Article 10. Board of directors

1. Translate into English using the expressions in brackets:

Cовет директоров осуществляет общее руководство деятельностью Общества (to be responsible for the overall management of the Company’s activities).Члены Совета директоров Общества избираются годовым Общим собранием акционеров. Председатель Совета директоров и его заместители избираются членами Совета директоров из их числа большинством голосов сроком на один год (Chairman of the Board of Directors, deputies, to be elected by the Board members from among their body by a majority vote). Председатель Совета директоров Общества организует его работу, созывает заседания Совета директоров и председательствует на них, а также организует на заседаниях ведение протокола (to arrange for the activities of the Company, to convene meetings of the Board of Directors, to preside over meetings, to cause meeting minutes to be kept). Заседание Совета директоров правомочно (имеет кворум), если на нем присутствует не менее половины от числа избранных членов Совета директоров (to be competent, to have a quorum). Решения на заседании Совета директоров принимаются большинством голосов присутствующих (resolutions at meetings of the Board of Directors, to be passed by a majority vote of the attending members). В случае равенства голосов право решающего голоса принадлежит Председателю Совета директоров (in the event of a tie vote, to be entitled to a casting vote). При решении вопросов на заседании Совета директоров каждый член Совета директоров обладает одним голосом (to be entitled to one vote at a Board meeting). Передача голоса одним членом Совета директоров другому члену Совета директоров запрещается (to delegate one’s voting rights to each other).

Unit 4. Company law: corporate governance reading 1: executive bodies

1. Translate the following into Russian:

The current operations of the Company shall be managed by its General Director (individual executive body) (единоличный исполнительный орган) and its Executive Board (collective executive body) (коллегиальный исполнительный орган). The General Director shall be the chairman of the Executive Board (исполнительная дирекция) (collective executive body).

The rights and duties of the General Director and the Executive Board members, the dates and amounts of remuneration payable to them (сроки и размеры оплаты услуг) shall be determined in a contract to be entered into between each of them and the Company.

The authority of the Company’s executive bodies (both individual and collective) (к компетенции относятся) shall include all matters related to managing the current operations of the Company, except as reserved to the exclusive authority of the general shareholders’ meeting or the Board of Directors of the Company.

The executive bodies of the Company (both individual and collective) shall cause any resolutions of the general shareholders’ meeting or the Board of Directors to be implemented (организуют выполнение решений)

The General Director shall be elected by the annual general meeting for a period of four years. The General Director’s term of office shall run from the date of his election by the annual general meeting until the general Director or his successor is elected by the annual general meeting to be held 4 years later. The election and early removal of the Company’s General Director shall be effected by the annual general shareholders’ meeting as provided in the Regulations of the General Shareholders’ Meeting (Положение об общем собрании акционеров) and the Regulations of the General Director. The executive Board shall be the Company’s collective executive body and shall, under the guidance of the General Director, make decisions concerning the immediate current management of the Company’s operations between general meetings and meetings of the Board of Directors.The number of the Executive Board members shall be determined by the Board of Directors. The members of the Executive Board shall be annually approved by the Board of Directors upon the proposal of the Company’s General Director. The executive Board shall act pursuant to this Charter, the Regulations of the Executive Board to be approved by the Board of Directors, and other internal regulations of the Company. The executive Board shall meet as necessary. The qualifications (требования) that any person shall meet in order to be elected as General Director or to the executive Board shall be set forth in the Regulations of the General Director or the Regulations of the Executive Board, respectively. No person may concurrently serve as General Director or member of the Executive Board and as member of a governing body of any other entity without the consent of the Company’s Board of Directors.