Board Committees

In the interest of greater efficiency, the Board of Directors may delegate its duties to the Executive Committee, the Audit Committee, the Appoinmentt Committee and the Remuneration Committee, whose duties are regulated by current legislation and the Company By-laws (Non official English translation).

The Executive Committee will exercise all duties delegated to it by the Board of Directors, except for those that by Law or the Company By-laws are considered non transferable. However, the Board of Directors may address and decide on any matters of its competence, while the Executive Committee, on the other hand, may submit any matter requiring a decision to the Board of Directors should the Committee consider that the Board of Directors should decide on the issue, even if it is the responsibility of the Executive Committee.

The Executive Committee will meet whenever called by its Chairman, either at his own initiative or at the request of a minimum of two members. The Executive Committee is understood to be in session when a majority of its members are in attendance, whether present or represented. Decisions will be reached by majority of those in attendance, whether present or represented.