Assessment of the Board of Directors

In accordance with the Board of Directors Regulations, the Board will make an annual assessment of the following:

  • Its functioning and the quality and efficiency of its work.

  • The performance of the Company's Chairman and CEO, after the report of the Appointment and Remuneration Committee.

  • The functioning of its Committees, on the basis of the report submitted by them.

The 2007 business year saw the completion of the work commenced during 2006 for making an assessment of the Board as a collective body, analysing its organization and functioning in the light of the most widespread market recommendations and practices, besides an individualized assessment in respect of each of its members and an appraisal of the performance of the Chairman and the CEO.

As on other occasions, this process was assisted by the collaboration of a specialist outside firm that appeared before the Board to report on the results of its work.

The Board of Directors also made an assessment of the functioning of the Appointment and Remuneration Committee and the Audit and Control Committee, on the basis of the report drawn up by each of them. In both cases, the result of the assessment is that their functioning is correct and that both Committees satisfactorily fulfil the duties assigned to them.