GOVERNANCE, CONTROL AND DECISION-MAKING Sample Clauses

GOVERNANCE, CONTROL AND DECISION-MAKING. 5.1 Governing Bodies (Joint Committee) 5.1.1 The Parties agree that the supreme governing body of the Joint Venture Company shall be the Joint Committee of Partners (also referred to as the “Board of Shareholders”), composed of representatives designated by each partner in proportion to their shareholding in the Joint Venture Company. 5.1.2 Each partner shall have the right to appoint representatives to the Joint Committee. Such representatives must be natural persons duly authorized and possessing the professional capacity necessary to fulfill their functions. 5.1.3 The Joint Committee shall be responsible for strategic governance of the Joint Venture, including, but not limited to, approval of key decisions, corporate strategies, annual budgets, significant investments, sale of material assets, and other matters established in this Chapter.