Corporate Governance Report
The general principles of the remuneration policy for the audit bodies and the Board of the
General Meeting are as follows:
a) Functions performed:
The nature and volume of the activity involved in the functions performed by each member
of the above mentioned corporate governing bodies is taken into consideration, as well as the
responsibilities assigned to each one. The members of the Audit Committee, the Board of the
General Meeting and the audit firm will not all occupy the same organizational or functional
position. Various criteria are applied, including level of responsibility, time commitment or the
value of a particular service or institutional representation.
b) The Company’s economic situation
One relevant consideration will be the size of the company and the relative degree of func-
tional complexity.
71. Reference, if applicable, of the existence of a variable remuneration
component and information about likely impact of performance
appraisal in this component
There is no variable component.
72. Deferring payment of the variable remuneration component,
specifying the period of deferral
There is no variable component.
73. Criteria that underlie the allocation of variable remuneration in
shares and the maintenance of these shares by Executive Directors
No remuneration involving the allocation of shares or any other system of bonuses paid in
shares is envisaged.
74. Criteria that underlie the allocation of variable remuneration in
options and indication of the deferral period and the exercise price
and the members of the Company
No remuneration involving the allocation of share options is envisaged.
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