105
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2013
29. Competence of each committee created
and synthesis of activities in exercise of those
competence
Ibersol, SGPS, SA has a Board of Directors made up of
three members: a Chairman, a Vice-Chairman and a
Director.
Two of the members perform executive functions and
form an Executive Committee, which was elected and
has powers delegated to it by the Board of Directors un-
der the terms of art. 8.4 of the Bylaws of the Company.
The third director performs non-executive functions.
The executive committee coordinates the operations
of the functional units and the company’s various busi-
nesses, meeting with the senior managers of these units
and businesses on a regular basis. The decisions taken
by the functional and business managers, which must
respect the overall guidelines, are taken under powers
delegated by the Executive Committee and are coordi-
nated in committee meetings.
The powers delegated to the Executive Committee are
as follows:
d) Exercise full powers of decision making, management
and monitoring of the Company’s activity at a strategic
level, within the legal limits of art. 407.4 of the CSC.
e) Develop, plan and schedule the actions of the govern-
ing body, in the Company’s internal and external plan
for the year, so as to achieve the corporate objectives
in accordance with the Company’s mission, in par-
ticular assisting the Board of Directors in the proper
verification of the instruments of supervision of the
economic and financial situation and in the exercise
of the function of control of the companies belonging
to the Ibersol Group.
f) The Executive Committee is also responsible for as-
sisting the Board of Directors in the updating of its
structures of advice and functional support; in over-
seeing the procedures of the companies belonging to
the Ibersol Group, in line with the changing needs of
the business, defining the profiles and characteristics
of their strategic partners, customers, workers, em-
ployees and other agents; and in the conduct of the
Group’s relationships with its environment, acquiring,
disposing and encumbering movable property and
establishing or terminating cooperation agreements
with other companies.
The Executive Committee meets monthly and whenever
called by the Chairman. Apart from the regular contacts
established between the members of the Executive
Committee in the periods between meetings, a total of
20 meetings were held during 2013.
The members of the Executive Committee provide the
information requested by other members of the corpo-
rate governing bodies in a timely manner.
