOTOS Articles of Association and its Rules of Procedure.