At the General Ordinary Annual Shareholders’ Meeting held on June 21st, 2016, it was decided that the functions regarding corporate practices and auditing would be entrusted to a single committee. Among the audit functions under the responsibility of said Committee are the following:
- Advice the Board on guidelines for internal control, accounting policies, financial statements and contracting of the independent auditor.
- Evaluate the performance of independent auditors, and analyze their decisions, opinions and reports.
- Review and discuss the financial statements.
- Prepare an opinion on whether the accounting and information policies and criteria used in the preparation of financial information are fair and were consistently applied.
- Support the Board in the preparation of reports to the shareholders’ meeting, and other reports.
- Request the opinion of independent experts, when required or deemed convenient.
- Investigate breaches of guidelines and policies of operation, control and internal audit or accounting record.
- Inform the Board about irregularities detected and propose corrective actions.
- Summon of shareholder meetings.
- Ensure that the CEO complies with the resolutions of the shareholders’ meeting and the Board of Directors.
- Verify that internal control mechanisms are established.
Likewise, the functions regarding corporate practices under the responsibility of this Committee are, among others, the following:
- Advice the Board regarding operations with related parties and other significant business operations, including the appointment and remuneration of the CEO and other relevant officers.
- Evaluate the performance of relevant managers.
- Support the Board in the preparation of reports of the shareholders’ meeting, and other reports.
- Request the opinion of independent experts, when required or deemed convenient.
- Summon of shareholder meetings.
The Audit and Corporate Practices Committee is composed of the following members, all of whom are independent directors.
