Managing commercial company

1. executive body

1.1. collective (executive board/ directorate)

1.2. individual/ sole (director/ general director)

2. controlling body

2.1. auditor/ audit commission

3. JSC issues securities (min capital is >= 1250 min.salaries)

3.1. private

3.2. public

3.2.1. reporting to stock exchange

4. LLC (shares in capital, no min RQs)

5. General Meeting of Shareholders/ Company Members (highest authority)

5.1. supervisory board (if it is set up)

5.1.1. "significant" transactions

5.1.2. transactions with affiliates

6. # of votes needed (up to agenda items, differences: JSC vs. LCC)

6.1. simple majority (50% +1)

6.1.1. default approach for agenda items (unless 3/4 or unanimous for LLC), incl.: to pay-out dividends

6.2. qualified majority (3/4 or 75%)

6.2.1. changes to company charter, capital change (+/-, incl. issue shares), participation in companies, exit

6.3. unanimously (100% for LLC)

6.3.1. setting up new company bodies, evaluating non-monetary contributions, buy-out of own shares by company, redistribution of % in company capital

7. Procedural aspects (for General Meeting)

7.1. notification to convey meeting (30 days notice)

7.2. quorum (if JSC >= 50%; if LLC - up to agenda items)