Committees

Audit Committee

The LMV requires issuers to maintain an audit committee made up of at least three independent directors appointed by the board of directors. The audit committee (together with the board of directors, which has additional powers) replaces the statutory auditor previously by the LGSM.

The Company's audit committee was created by the Annual General Meeting (AGM) held on April 29, 2011. The Company considers that all members of its audit committee are independent and qualify as independent experts in accordance with the provisions by the LMV.

The main functions of the audit committee are:

• Supervise the work of the external auditors and analyze their reports
• Analyze and supervise the preparation of the Company's financial statements
• Present a report to the board of directors regarding the Company's internal controls and their suitability
• Oversee operations with related parties
• Request information from the relevant officers of the Company when deemed necessary
• Report to the board of directors any irregularities it detects
• Receive and analyze proposals and observations made by shareholders, directors, relevant executives or third parties, and adopt the necessary measures in this regard
• Call to shareholders' meetings
• Monitor the activities of the CEO
• Submit an annual report of its activities to the board of directors.

Pursuant to the resolutions adopted at the AGM held on July 3, 2020, the Audit Committee is composed of the following:

Corporate Practices Committee

The LMV requires issuers to maintain a corporate practices committee made up of at least three independent directors appointed by the board of directors (except in the case of issuers where the same person or corporate group owns 50% or more of the outstanding shares, in which case the majority of the members must be independent). In compliance with such provisions, the majority of the members of the Company's corporate practices committee are independent.

The corporate practices committee is responsible for:

• Render an opinion to the board of directors regarding the performance of the key executive officers
• Prepare a report on transactions with related parties
• Request the opinion of independent experts
• Call shareholders' meetings
• Assist the board of directors in the preparation of the reports that must be submitted to the annual shareholders' meeting

Pursuant to the resolutions adopted at the AGM held on July 3, 2020, the Corporate Practices Committee is composed as follows: