IBERSOL | Annual Report 2020

CORPORATE GOVERNANCE REPORT 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 31 meetings were held during 2020. The members of the Executive Committee provide the information re- quested by other members of the corporate governing bodies in a time- ly manner. 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 both elected by the General Meeting of Shareholders. The Statutory Auditor or the Statutory Audit firm are not members of the Statutory Audit Committee (Fiscal Board). 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 Statutory Audit Committee is made up of at least three effective members, who are elected by the General Meeting and must meet at least quarterly. When the Audit Committee has three active members it must have one or two substitutes, and when it has more than three active members, it must be two substitutes. The statutory auditor or statutory audit firm are elected by the General Meeting at the proposal of the Statutory Audit Committee (Fiscal Board). 238