IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 V. EXTERNAL AUDITOR 42. Identification The external auditor named under article 8th of the Securities Code is PriceWaterHouseCoo- pers and Associates, SROC, registered with the Securities Market Commission under nº 0977, and in 2017 its representative was Dr. Hermínio António Paulos Afonso. 43. Permanence of Functions. The external auditor was elected for the first time in 2005 and this is its fourth term of office. Next General Meeting / 2018 of this Company it will be nominated the new External Auditor e its new representative. The partner who represents the actual External auditor has been acting as representative since 2011 and will end his functions when the new external auditor of the company is appointed. 44. Policy and frequency of rotation of the external auditor and its partner. The external auditor and the partner who represents it in this role are, respectively in their fourth and third consecutive term of office. The external auditor is elected by the General Meeting at the proposal of the Statutory Audit Committee and the need for a change of external auditor will be assessed based on best practices in corporate governance at the time of the proposal for a new term of office. The Supervisory Board adopted the recommended principle only not to make the rotation of the external auditor at the end of two terms of four years continuously functions, if, after making a careful assessment, has concluded that the maintenance functions, in addition to that period, does not interfere or prejudice the necessary independence of the external auditor or the level of quality that the functions should be exercised, ensuring instead mo- nitor the company by that same supervisory body, with the level of knowledge and depth already acquired. 161