A joint-stock company’s higher management body is the general meeting of shareholders, which must convene at least once a year. A public joint-stock company must have a board of directors consisting of at least five members. The company’s executive body may be collegiate (board, directorate) and/or “one-person” (director, general director). It is also possible to have several “one-person” executive bodies in a joint-stock company that may represent the company jointly or separately (with a full or limited scope of authority). A joint-stock company’s executive body carries out the day-to-day management of operations and reports to the board of directors and the general meeting of shareholders.