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Fiscal Board Report
To the Shareholders of Ibersol Sgps, SA.:
In compliance with the applicable legislation and its mandate, the Fiscal Board issues its report on the supervisory action carried
out as well as its opinion on the Management Report and remaining consolidated and individual financial statements for the year
ended 31 December 2014.
1. Supervision:
The Fiscal Board accompanied, within the scope of its competencies and mandate, the management of the company and its
subsidiaries, having received for that purpose the information of the Company’s Board of Directors, the Statutory Auditor and the
External Auditor.
Over the course of the year quarterly meetings of the Fiscal Council were held, with all members present, which examined and
considered the matters subject to the powers of this body.
Also present the External Auditor,
PriceWaterHouse Coopers & Associados,
who is also the Statutory Auditor of the company,
who informed and obtained agreement from the Fiscal Board regarding its fiscal activity plan, including that meant to ascertain
the effectiveness of the risk management system, internal control and internal auditing, and the quality of the process of
preparing and disclosing financial information and respective accounting policies and value-measuring criteria, the regularity
of the accounting registers and books and respective support documents, the verification of goods and values pertaining to the
company. Along the exercise, they provided detailed information about the actions performed and the resulting conclusions.
The Fiscal Board meet quarterly with the Board of Directors and this last organ was forthcoming in providing the Fiscal Board
information over the society’s activity and explanations needed to understand the activity and financial information drawn up by
same Board of Directors in previous moment to it’s disclosure.
The Fiscal Board did not come across any constraint during their supervision action.
No verification of any irregularity by shareholders, collaborators of the Company, External Auditor or others were communicated
to the Fiscal Board.
The Fiscal Board exercised its powers to supervise the activities and independence of the External Auditor and the Auditor, having
the perception that the recommended practices were observed.
The Fiscal Board has rendered it’s approval to additional services to the auditory services that were hired to the External Auditor,
having considered that it´s independence was safeguarded, it´s remuneration was contained in market conditions, and,
therefore, it was in the society´s interest to benefit of the knowledge and punctuality assured in those services. The provision of
additional services performed by the external auditor did not reach the threshold of 30% of the total value of provided Services.
IBERSOL, SGPS, SA
Ed. Península, Praça do Bom Sucesso, n.° 105/159 - 9.° - 4150-146 PORTO – Tel. 351-22-608 9 700 - Fax 351-22-608 97 57
Sede Social: Capital Social 20 000 000 Euros – C.R.C. Porto (Matricula n.° 501 669 477) - Pessoa Colectiva n.° 501 669 477 - Sociedade Aberta
