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ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2013
D. REMUNERATIONS
I. Competence for definition
66. Competence for determining the remunerations
of governing bodies of the executive committee
members and managers of the Company
The members of the corporate governing bodies are
remunerated in accordance with the remuneration pol-
icy proposed by the Remuneration Committee and ap-
proved by the General Meeting of shareholders.
II. Remuneration Committee
67. Composition of the Remuneration Committee,
including the identification of the other
independent commission hired to support the
committee
The Remuneration Committee is made up of three
members: Vítor Pratas Sevilhano, Dr. Amândio Men-
donça da Fonseca and Don Alfonso Munk Pacin.
The members of the Remuneration Committee are in-
dependent of the members of the Board of Directors
and no individual or corporate entity that has provided
services to any body reporting to the Board of Directors
of the Company or to the Board of Directors itself at any
time in the last three years or that currently provides
consulting services to the Company has been hired to
support the Remuneration Committee in any capacity.
68. Experience and professional qualifications of
the members of the Shareholders’ Remuneration
Committee
The professional experience and background of the
members of the Remuneration Committee allows them
perform their functions rigorously and effectively. In
particular, one of the members of the Remuneration
Committee, Dr. Amândio Mendonça of the Fonseca, has
deep knowledge and experience in this field.
III. Remuneration Structure
69. Remuneration policy and performance
assessment
The remuneration policy of the corporate governing bod-
ies is approved by the shareholders in General Meeting.
The General Meeting of shareholders held on 6 May 2013
approved the remuneration policy already in force, which
has been implemented consistently.
The remuneration policies and practices of other groups
of companies are not used as a benchmark in setting the
remuneration of the members of the Board of Directors
and Audit Committee and no policy has been established
with regard to severance payments for directors, as indi-
cated in the statement of the Remuneration Committee
attached to the Corporate Governance Report.
The remuneration policy for seniormanagers is described
in the statement of the Board of Directors attached to
the Corporate Governance Report. The remuineration of
senior managers includes no major or material variable
components.
