{"id":1769,"date":"2017-03-24T08:37:16","date_gmt":"2017-03-24T08:37:16","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?page_id=1769"},"modified":"2019-06-07T11:02:02","modified_gmt":"2019-06-07T08:02:02","slug":"aero-principles-compliance-statement","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/aero-principles-compliance-statement\/","title":{"rendered":"AeRO Principles Compliance Statement"},"content":{"rendered":"

Declaration of Compliance with Corporate Governance Principles for AeRO Listed Companies<\/h1>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0\u00a0\u00a0\u00a0Board of Directors Responsibilities<\/b><\/td>\n<\/tr>\n
<\/td>\nSection A – mandatory provision<\/b><\/td>\nSection B – fulfillment model<\/b><\/td>\n<\/tr>\n
A.<\/b><\/td>\n The role of the Board of Directors (Board) must be clearly defined and based on articles of association of the Company, in the internal regulations and \/ or other similar documents.<\/span><\/td>\nThe incorporation paper of the company clearly states the duties of the administrator. The Company is managed by a single administrator, not a Board of Directors.<\/span><\/td>\n<\/tr>\n
A.1.<\/b><\/td>\nThe company should have an internal regulation of the Board which includes terms of reference for the Board and the key management functions of the company. The conflict of interests at the Board level should also be presented in the Board\u2019s regulation.<\/span><\/td>\nThe Company is not managed by the Board but by the sole administrator. Both in the chapter Company Management from the Annual Report and on the Company’s website, in the area of CV’s can be found details of all interests the administrator has.<\/span><\/td>\n<\/tr>\n
A.2.<\/b><\/td>\nA Board member\u2019s other professional commitments, including executive and non-executive Board positions in companies (excluding the company\u2019s subsidiaries) and non-profit institutions, should be disclosed to the Board before appointment and during his\/her mandate.<\/span><\/td>\nBoth in the chapter of Company Management (in the Annual Report) and on the company’s website, (in the area of ‘CV’ s) detailing all interests of the administrator.<\/span><\/p>\n

The interests are detailied (in Annual Reporta and on the website) and applied<\/span><\/p>\n

for all \u00a0members of the Advisory Board.<\/span><\/td>\n<\/tr>\n

A.3.<\/b><\/td>\nAny member of the Board should submit to the Board, information on any relationship with a shareholder who holds directly or indirectly shares representing not less than 5% of all voting rights. This obligation concerns any kind of relationship which may affect the position of the member on issues decided by the Board.<\/span><\/td>\nBoth in the chapter of Company Management (in the Annual Report) and on the company’s website, (in the area of ‘CV’ s) detailing all interests of the administrator.<\/span><\/p>\n

The interests are detailied (in Annual Reporta and on the website) and applied<\/span><\/p>\n

for all \u00a0members of the Advisory Board.<\/span><\/td>\n<\/tr>\n

A.4.<\/b><\/td>\nThe annual report should inform on whether an evaluation of the Board has taken place under the leadership of the chairman. It should also include the number of the meetings of the Board.<\/span><\/td>\nNot applied<\/span> – <\/b>The Company is manage by a single administrator.<\/span><\/td>\n<\/tr>\n
A.5.<\/b><\/td>\nThe procedure regarding the cooperation with the Authorized Consultant for the period in which this cooperation is imposed by the Bucharest Stock Exchange, will contain at least the following:<\/span><\/td>\nThe Company is beyond the mandatory cooperation period. The company had maintained the required contract and cooperation procedure in full during the mandatory period.<\/p>\n

