Executive Committee

The Board of Directors established an Executive Committee in accordance with the provisions of the Articles of Association, to which it has expressly delegated all the powers corresponding to the Board of Directors, except for the powers whose delegation is prohibited by law or by the Articles of Association.

The composition of the Executive Committee, which did not undergo any change during 2007, was as follows:

Executive Committee 

The Executive Committee is chaired by the Chairman of the Board of Directors and the Committee's Secretary is the Secretary of the Board of Directors.