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139
ANNUAL REPORT 2011
the same position and equal for all members of the
Statutory Audit Committee or the General Meeting
Board, as well as the Chartered Accountants. The
weighting of these functions should obey diverse
criteria such as, for example, the responsibility, time
spent or the value resulting from a given sort of
intervention or institutional representation.
b) Company’s economic situation
This criterion will also be a source of interpretation.
The size of the company and the degree of
functional complexity, in relative terms, will be one
of the significant aspects.
II.33. Concerning the remuneration of the
Board of Directors executive members:
a) Reference to the fact that the executive
director’s remuneration includes a variable
component and information on how this
component depends on the performance
evaluation.
Not applicable
b) Indication of the society’s organs with the
competency to conduct the evaluation of
executive’s board of directors performance.
The Remuneration Committee evaluates the
mentioned performance.
c) Indication of the predetermined criteria
for the evaluation of the executive’s board of
director’s performance.
Not applicable.
d) Explanation of the relative importance of
variable and fixed components of remuneration
of Directors, as well as an indication of the
maximum limits for each component.
Not applicable.
e) Indication of the deferment of payment of the
variable remuneration component, specifying
the period of deferral.
Not applicable.
f) Explanation on how the payment of variable
compensation is subject to continued positive
performance of the company during the period
of deferral.
Not applicable.
g) Sufficient information about the criteria
on which the variable remuneration in
shares, as well as on the maintenance, by the
executive members, the shares of the society
they have entered on any contracts relating
to such shares, including contracts hedging