Corporate Governance Principles
RENESA CJSC adheres to the following principles for corporate governance for reasons of enhancement of perspective projects, risks management and raise of work efficacy:
- Availability of clearly formulated strategic plan
- Distinct separation of the rights and obligations
- Exclusion of collision of interests
- Informational transparency of company performance
- Continuous professional training
- Objective evaluation of work
According to RENESA CJSC’s Perspective Development Business Plan the corporate governance in the company is conducted in conformity with Company Charter, Armenian Law “On Securities Market”, Armenian Law on “Joint Stock Companies” and the requirements of the Central Bank of
Company’s Executive Body Activity Assessment
The Assessment of the Company’s Executive Body activities are made on the basis of quarterly financial statements submitted by the formers to the company’s general meeting, as well as monthly and quarterly financial statements published by the company, Reports submitted by the Head of Internal Audit Department, monitoring reports of the CBA, independent audit conduction results.
Executive body activities are also assessed based on:
- Its implantation of corporate governance principles
- Outcomes of processing the Companies Strategic Plan
- Due performance of the procedures, regulations and other resolutions
- Compliance with legislative acts
- Efficient management of the Company’s current activities
- Trying to maintain Company’s competitiveness in the financial market
- Carry out of risk management policy
- Budget planning and implementation
- On-going expansion of the customer base
- Due review of all kinds of claims
- Personnel policy conduct
The average quarterly number of Company employees is 9.