The Directors are elected at a meeting of the shareholders of our Company . The functions and duties conferred on the Board of Directors include: convening shareholders' meetings and reporting its work to the shareholders' meetings, implementing the resolutions of the shareholders' meetings, determining our Company's business plans and investment plans, formulating our Company's annual budget and final accounts, formulating our Company's proposals for dividend and bonus distributions and for the increase or reduction of capital as well as exercising other powers, functions and duties as conferred by the Articles of Association.