Legal grounds: Other regulations
The Management Board of Quantum software SA informs that in accordance with The Best Practices entered into force on 1 January 2008, Appendix to Resolution No. 12/1170/2007 of the WSE Supervisory Board dated 4 July 2007, conveys information to public about non-compliance with specific corporate governance rules on permanent matter:
Rule No 2 passage 1.6. states: the company should publish on the website annual report on the activity of the Supervisory Board taking account of the work of its committees;
Complaint: The Supervisory Board does not establish committees and there is no possibility to include committees? functional work.
Rule No 3 passage 7, The Supervisory Board should establish at least an audit committee (?)
Complaint: The supervisory Board consists minimal number of members. In accordance to objectives of the company, issuer does not see any reason to establish Audit Committee in the structure. In belief of issuer, the Supervisory Board can fully perform auditing duties in the Company.
Rule No 3 passage 8, Annex I to the Commission Recommendation of 15 February 2005 on the role of non-executive or supervisory directors? should apply to the tasks and the operation of the committees of the Supervisory Board.
Complaint: The rule does not apply because there are no committees in the Supervisory Board.