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. . . .