Executive bodies
The Company’s executive bodies:
President and CEO
The President and the CEO are permanent sole executive bodies that manage the Company’s day‑to‑day operations and resolve issues that do not fall within the remit of the General Shareholders Meeting, the Board of Directors, and the Executive Board, acting to achieve strategic goals set by the Board of Directors, ensure business profitability, and protect rights and legitimate interests of shareholders.
The President and the CEO act independently of each other within their respective scopes of authority as provided for by FESCO’s Articles of Association and Regulations on the Sole Executive BodiesApproved by the Annual General Shareholders Meeting on 20 June 2019, Minutes No. 51 dated 20 June 2019..
- The President is responsible for addressing issues related to the Company's day‑to‑day operations. The President’s activities aim to ensure profitability and competitiveness of the Company, its economic and financial sustainability, respect for shareholder rights and social protection of the Company’s employees. The President acts as Chair of FESCO’s Executive Board.
- The CEO’s scope of authority includes the Company’s operations related to the use of information constituting a state secret, its protection, activities related to the use of such information, as well as decision‑making on personal data processing when using information constituting a state secret.
Executive Board
The Executive Board as the collegial executive body manages the Company’s day‑to‑day operations within the respective scope of authority established by FESCO’s Articles of Association.
Activities of the Executive Board are governed by the Articles of Association and the Regulations on the Executive BoardApproved by the Annual General Shareholders Meeting on 20 June 2019, Minutes No. 51 dated 20 June 2019..
Members of the Executive Board are nominated by the President of the Company and elected by resolution of the Board of Directors. The number of the Executive Board members is set by the Company’s Board of Directors and shall be optimal for practical discussion of matters and making timely and effective decisions.
As at 31 December 2023, the Executive Board was composed of seven persons.
There were no changes in the composition of the Executive Board in 2023.
In 2023, the Executive Board held 32 meetings and considered 231 items, most of which (223 items) were concerned with performance of the Group’s companies, including items on:
- implementation of strategies and development concepts of FESCO Group
- optimisation of FESCO’s organisational structure, including its branches, to meet business needs
- HR matters related to the appointment of sole executive bodies of controlled entities, approval and achievement of KPIs
- harmonisation of Group companies' by‑laws, including alignment of controlled entities’ personnel incentive system with the Group‑wide approach
- charity and sponsorship