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Board Committees

Delegate Committee

  • 12.5%

    Executive Directors
  • 50%

    Independent Directors
  • 12.5%

    Proprietary Directors
  • 25%

    Other Non-Executive Directors

Composition

In accordance with the Board of Directors Regulations, the Committee will be composed of the Chairman of the Board and a maximum of eight Directors belonging to different categories, while maintaining a similar proportion to that of the Board of Directors.

Committee members are appointed with a vote in favor from at least two-thirds of the current Board members. The Board of Directors' Chairman and Secretary will serve the same role in the Delegate Committee.

Powers and responsibilities

All powers of the Board are permanently delegated to the Delegate Committee except those that may not be delegated by law or under the Board Regulations. Whenever considered advisable owing to the importance of the business, in the opinion of the Chairman or three members of the Delegate Committee, or when required by the Board of Directors Regulations, the resolutions will be submitted to the Board in plenary session for ratification. The same will be applicable with regard to any matters referred by the Board to be studied by the Delegate Committee, which reserves the right to make the final decision on such matters. In all other cases, the resolutions passed by the Delegate Committee will be valid and binding with no need for subsequent ratification by the Board in plenary session.