IBERSOL | Integrated Management Report - 2024

INTEGRATED MANAGEMENT REPORT 2024 52. Existence of other functional areas regarding competences in risk control. It is the responsibility of the Board of Directors to approve the risk management policy and the internal control system, with the Supervisory Board taking due cognisance of, assessing, and issuing an opinion on the risk policy as prepared by the Board of Directors, within the scope of its powers and prior to its approval by said body. For this purpose, the Board of Directors shall provide the Supervisory Board with all information and clarifications required under the law or requested by the latter in the exercise of its duties, and shall likewise make available, in due time, all documents relating to the Company’s financial reporting. The Board of Directors may, whenever it deems appropriate, invite members of the Supervisory Board to attend its meetings. There are Central Functions - Quality, Human Resources, Marketing, Planning and Management Control and Financial Units – that reporting to the Executive Committee, promote, coordinate and facilitate the development of risk management processes. The Supervisory Board monitors the effectiveness of the risk management system, the internal control system, and, where applicable, the internal audit system. It reviews the information received from the Board of Directors, particularly in respect of the risk management policy, and receives reports prepared by the internal control departments concerning the risk management and compliance functions, at least where such reports relate to financial reporting, the identification or resolution of conflicts of interest, or the detection of potential irregularities. The Supervisory Board follows the risk management and internal control systems with a view to ensuring that the risks incurred by the Company are consistent with the objectives defined by the Board of Directors. Where it deems appropriate, the Supervisory Board — which shall have access at all times, in accordance with the applicable legal limits, to all information necessary for the performance of its duties — may issue an opinion on the work plans and resources allocated to the internal control functions, including risk management, and propose any adjustments to the operational management it considers necessary. 279