The present chapter is now unaplicable to the Company.<\/td>\n<\/tr>\n

A.5.1.<\/b><\/td>\nThe contact person with the Authorized Consultant;<\/span><\/td>\n<\/td>\n<\/tr>\n
A.5.2.<\/b><\/td>\nFrequent meetings with the Authorized Consultant (which will be at least once a month or whenever events or new information involves transmitting current reports), so still Authorised Consultant can be consulted;<\/span><\/td>\n<\/td>\n<\/tr>\n
A.5.3.<\/b><\/td>\nThe obligation to informe the Authorised Consultant with all reports and any information that reasonably require to fulfill his responsibilities;<\/span><\/td>\n<\/td>\n<\/tr>\n
A.5.4.<\/b><\/td>\nThe obligation to informe Bucharest Stock Exchange regarding any disfunctions in cooperation with Authorized Consultant, or changing of the Authorized Consultant.<\/span><\/td>\n<\/td>\n<\/tr>\n
Section B – Internal Control System<\/b><\/td>\n<\/tr>\n
B.1.<\/b><\/td>\nThe Board should adopt a policy ensuring that any transaction of the company with any of its subsidiaries that is equal to or more than 5% of the net assets of the company as stated in the latest financial report should be approved by the Board.<\/span><\/td>\nThe Company has no subsidiaries. During 2015 the company has not signed contracts or transactions with subsidiaries. <\/span><\/td>\n<\/tr>\n
B.2.<\/b><\/td>\nThe internal audit should be carried out by a separate structural division (internal audit department) within the company or through retaining an independent third-party entity which should report to the Board, while within the company, it should report directly to the CEO.<\/span><\/td>\nThe internal audit is conducted by the CFO, and the company’s independent audit by the external auditor.<\/span><\/td>\n<\/tr>\n
Section C – Fair rewards and motivation<\/b><\/td>\n<\/tr>\n
C.1.<\/b><\/td>\nThe company should publish in its annual report a remuneration report including the total revenues for the Board members and the CEO for the past financial year and the total value of any bonus payments or other variable compensations and also the key assumptions and guidelines for calculating the above revenues.<\/span><\/td>\nThe Company is managed by a single administrator, not a Board of Directors. During 2015, the Administrator has not been paid.<\/span><\/p>\n

The company will propose to the General Shareholders Meeting financial compensation for the Administrator starting 2016.<\/span><\/td>\n<\/tr>\n

Section D – Building value through Investors Relations<\/b><\/td>\n<\/tr>\n
D.1.<\/b><\/td>\nIn addition to information required by legal provisions, the corporate website should have a dedicated Investors Relation section, both in Romanian and English, with all relevant information of interest for investors, including:<\/span><\/td>\nAll the Company\u2019s reports are made vailable both in Romanian and English<\/span><\/td>\n<\/tr>\n
D.1.1.<\/b><\/td>\nPrincipal corporate regulations, in particular the articles of association and internal regulations of its governing bodies<\/span><\/td>\nThe document can be found on the website<\/span><\/td>\n<\/tr>\n
D.1.2.<\/b><\/td>\nProfessional CVs of the members of its governing bodies<\/span><\/td>\n The CVs are published on the website <\/span><\/td>\n<\/tr>\n
D.1.3.<\/b><\/td>\nCurrent reports and also periodic reports<\/span><\/td>\nAll reports can be found on the website after they are published on <\/span>Bucharest Stock Exchange.<\/span><\/td>\n<\/tr>\n
D.1.4.<\/b><\/td>\nInformation related to general meetings of shareholders: agenda and the materials sustaining the agenda of the meeting; the resolutions of the general meetings<\/span><\/td>\nInfomation about General Meeting of Shareholders will be available on the website<\/span><\/td>\n<\/tr>\n
D.1.5.<\/b><\/td>\nInformation on corporate events, such as payment of the dividends, or other events leading to the acquisition or limitation of rights of a shareholder, including the deadlines and principles of such operations<\/span><\/td>\nInformation will be<\/span> \u00a0<\/b>available on the website when necessary<\/span><\/td>\n<\/tr>\n
D.1.6<\/b><\/td>\nOther extraordinary information that should to be provided: the break down\/ change\/ start of cooperation with an Authorized Adviser (AA); the signing\/ renewal\/ termination of agreement with a Market Maker.<\/span><\/td>\nInformation will be<\/span> \u00a0<\/b>available on the website when necessary<\/span><\/td>\n<\/tr>\n
D.1.7.<\/b><\/td>\nThe company should have an investors relations function (IR), and will include on the IR section of the company\u2019s website the name and contact data of a person who should be able to provide knowledgeable information on request.<\/span><\/td>\nInformation are published on the website<\/span><\/td>\n<\/tr>\n
D.2.<\/b><\/td>\nA company should have adopted a dividend policy of the company, as a set of directions related to the distribution of net profit that the company declares to follow. The dividend policy principles should be published on the corporate website.<\/span><\/td>\nInformation are published on the website and in the Annual Report<\/span><\/td>\n<\/tr>\n
D.3.<\/b><\/td>\nA company should have adopted a policy with respect to forecasts, whether it would be distributed or not. Forecast means the quantified conclusions of studies aimed at determining the total impact of a list of factors related to a future period (so called, assumptions). The policy should provide for the frequency, the period envisaged and content of forecasts. Forecasts, if published, may only be part of annual, half-yearly or quarterly reports. The forecast policy should be publilshed on the corporate website.<\/span><\/td>\nThe policy has been published on the website.<\/span><\/p>\n

The Company aims to provide annual financial forecast upon condition of feasible planning terms. The financial forecast will be published once a year in the annual report and on the corporate website and will include both revenues and operational and gross \/ net profit data.<\/span><\/td>\n<\/tr>\n

D.4.<\/b><\/td>\nA company should set the date and place of a general meeting so as to enable the participation of the highest possible number of shareholders.<\/span><\/td>\n The Company will organise the General Meeting of Shareholders at the company\u2019s headquarters, during working days<\/span><\/td>\n<\/tr>\n
D.5.<\/b><\/td>\nThe financial reports should include information in both Romanian and English as regarding the key drivers influencing the change in sales, operating profit, net profit and other relevant financial indicators.<\/span><\/td>\nAll Comapany\u2019s financial reports are published in both Romanian and English<\/span><\/td>\n<\/tr>\n
D.6.<\/b><\/td>\nThe company should organize at least one meeting\/conference call with analysts and investors each year. The information presented on these occasions should be published in the IR section of the website of the company at the time of the meeting\/conference call.<\/span><\/td>\nThe Company will organize a meeting with analysts \/ investors\u00a0together with the Bucharest Stock Exchange.<\/span><\/p>\n

The recording\u00a0of the meeting will\u00a0be found on the website.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"Declaration of Compliance with Corporate Governance Principles for AeRO Listed Companies   \u00a0\u00a0\u00a0\u00a0Board of Directors Responsibilities Section A – mandatory provision Section B – fulfillment model A. The role of the Board of Directors (Board) must be clearly defined and based on articles of association of the Company, in the internal regulations and \/ or...","protected":false},"author":5,"featured_media":0,"parent":419,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1769","page","type-page","status-publish","hentry"],"yoast_head":"\nAeRO Principles Compliance Statement - Bittnet - BNET Investor Relations<\/title>\n<meta name=\"description\" content=\"AeRO Principles Compliance Statement - Bittnet - BNET Investor Relations\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/aero-principles-compliance-statement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AeRO Principles Compliance Statement - Bittnet - BNET Investor Relations\" \/>\n<meta property=\"og:description\" content=\"AeRO Principles Compliance Statement - Bittnet - BNET Investor Relations\" \/>\n<meta property=\"og:url\" content=\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/aero-principles-compliance-statement\/\" \/>\n<meta property=\"og:site_name\" content=\"Bittnet Investors Relations Site\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BittnetSystems\/\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-07T08:02:02+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@NA\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/aero-principles-compliance-statement\/\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/aero-principles-compliance-statement\/\",\"name\":\"AeRO Principles Compliance Statement - Bittnet - BNET Investor Relations\",\"isPartOf\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\"},\"datePublished\":\"2017-03-24T08:37:16+00:00\",\"dateModified\":\"2019-06-07T08:02:02+00:00\",\"description\":\"AeRO Principles Compliance Statement - Bittnet - BNET Investor Relations\",\"breadcrumb\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/aero-principles-compliance-statement\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/aero-principles-compliance-statement\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/aero-principles-compliance-statement\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Corporate policies\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"AeRO Principles Compliance Statement\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/\",\"name\":\"Bittnet Investors Relations Site\",\"description\":\"Your Value. 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