Executive Committee

As stated earlier, all the powers corresponding to the Board of Directors have been delegated to the Executive Committee, with the exception of powers whose delegation is prohibited by law or by the Articles of Association. It is entrusted with proposing and overseeing Ferrovial's financial, commercial and investment strategies.

However, article 18.1 of the Board of Directors Regulations establishes that every effort shall be made to ensure that the decisions it lists are only adopted by the Executive Committee in cases of urgency, and that in such a case they are ratified subsequently by the Board.

The rules governing the composition and working of this Committee follow the same principles as those governing the Board of Directors and, as stated earlier, are included in the corresponding Regulations.

The appropriate minutes shall be taken at Executive Committee meetings and shall be sent to all members of the Board, in order to inform them of the matters that were discussed and the resolutions adopted in that respect.

The Executive Committee held eight (8) meetings in 2007.