Dunastyr - Corporate Governance

Dunastyr Polisztirolgyártó Zártkörûen Mûködõ Részvénytársaság, Dunastyr Polystyrene Manufacturing Close Company Limited, (hereinafter “Dunastyr‘ or “Company‘) is a Hungarian company whose shareholders are:

• Polimeri Europa SpA, Italian company which owns 77,9% of the Company’s capital;
• Polimeri Europa Benelux S.A., Belgian company which owns 11,04% of the Company’s capital;
• Polimeri Europa GmbH, German company which owns 11,04% of the Company’s capital.

The object of the Company is the production and sale of styrene polymers and copolymers as well as organic and inorganic chemical products. The Company may also produce, purchase and sell substances required for the production of styrene polymers and copolymers, or related to or derived from styrene polymers and copolymers, may process any such products also for third parties and may conduct researches and development work in connection with any of the above substances.
The Company may provide and acquire services, acquire and transfer technologies, obtain and grant licenses and conduct other activities related or complementary to the object described above. The Company may conduct independent foreign trading activities related to the range of activities described above.

The Company has a branch in Százhalombatta where the plant is located and others three branch offices respectively in the Slovak Republic (Bratislava) and in the Czech Republic (Praha) transferred to it by Polimeri Europa Distribution S.A. during 2004 and in Romania (Bucharest) established during 2007.
On October  2007, Polimeri Europa S.p.A. sold and transferred to Dunastyr 100% share capital of Polimeri Europa Polska Sp.zo.o. in compliance with Polimeri Europa S.p.A. program of international network razionalization.
The shareholders exercise their rights through Written Resolutions and through the General Meeting of the Shareholders which appoints a Board of Directors charged with the Company’s management and the Auditors for the auditing of the Company’s account.
The business of the Company is managed by a Board of Directors; the minimum number of Directors is three and maximum five. The Board of Directors elects among its members a Managing Director charged with the day-to-day management of the Company. At present the Managing Director and the Chairman of the Company are represented by the same person.
Dunastyr has defined a practice regulation standard concerning its own organizational structure, relations with third parties, with the Shareholders and relatives in compliance with the Corporate Governance standards according to all the directions, regulations and procedures existing in the Group. In particular by means of:

• Granting to the Board of Directors a leading role in the Corporate Governance Company’s standard;
• Granting powers to the Chairman/Managing Director except for those which are of the Board of Directors’ sole authority;
• Ensuring that Members of the Board of Directors are suitably qualified/experienced;
• Establishment of appropriate Committees (Management Committee, Technical Committee, Credits Committee);
• Implementation of a Group Code of Ethics containing regulations which employees have to comply with in performing their activities and towards third parties;