Board of Management

The Board of Management is the central forum for decision-making and definition of the overall direction of CTEEP’s business, focusing on the creation of value for shareholders. It consists of ten members, elected in March 2008 for a one-year term, including a chairman, a deputy chairman and eight board members, of which three are independent and one represents the employees. GRI 4.1 e 4.2

This body is responsible, along with other functions, for electing the members of the Executive Committee, monitoring the management of the business, evaluating the Management Report, Balance Sheets and accounts of the Executive Committee, approving economic and financial plans and budgets and those for the execution of works, prepared by the Executive Committee, and choosing and removing the Independent Auditors.

In keeping with the best practices of corporate governance, the Chairman of the Board of Management is not a member of the Executive Committee. Meetings are held monthly or whenever called by the Chairman or any board member. In 2008, 17 meetings were held, being seven face-to-face and ten via telecommunication. GRI 4.1 e 4.3