Annual Report and Consolidated Accounts 2015
III.6
Executive board members shall maintain
the company’s share that were allotted by
virtue of variable remuneration schemes,
up to twice the value of the total annual
remuneration, except for those that need to be
sold for paying taxes on the gains of said shares,
until the end of their mandate.
Not applicable
No variable
remuneration is
paid to executive
directors.
Part I
Numbers 69. to 76.
of this Corporate
Governance
Report.
III.7
When the variable remuneration includes
the allocation of options, the beginning of the
exercise period shall be deferred for a period not
less than three years.
Not applicable
No variable
remuneration is
paid to executive
directors. Part I
Numbers 69. to 76.
of this Corporate
Governance Report.
III.8
When the removal of board members
is not due to serious breach of their duties
nor to their unfitness for the normal
exercise of their functions but is yet do on
inadequate performance, the company shall
be endowed with the adequate and necessary
legal instruments so that any damages or
compensation, beyond that witch is legally due,
is unenforceable.
Adopted
In such situations
the legal rules are
applied.
IV. AUDITING
IV.1.
The external auditor shall, within scope
of its duties, verify the implementation of
remuneration policies and systems of the
corporate bodies as well as the efficiency
and effectiveness of the internal control
mechanisms and report any short comings to
the supervisory body of the company.
Adopted
The external
auditor reports
on the audit
work carried out
during the year in
the annual audit
report.
Part I, numbers
37 and 38 of
this Corporate
Governance
Report.
IV.2.
The company or any entity with which
it maintains a control relationship shall not
engage the external auditor or any entity with
which it finds itself in a group relationship
or that incorporates the same network, for
services other than audit services. If there
are reasons for hiring such services - which
must be approved by the Audit Committee and
explained in its Annual Report on Corporate
Governance - said should not exceed more than
30% of the total value of services rendered to
the company.
Adopted
Part I Number 46
of this Corporate
Governance
Report.
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