| Commentary

70 Balance of powers in the company

| Commentary

(3) SHAREHOLDERS

A: SHAREHOLDERS’ POWERS

70 Balance of powers in the company

The decision-making processes in the company’s affairs are governed by the principle that the company has two organs: the board of directors and the general meeting. The general meeting is the organ vested with the decisions which go beyond the day-to-day management of the company’s affairs, but these powers are limited both by legislation and in practice. So far as the specific powers of the general meeting are concerned, the general meeting can, under certain conditions, remove a director from office1, or appoint or remove an auditor2. It also has

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