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INA’s current governance structure

INA’s current governance structure

The Supervisory Board has nine members who are nominated by MOL (five), the Government of Croatia (three) and INA’s workers representatives (one). The Management Board is nominated by the Supervisory Board. This structure was formalized and approved in the First Amendment to the Shareholders Agreement in January 2009, to reflect INA’s ownership.

In INA’s governance system the annual General Meeting (GA) appoints the nine members of the Supervisory Board (SB) for four year term. The SB members are nominated in the way described above. The Management Board consists of six members, including the President. Three are delegated by MOL, including the President, and three by the Croatian Government. In case of tie vote the President has the deciding vote. The Management Board appoints the Operating Directors who are responsible for day-to-day operations of INA’s business or functional areas.

An internal document of INA, called List of Decision-making Authorities, ie. LDA describes clearly the responsibilities and authorization given to a manager, high-, mid- or lower level, within the company. This kind of document is a must to clearly define within a company who is responsible for which decision. A delegation of authorities is needed within a bigger corporation in order to be able to quickly react to all open issues and challenges in this rapidly changing environment. It is widely used within international companies, including energy companies, worldwide and the adaptation of such is classified as international best practice.

The future of INA lies in long-term growth and value creation for all shareholders, where decisions are made on the basis of market needs and business considerations.