IBERSOL • 2023 Integrated Management Report

INTEGRATED MANAGEMENT REPORT 2023 this delegation, the Board of Directors decided to grant the Executive Committee full powers of decision, management and strategicmonitoring 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, in full pursuit of the company’s objectives, having the special objective of assisting the Board of Directors in the adequate verification of 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 the procedures of the companies included in the Ibersol Group, with consistent adequation to the changing needs of the 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 the pattern of behavior in society’s relations with the outside world, 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. Under the terms of Article 407(8) of the Commercial Companies Code, this delegation does not exclude the Board of Directors’ competence to take resolutions on the same matters. 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 Executive Committee, whose respective Regulation was formally approved by the Board of Directors in 2023, meets monthly and whenever called by the Chairman. Apart from the regular contacts established between themembers of the Executive Committee in the periods between meetings, a total of 12 formal meetings were held during 2023, whose matters are set out in the respective minutes registered in proper book. According to its respective Regulation, the members of the Executive Committee provide the information requested by other members of the corporate governing bodies in a timely manner, making also available in a 305