BOARD OF
DIRECTORS
Board Formation
Advanced's Bylaws provides that the Company shall be managed by a board of directors composed of nine (9) members to be elected by the Ordinary General Assembly for a term not exceeding three years. The current Board (three independent members and six non-executive members) was elected by the Ordinary General Assembly Meeting held on August 31, 2022 for the current term that started October 1, 2022 for three years and ending on September 30, 2025.
The election of the Board was conducted in accordance with the provisions of the Companies Laws, the Regulations of the Capital Market Authority, the Company’s Bylaws as well as the Policies, Standards & Procedures for the Board Membership approved by the General Assembly of the Company's shareholders.
Board Functions
The Board has the broadest powers in managing the Company and guiding its activities to achieve its objectives, which include:
01
Approving plans, policies, strategies and main objectives of the Company; supervising their implementation and reviewing them periodically; and ensuring that the human and financial resources required to fulfill them are available;
02
Setting rules and procedures for internal control and generally overseeing them;
03
Supervising the management of the Company’s finances, its cash flows as well as its financial and credit relationships with third parties;
04
Approval of significant contracts;
05
Determining succession planning and new Board and Audit Committee appointments in the event of vacancy; and
06
Overseeing Corporate Governance matters.