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105
ANNUAL REPORT 2011
RECOMMENDATIONS (Corp. Gov. Code)
COMPLIANCE
e) Accounts Reporting documents;
Complied with See Chapter III
Point III.16
f) Half-Yearly Calendar on Company Events;
Complied with See Chapter III
Point III.16
g) Proposals sent through for discussion and voting during the
General Meeting;
Complied with See Chapter III
Point III.16
h) Notices convening General Meetings.
Complied with See Chapter III
Point III.16
III.1.3. The companies shall promote the rotation of the auditor at
the end of two or three terms, according to them being of four or
three years respectively. Their maintenance after this period shall
be reasoned in a specific opinion from the supervisory body which
consider expressly the conditions of the auditor’s independence and
the advantages and costs of his/her substitution.
Complied with See Chapter III
Point III.18
III.1.4. The external auditor shall, within its competencies, verify
the application of remuneration policies and systems, the efficiency
and the functioning of internal control mechanisms and report any
deficiencies to the company’s supervisory body.
Complied with See Chapter III
Point III.17
III.1.5. The company shall not give to the external auditor, or any
other entities in a relation of participation with that auditor or that
are part of the same network, any services other than auditing. If the
engagement of such services is required – which must be approved
by the supervisory body and explained in its annual report on
Corporate Governance – they should not account for more than 30%
of the total value of services provided to the company.
Complied with See Chapter III
Point III.17