IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 III. SUPERVISION a) Composition 30. Identification of the Fiscal Board. Under the adopted model, the Company is audited by the Statutory Audit Committee (Fiscal Board ) and by the Statutory Auditor or by Statutory Audit firm, who are not members of the Statutory Audit Committee. The Statutory Audit Committee and the Statutory Auditor are both elected by the General Meeting of Shareholders. 31. Composition Audit Committee Chairman – Dr.Carlos Alberto Alves Lourenço; Vice-Chairman – Dr.ª Maria José Martins Lourenço da Fonseca; Member – Dr. Eduardo Moutinho Ferreira Santos; Substitute – Dr. Arlindo Dias Duarte Silva; The Audit Committee is made up of at least three active members, who are elected by the General Meeting and must meet at least quarterly. Where the Audit Committee has only three active members, there must be one or two substitutes; where there are more than three active members, there must be two substitutes. The statutory auditor or statutory audit firm are elected by the General Meeting at the propo- sal of the Audit Committee. The term of office of the members of the Audit Committee is four years (art. 27 of the Bylaws). The current Chairman and vice-Chairman took up the respective post in 2017. The Member was first appointed as a substitute in 2007 and was appointed as a member for the period 2013-2016 and 2017-2020; 155