KASE shareholders approve Regulations on Board of Directors
OREANDA-NEWS. Following a decision of the extraordinary general meeting of shareholders of Kazakhstan Stock Exchange (KASE, or the Exchange) of February 11, 2016, KASE internal document "Regulations on the Board of Directors" (the Regulations) has been approved, with effect as of February 11, 2016.
The new edition of the Regulations was developed to replace the current Regulations on Board of Directors for purposes of its updating and bringing it in line with the legislation of the Republic of Kazakhstan on joint-stock companies and the securities market and the Exchange's revised charter.
In the new Regulations:
- term "Exchange Council" was replaced with the "Exchange's Board of Directors";
- the title of the first head of the Exchange was changed from the "President" to the "Chairman of Management Board";
- the general meeting of shareholders of the Exchange can take a decision on payment of a one-off remuneration to members of the Exchange's Board of Directors;
- editorial amendments were made.
The Regulations define the legal status and main principles of organization of activities of the Exchange's Board of Directors which is a management body of the Exchange and carries out the general management of its operations, except for solving issues, defined by the Act of Republic of Kazakhstan "On Joint-Stock Companies" and the Exchange's charter as subject of the exclusive competency of the general meeting of shareholders of the Exchange.
As of February 11, 2016 the Regulations on Board of Directors approved by the annual general meeting of shareholders of the Exchange were pronounced invalid (minutes No. 19 of June 23, 2011).