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Board Committees

Audit and Control Committee

Audit and Control Committee

It is an internal body for informative and advisory purposes created by the Board of Directors. While it has no executive functions, it has the power to provide information, advising, and make proposals within its scope of action.

It consists of four directors.

  • 100%

    Independent Directors

Composition

In accordance with the Board of Directors' Regulations, the Audit and Control Committee will consist exclusively of at least three Independent Outside Directors. Its members are appointed by the Board of Directors for a period of four years, taking into account their expertise and experience in accounting, auditing, and risk management. Without prejudice to one or more re-elections, they will be relieved of their duties at the end of the term, when their tenure as a Director ceases, when they are no longer considered Independent, or when agreed by the Board of Directors, subject to a prior report by the Nomination Committee.

Powers and responsibilities

The Committee supports the Board of Directors in its supervisory duties by regularly reviewing the preparation of economic and financial reporting, the effectiveness of internal controls, and the independence of the auditor, as well as verifying compliance with all the legal provisions and internal regulations applicable to the Company. The Committee is also in charge of submitting proposals regarding the appointment, renewal and removal of the External Auditors, as well as proposals on the terms of their contract, monitoring, and reviewing the internal control and information systems, and overseeing the independence and effectiveness of the internal audit function.

The Committee also analyzes the financial statements of the Company and its consolidated Group, as well as any other financial information that the Company is obliged to publish as a listed company. Addtionally, it reviews the relevant changes regarding the accounting policies used and ensures that the Board of Directors submits the financial statements at the Annual General Meeting without reservations or qualifications in the auditor's report.