Corporate Governance Report
III. SUPERVISION
a) Composition
30. Identification of the Fiscal Board
Under the adopted model, the Company is audited by the Audit Committee and the
Statutory Auditor or a statutory audit firm, who are not members of the Audit Com-
mittee. The Audit Committee and the Statutory Auditor are both elected by the
General Meeting of shareholders.
31. Composition
Audit Committee
Chairman - Joaquim Alexandre de Oliveira e Silva ;
Vice-Chairman – António Maria Borda Cardoso;
Member – Eduardo Moutinho Ferreira Santos;
Substitute – Maria Helena Moreira de Araújo;
The Audit Committee is made up of at least three active members, who are elected
by the General Meeting and must meet at least quarterly. Where the Audit Com-
mittee has only three active members, there must be one or two substitutes; where
there are more than three active members, there must be two substitutes.
The statutory auditor or statutory audit firm are elected by the General Meeting at
the proposal of the Audit Committee.
The term of office of the members of the Audit Committee is four years (art. 27 of
the Bylaws). The current Chairman took up the post of Vice-Chairman in 2008 and
was appointed Chairman in 2013 for the period 2013-2016. The current Vice-Chair-
man was first appointed as a member of the Audit Committee in 2007 and was ap-
pointed vice-chairman for the period 2013-2016. The Member was first appointed
as a substitute in 2007 and was appointed as a member for the period 2013-2016.
150
