CORPORATE GOVERNANCE

The Operation of the Corporate Bodies

The operative management of the Company is the responsibility of the six-strong Board of Directors. The Board of Directors is supervised by the three-strong Supervisory Board. The Supervisory Board establishes its own rules of procedure and work schedule.  The General Meeting may only adopt a resolution on the statutory financial statements in possession of the Supervisory Board’s written report.  The Corporate Governance Report can only be submitted to the General Assembly once it is approved by the Supervisory Board.

The Audit Committee consists of the members of the Supervisory Board. The Audit Committee shall establish its own rules of procedure, subject to the rules of procedure of the Supervisory Board. The Audit Committee’ responsibilities include:

  • expressing an opinion on the statutory financial statements;
  • monitoring the audit of the statutory financial statements;
  • proposing the auditor and the audit fee;
  • drafting and execution of the contract to be concluded with the auditor;
  • monitoring the enforcement of professional standards to be met by the auditor and, if necessary, proposing various measures to be taken by the Supervisory Board;
  • evaluation of the operation of the financial reporting system and proposing the necessary measures;
  • supporting the work of the Supervisory Board to ensure the proper monitoring of the financial reporting system.

Financial and operational supervision

Operational supervision is the responsibility of the Supervisory Board while financial supervision is the responsibility of the auditor and the Audit Committee.

Compensation, management incentives

The Board of Directors, the Supervisory Board and the Audit Committee are entitled to the compensation provided for in Resolution No. 10/2018. (XII.17.) of the General Assembly.

Articles of Association

AutoWallis Nyrt.’s Articles of Association

Disclosure principles

In line with the provisions of the Act on the Capital Market, the Company publishes its notices on its website (www.autowallis.hu) and on the www.kozzetetelek.hu website as well as the website of the Budapest Stock Exchange (www.bet.hu).

Risk management

The implementation of the strategy is reviewed during the regular Board meetings and is monitored during the Supervisory Board meetings.

Corporate Governance Reports

In the Report, the Company gives an outline of its corporate governance practices and publishes the following summary report and statement.

The concept of corporate governance primarily encompasses good management (in particular creating and implementing a strategy), business ethics, the transparent operation of the Company, financial planning and implementation, the control mechanisms of the Company’s operation and the principles and procedural arrangements associated with the Company’s social responsibility.

AutoWallis Nyrt.’s Corporate Governance Reports: