Modus Operandi of the Board
The Board of Directors discusses and sets out the strategic guidelines of the Company. The Board pursues the long-term success of the Company by providing entrepreneurial leadership and enabling risks to be assessed and managed. Apart from special board meetings related to increase of capital and grant of warrants, the Board met thirteen times in 2007, and deliberated on existing and potential interactions with other companies or parties, financial results, investor relations management, and overall strategy.
The role of the Members of the Management Committee is to lead the Company in accordance with the values, strategic lines, policies, plans, and budgets laid down by the Board of Directors.
The Belgian Code on Corporate Governance provides that the individual attendance record of Directors should be disclosed. The Company decided not to comply with this provision, based on the consideration that the Board of Directors is a collegial body, and deliberates and takes decisions as collegial body. The attendance at the Board meetings, as presented below (ie, global attendance rate), guarantees decision-taking in compliance with the Articles of Association and in the interest of the Company.
As indicated above, the Board met thirteen times. The overall attendance rate was 79%.