IBERSOL Annual Report 2018
FISCAL BOARD REPORT FISCAL BOARD REPORT To the Shareholders of IBERSOL SGPS, S.A.: In compliance with the applicable legislation and its mandate, the Fiscal Board issues its re- port on the supervisory action carried out as well as its opinion on the Management Report and remaining consolidated and individual financial statements for the year ended 31 Decem- ber 2018, and issue its consequent opinion: . Supervision: The Fiscal Board accompanied, within the scope of its competencies and mandate, during the 2018 financial year, the management of the company and its subsidiaries, having received for that purpose the information of the Company’s Board of Directors, the Statutory Auditor and the External Auditor. Over the course of the year the Fiscal Council held quarterly 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 External Auditor, KPMG & Associados, SROC, S.A ., who is also the Statutory Auditor of the company, who proposed to the Fiscal Board, at the beginning of the term for which it was elected and in the first meeting relating to the annual activity, and obtained agreement from the Fiscal Board regarding its fiscal activity plan, including that meant to ascertain: - i) the effectiveness of the risk management system, internal control and internal auditing; - ii) the quality of the process of preparing and disclos- ing financial information and respective accounting policies; as well as – iii) value-measuring criteria, the regularity of the accounting registers and books and respective support docu- ments, and also - iv) the verification of goods and values pertaining to the company. Along the exercise they provided the detailed information about the actions performed and the resulting conclusions. The Fiscal Board met quarterly with the Board of Directors and this last organ was forthcom- ing 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 previously moment to its disclosure. The Fiscal Board did not come across any constraint during their supervision action and verified the inexistence of any irregularity by shareholders, collaborators of the Company, External Auditor or any other regulatory, super- visory or inspection bodies that were communicated to the Fiscal Board. The Fiscal Board exercised its powers to supervise the activities and independence of the Ex- ternal Auditor and the Auditor, having the perception that the recommended practices were observed; and the Fiscal Board has rendered its approval to additional services to the audito- ry services that were hired to the External Auditor, having considered that it’s independence was safeguarded, its 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 overcome the established by European regulations and national legislation in force. 300
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