Corporate Governance Report
17. Composition of the Board of Directors
The Board of Directors is currently made up of three members, the executive mem-
bers being the Chairman and Vice-Chairman. The Board of Directors shall choose its
own chairman if a chairman has not been appointed by the General Meeting at the
time the Board was elected. The Board of Directors may specifically appoint one
or more directors to handle certain matters. As of 31 December 2015 the Board of
Directors was made up of the following members:
Chairman – Dr. António Alberto Guerra Leal Teixeira;
Vice-Chairman – Dr. António Carlos Vaz Pinto de Sousa;
Member – Professor Doutor Juan Carlos Vázquez-Dodero
All the members were elected by the General Meeting on 6 May 2013 for a term
that expires in the end of 2016 or when new members are elected.
The dates on which the current members were first elected to their posts are as fol-
lows: Dr. António Carlos Vaz Pinto de Sousa, 1991; Dr. António Alberto Guerra Leal
Teixeira, 1997; and Prof. Juan Carlos Vázquez-Dodero, 1999.
Under article 27 of the Bylaws, directors are elected for a period of four years.
The Board of Directors may also delegate the day-to-day management of the Com-
pany to one or more directors or an executive committee, within the terms and lim-
its established by law. The Board of Directors shall be responsible for regulating
the functioning of the Executive Committee and the way it exercises the powers
assigned to it.
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