The board of directors of a company shall, within sixty (60) days of the end of the financial year, prepare a report on the position of the company and its performance. Such report shall particularly contain the financial status of the company and its subsidiary companies, if any, the net profits proposed to be distributed to the shareholders, and any changes in the activities of the company or the subsidiary companies, any matter that has affected the position of the company, the justifications of its ability to continue the performance of all its activities and achievement of its objectives, and any other data specified by the Regulations, in addition to a report on the extent of the company’s compliance with the requirements of governance and sustainability. Such report must be signed by the chairman of the board or his/her deputy, a member of the board of directors and the chief executive officer or the general manager.
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