IBERSOL Annual Report and Consolidated Accounts 2017

Report on Corporate Governance The powers delegated to the Executive Committee are as follows: a) Exercise full powers of decision making, management and monitoring of the Company’s activity at a strategic level, within the legal limits of art. 407.4 of the CSC., develop, plan and schedule the actions of the governing body, in the Company’s internal and external plan for the year, so as to achieve the corporate objectives in accordance with the Com- pany’s mission, in particular assisting the Board of Directors in the proper verification of the instruments of supervision of the economic and financial situation and in the exercise of the function of control of the companies belonging to the Ibersol Group. b) The Executive Committee is also responsible for assisting the Board of Directors in the updating of its structures of advice and functional support; in overseeing the procedures of the companies belonging to the Ibersol Group, in line with the changing needs of the business, defining the profiles and characteristics of their strategic partners, customers, workers, employees and other agents; and in the conduct of the Group’s relationships with its environment, acquiring, disposing and encumbering movable property and establishing or terminating cooperation agreements with other companies. The Executive Committee meets monthly and whenever called by the Chairman. Apart from the regular contacts established between the members of the Executive Committee in the periods between meetings, a total of 18 meetings were held during 2017. The members of the Executive Committee provide the information requested by other mem- bers of the corporate governing bodies in a timely manner. 154