IBERSOL Annual Report and Consolidated Accounts 2017

Report on Corporate Governance I.3. Companies shall not establishmechanisms intended to cause mismatching between the right to receive dividends or the subscription of new securities and the voting right of each common share, unless duly justified in terms of long-term interests of shareholders. Adopted No such mecha- nisms are estab- lished under the By-laws. I.4. The company’s articles of association that provide for the restriction of the number of votes that may be held of exercised by a sole shareholder, either individually or in concert with other shareholders, shall also foresee for a resolution by the general assembly (five year intervals), on whether that statutory provision is to be amended or prevails - without super quorum requirements as to the one legally in force - and that in said resolution, all votes issued be counted, without applying said restriction. Not Applicable The Company’s articles of associ- ation set no limit to the number of votes to be issued by a shareholder. I.5. Measures that required payment or assumption of fees by the company in the event of change of control or change in the composition of the Board and that which appear likely to impair the free transfer of shares and free assessment by shareholders of the performance of Board members, shall not be adopted. Adopted No such meas- ures have been established or adopted. II. SUPERVISION, MANAGEMENT AND OVERSIGHT II.1. SUPERVISION AND MANAGEMENT II.1.1. Within the limits established by law, and except for the small size of the company, the board of directors shall delegate the daily management of the company and said delegated powers shall be identified in the Annual Report on Corporate Governance. Adopted Part I Numbers 15. 16. 17 of this Corporate Governance Re- port. 184