Companies may have one or more directors, one of which
must be the President Director. The Board of Directors
(“BOD”) oversees the day-to-day operations. The directors
are usually full-time employees of the company or a related
party or group company. Under the Company Law, a
company is also required to have a Board of Commissioners
(“BOC”). These are non-executives who oversee the
activities of the directors. They supervise the corporate
governance aspects of the company and the policies of the
BOD. Under certain circumstances they may perform some
executive functions on a temporary basis if all the members
of the BOD have been dismissed or there are no members
of the BOD available for whatever reason. Minimum
requirements are one BOD and one BOC member, and these
cannot be the same person.