IBERSOL • 2023 Integrated Management Report

CORPORATE GOVERNANCE REPORT the company to the Executive Committee under the terms and within the legal limits. Within the scope of this delegation, the Board of Directors decided to grant the Executive Committee full powers of decision, management and strategic monitoring of the company’s activity, within the legal limits of article 407(4) of the Commercial Companies Code, developing, planning and programming the management body’s lines of action, both internally and externally during the financial year, fully pursuing the company’s corporate objectives, with the special objective of assisting the Board of Directors in adequately verifying the instruments for supervising the economic and financial situation and in the exercise of the management control function of the companies included in the Ibersol Group, as well as, namely, assisting the Board of Directors in updating its advisory and functional support structures as well as in the procedures of the companies integrated in the Ibersol Group, with consistent adequation to the evolution of the needs of corporate business, working to define the profiles and characteristics of its strategic partners, clients, employees, collaborators and other agents, as well as in the development of standards of behaviour in society’s relations with the outside, and may, in concrete, proceed with the acquisition, sale and encumbrance of movable assets, opening and closing establishments or important parts thereof, establishing or ceasing co-operation with other companies and entities outside the Group. It should be noted that, under the terms of Article 407(8) of the Companies Code, this delegation does not exclude the Board of Directors’ competence to take resolutions on the same matters. Within this framework, the Executive Committee is responsible for the operational coordination of the functional divisions and the different company businesses, meeting with the respective managers on a regular basis. The decisions taken by the Functional and Business Directors must respect the global guidelines that emanate from the delegation of competences conferred by the Executive Committee and are coordinated at regular meetings. The organization chart and distribution of tasks is as follows: 300