Our social by-laws foresee the existence of the Audit and Association Practices Committees to help the Administrative Board in the performance of its functions.
Audit Committee
The Audit Committee is responsible for: evaluating the internal control and auditing system of the company by identifying any deficiency of importance that it might detect; following up on any corrective or preventive step that might be adopted by virtue of non-compliance with the operating and accounting guidelines and policies; evaluating the performance of the external auditors; describing and evaluating the non-auditing services lent by the external auditors; reviewing the company’s financial statements; evaluating the effects that might result from any modification to the accounting policies approved during the fiscal year; providing follow-up to measures adopted regarding the observations received from the shareholders, board members, important executives, employees, or third persons relative to the accounting, internal control and external and internal auditing systems, as well as any claim of irregularities in the administration, including anonymous and confidential methods for handling the reports expressed by employees, overseeing compliance with agreements made at general-shareholder and Board meetings.
Association Practices Committee
The Association Practices Committee is responsible for evaluating the performance of important executives, to review transactions made between the related parties, to review the compensation of said executives, to evaluate any exemption granted to board members or important executives so that they may take advantage of business opportunities and to carry out those activities foreseen in the stock market law. As per our social by-laws, all members of the Audit and Association Practices Committees, including their presidents, should be independent Board members.
