Executive bodies

FESCO relies on two sole executive bodies elected by the Board of Directors to streamline the management of its day-to- day operations – the President and the CEO, who act independently of each other within their respective scope of authority as prescribed by the Articles of Association and Regulations on the Sole Executive BodiesApproved by resolution of the General Shareholders Meeting on 20 June 2019, Minutes No. 51 dated 20 June 2019.. The scope of authority of the President includes the matters of the Company's day-to-day operations and the functions of the Chairman of the Executive Board, while the CEO's remit includes the matters of the Company's operations related to the use of information constituting a state secret.

In the reporting period, the below persons held the positions of FESCO's sole executive bodies.

The reporting period saw both the President and the CEO of the Company sit on the Executive Board, FESCO's collegial executive body.

The Executive Board members are nominated by the Company's Board of Directors in accordance with the Articles of Association and the Regulations on the Executive BoardApproved by resolution of the General Shareholders Meeting on 20 June 2019, Minutes No. 51 dated 20 June 2019. from the nominees proposed by the Company's President.

The number of members of the Executive Board is set by the Company's Board of Directors and shall be optimal for practical discussion of matters and making timely and effective decisions.