IBERSOL | 2019 Annual Report

2019 ANNUAL REPORT 29. Competence of each committee created and synthesis of activi- ties in exercise of those competence. Ibersol, SGPS, SA has a Board of Directors made up of three members: a Chairman, a Vice-Chairman and a Director. Two of the members perform executive functions and form an Executive Committee, which was elected and has powers delegated to it by the Board of Directors under the terms of art. 8.4 of the Company’s By-laws and article 407.3 of Companies Code (CSC). The third director performs non-executive functions and has no delegation powers of ordinary ma- nagement of the company The executive committee coordinates the operations of the functional units and the company’s various businesses, meeting with the senior managers of these units and businesses on a regular basis. The decisions taken by the functional and business managers, which must respect the overall guidelines, are taken under powers delegated by the Executive Committee and are coordinated in committee meetings. 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 Companies Code (CSC), develop, plan and schedu- le 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 Company’s mission, in particular assisting the Board of Directors in the proper verification of the instruments of su- pervision 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. 147