As per the Company’s bylaws, the Board of Directors was composed of eleven Board seats: three of which were Independent Directors elected by the General Assembly, one that was an employee representative elected by the Company’s Labor Syndicate and seven that were appointed by a decree of the Prime Minister upon recommendation from the Ministry of Communication and Information Technology (MCIT).
The Company’s bylaws provide that meetings of the Board of Directors are to be held at least four times a year. A quorum of the Board of Directors requires the presence of at least a majority of its members. Each member has one vote. The Board of Directors passes resolutions by at least a simple majority vote of those members present and/or represented at the meeting. In the event of a tie, the Chairman casts the deciding vote.