The Board of Directors holds an inaugural meeting after each new election of its members by the General Assembly of Shareholders, or whenever the positions of Chairman, Managing Director or Vice-Chairman have been made vacant.

The Board consists of nine (9) to eleven (11) members, which are elected for a three-year term. This term commences on the date the members are elected by the General Assembly of Shareholders of the year in which the three (3) year term has already been completed. 

The Board of Directors convenes whenever necessary or pursuant to a request submitted to its Chairman by at least two members.

The Board is in quorum and convenes validly when half-plus-one of its members are present;nevertheless, the number of members present may not be less than three (3).Resolutions are reached by simple majority, unless otherwise provided by Act 2190/1920 as currently in force, or by the company’s Articles of Incorporation.