21 21 CORPORATE GOVERNANCE REPORT ON STOCK EXCHANGES  A compliance report within 15 days of the end of the quarter in the revised format.  The report contains all the provisions of the new corporate governance clause.  The scholarships set up a separate unit to monitor compliance with the rules.   The company must obtain from auditors or practicing secretaries a certificate of compliance with the corporate governance conditions set out in this clause and attach the attestation to the directors` report which is sent annually to all shareholders of the company.   The same certificate must also be sent to the scholarships with the annual report presented by the company. 4 Director Director   The optimal composition of executive and non-executive directors   If the Chairman is an Executive Director on the Board of Directors – 1/3 of the Board of Directors should be composed of independent directors   If the Chairman is a non-executive director on the Board of Directors – 1/2 of the Board of Directors should be composed of independent directors. 19 19 ADVERTISEMENTS: BY MANAGEMENT Õ From the management of all essential financial and commercial transactions for which they have personal interests 20 20 CERTIFICATION BY THE DIRECTOR GENERAL/MANAGING DIRECTOR, that they have audited the annual accounts and the capital flow account for the year and: Õ These do not contain fundamentally false statements or leave substantial facts Õ There have been no illegal fraudulent transactions contrary to the company`s code of conduct Õ You assume responsibility for the establishment and maintenance of internal controls and have assessed their effectiveness. . . .