Annual Report and Consolidated Accounts 2015
21. Division of powers between the different boards, committees
and/or departments within the company, including information
on delegating responsibilities, particularly with regard to the
delegation of powers, in particular with regard to the delegation
of daily management of the Company.
Two of the members of the Board of Directors perform executive functions and
form an Executive Committee, which was elected and has powers delegated to it
by the Board of Directors under 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
various businesses, 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 coordinated in periodic meetings.
The powers delegated to the Executive Committee are as follows:
a) Exercise full powers of decision making, management and monitoring of the Com-
pany’s activity at a strategic level, within the legal limits of art. 407.4 of the CSC.
b) Develop, plan and schedule the actions of the governing 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 particular assisting the Board of
Directors in the proper verification of the instruments of supervision of the eco-
nomic and financial situation and in the exercise of the control function over the
companies belonging to the Ibersol Group.
c) It is responsible for assisting the Board of Directors in the updating of its struc-
tures of advice and functional support; in the procedures of the companies belong-
ing to the Ibersol Group, in line with the changing needs of the business, defining
the profiles and characteristics of their strategic partners, customers, workers,
employees and other agents; and in the conduct of the Group’s relationships with
its environment, acquiring, disposing and encumbering movable property and es-
tablishing or terminating cooperation agreements with other companies.
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