Committees

The governance model adopted by CTEEP gives priority to administrative efficiency and the professionalization of its managers. The following committees have a fundamental role in the integration of the Board of Management and the Executive Committee. GRI 4.4

• Audit Committee
  The Audit Committee has five members, being one corporate auditor from the ISA group and four members of the Board of Management. The Chairman and CTEEP’s internal auditor take part in the meetings as permanent observer and technical secretary, respectively. Meetings are held three times per year. The responsibilities of the body are to strengthen the company’s Internal Control System, Risk Management and corporate governance practices, to increase the effectiveness and evaluate the performance of the Internal Audit department, to approve the Annual Internal Audit Plan and supervise its execution, to evaluate the performance of the Independent Auditors, and to ensure the implementation of the plans for improvement that result from the recommendations issued by the internal and external auditors.
• Remuneration Committee
  This committee consists of three members, elected by the Board of Management, and met four times in 2008. It is responsible for investigating, analyzing and reporting to the Board of Management on issues related to the remuneration of executive directors and Board members, nomination of members for the Executive Committee, positions and salaries, salaries policy, variable remuneration, profit sharing and collective bargaining agreements.