Audit Committee

The Audit Committee was created by resolution adopted by the Board of Directors, which approved the Regulation of the Board of Directors on March 14, 2000.

Article 33 bis of the By-laws has incorporated the powers of the Audit Committee, whose basic duty is support to the Board of Directors in monitoring the general management of the Company. Without prejudice to other undertakings which may be assigned thereto by the Board of Directors, the Audit Committee has the following basic responsibilities:

- To inform the General Meeting about questions that arise regarding matters of its competence;

- To propose the appointment of the external accounts auditor to the Board of Directors for its submission to the General Shareholders' Meeting;

- To supervise the internal auditing services, in the event that these exist within the managerial organisation of the Company;

- To be aware of the financial information procedure, to review the issue prospecti and the internal control systems of the Company, to review the company accounts, to monitor compliance with legal requirements and the correct application of the generally accepted accounting principals, as well as to report on the suggested modifications to the accounting principals and criteria proposed by the management;

- To maintain contact with the external auditors in order to receive information regarding those matters that may place their independence at risk and any other matters related to the development of the accounts audit procedure, as well as any other communications established by legislation on the auditing of accounts and technical regulations on auditing.

 

Audit Committee

Mr. Jaime Terceiro Lomba

Mr. Gregorio Marañón Bertrán de Lis

Mr. Juan Arenas Uría

Mr. Iñigo Dago Elorza (Secretary (not a Member))