IBERSOL | 2016 Annual Report - page 286

FISCAL BOARD REPORT
FISCAL BOARD REPORT
To the Shareholders of Ibersol - SGPS, SA:
In compliance with the applicable legislation and its mandate, the Fiscal Board issues its report on the supervisory
action carried out as well as its opinion, on the Management Report and consolidated and individual financial
statements for the year ended December 31st 2016.
1. Supervision:
The Fiscal Board accompanied, within the scope of its competencies and mandate, the management of the company
and its subsidiaries, having received for that purpose the information of the Company’s Board of Directors, the
Statutory and External Auditor.
During the year 2016, the Fiscal Council held its quarterly ordinary meetings, as well as other extraordinary
meetings, with all members present, which examined and considered the matters subject to the powers of this body.
In the ordinary meetings was always present the Statutory and External Auditor,
Pricewaterhouse Coopers &
Associados-SROC,
who informed and obtained agreement from the Fiscal Board regarding its fiscal activity plan,
including that meant to ascertain: - the effectiveness of the risk management system, internal control and internal
auditing; - the quality of the process of preparing and disclosing financial information and respective accounting
policies and value; - measuring criteria, the regularity of the accounting registers and books and respective support
documents, and - the verification of goods and values pertaining to the company. During the exercise, the Statutory
and External Auditor provided detailed information about the actions performed and the resulting conclusions.
The Fiscal Board meet quarterly with the Board of Directors and this last organ was forthcoming in providing the
Fiscal Board information over the society’s activity and explanations needed to understand the activity and financial
information drawn up by same Board of Directors in previous moment to it’s disclosure.
The Fiscal Board did not register any constraints in the exercise of its activity, and did not receive any participation
in the occurrence or denouncement of any irregularities by shareholders, employees of the company, Statutory and
External Auditor or other.
The Fiscal Board exercised its powers to supervise the activities and independence of the Statutory and External
Auditor, having the perception that the recommended practices were observed.
The Fiscal Board has rendered it’s approval to additional services to the auditory services that were hired to the
External Auditor, having considered that it’s independence was safeguarded, it’s remuneration was contained in
market conditions, and, therefore, it was in the society’s interest to benefit of the knowledge and punctuality
assured in those services. The provision of additional services performed by the external auditor did not reach the
threshold of 30% of the total value of provided Services.
There were no reports to the Fiscal Board of any kind of transactions between the society and it’s shareholders or
related parties, in the sense of the CMVM Recommendation IV.1.2, that should be submitted to it’s prior opinion if
they reached the level of significance established by this body.
The Fiscal Board examined the individual and consolidated Management Report and the individual and consolidated
Financial Statements and respective annexure, including the 2016 Corporate Governance Report presented by the
Board of Directors, having examined, as well, the Statutory Audit Certification and Audit Report issued by the
Statutory and External Auditor,
Pricewaterhouse Coopers & Associados, SROC,
annexes to the “Additional
Report of the Statutory Auditor to the Supervisory Body”, produced by it and referring to the 2016 exercise, under
Art. 24 of the RJSA, approved by Law 148/2015, of September 7th. It includes the scope of the Audit, the partners
and employees of the SROC who participated in it, the evaluation methods used with reference to impairment tests
and corporate concentrations, the consolidation perimeter with mention of entities not audited by PwC, materiality,
independence and the additional services provided, as well as, among others, the results of the Internal Control that
answers the questions raised, the answers obtained and the recommendations made.
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