With the exception of the competences which, according to the Law on Trade Companies and the Statute, have explicitly been determined to be performed by the Board of Directors or by the Shareholders' Assembly, the elected Executive member as Chief Executive Officer of the Company will manage and be responsible for the operation of the Company and has the largest authorizations to carry out all actions connected with the management, application of laws and other regulations, execution of the day-to-day activities of the Company and acting in all cases on behalf of the Company within the limitations defined by the Board of Directors or the Statute.