Corporate Governance
Regulations of the General Meeting of Shareholders
General Shareholders' Meeting
Ordinary General Shareholders' Meeting 2018
The Board of Directors of EUSKALTEL, S.A. hereby calls the shareholders to an Ordinary General Shareholders' Meeting to be held at the registered office (located in Derio (Biscay), at Parque Tecnológico-Teknologi Elkartegia, Edificio 809), on 1 June 2018 at 12:00 on first call , or if the required quorum is not met then on second call, the next day, 2 June 2018, at the same place and time.
Broadcast of Ordinary General Shareholders' Meeting
Results: Quorum, voting and agreements
Resolutions adopted by the Ordinary General Shareholders' Meeting
Documents available to the shareholder prior to the General Meeting
Total number of shares and voting rights.
Report of the Board regarding the Issue of Bonds.
Report of the Board regarding the Co-option.
Report of the Appointments and Remuneration Committee regarding the Co-option.
2017 Corporate Governance Report.
2017 Annual Audit & Control Committee Report.
2017 Appointments & Remuneration Committee Report.
2017 Annual activities of Strattegy Committee.
2017 Auditor Independence Audit & Control Committee Report.
2017 Report on Related Transactions.
2017 Report on Corporate Social Responsibility .
Shareholders' Electronic Forum Regulations.
Exercising the right to information.
Information on procedures or systems to help follow the General Shareholders' Meeting
Rules regardng absentee voting and proxy-granting.
Shareholders' Electronic Forum.
Proxy and voting electronically.
The Basque Government, through Ihobe, its environmental management agency, has issued a certificate that accredits that the General Meeting of Shareholders of the Company has met the criteria of the Erronka Garbia seal of event environmental sustainability in the Basque Country.
Ordinary General Shareholders' Meeting 2017
The Board of Directors of EUSKALTEL, S.A. hereby calls the shareholders to an Ordinary General Shareholders' Meeting to be held at the registered office (located in Derio (Biscay), at Parque Tecnológico-Teknologi Elkartegia, Edificio 809), on 26 June 2017 at 12:00 on first call, or if the required quorum is not met then on second call, the next day, 27 June 2017, at the same place and time.
Broadcast of Ordinary General Shareholders' Meeting
Results: Quorum, voting and agreements
Resolutions adopted by the Ordinary General Shareholders' Meeting
Documents available to the shareholder prior to the General Meeting
Total number of shares and voting rights.
Non-Cash Capital Increase Report.
Current Articles of Association.
Amended Articles of Association.
Articles of Association Modification Report.
Proposed Board Members Appointment Report.
2016 Corporate Governance Report.
2016 Annual Audit & Control Committee Report.
2016 Appointments & Remuneration Committee Report.
2016 Auditor Independence Audit & Control Committee Report.
Report on Related Transactions.
2016 Report on Corporate Social Responsibility .
Shareholders' Electronic Forum Regulations.
Exercising the right to information
Shareholders' Electronic Forum.
Proxy and voting electronically.
The Basque Government, through Ihobe, its environmental management agency, has issued a certificate that accredits that the General Meeting of Shareholders of the Company has met the criteria of the Erronka Garbia seal of event environmental sustainability in the Basque Country.
Ordinary General Shareholders' Meeting 2016
The Board of Directors of EUSKALTEL, S.A. hereby calls the shareholders to an Ordinary General Shareholders' Meeting to be held at the registered office (located in Derio (Biscay), at Parque Tecnológico-Teknologi Elkartegia, Edificio 809), on 27 June 2016 at 12:00 on first call, or if the required quorum is not met then on second call, the next day, 28 June 2016, at the same place and time.
Broadcast of Ordinary General Shareholders' Meeting
Results: Quorum, voting and agreements
Resolutions adopted by the Ordinary General Shareholders' Meeting
Documents available to the shareholder prior to the General Meeting
Total number of shares and voting rights.
Annual Accounts and Directors' Report for 2015.
Directors' Report on Amendments to Company Bylaws.
Board Report regarding re-election and appointment of Directors.
Annual Corporate Governance report.
Annual activities report of the Audit and Control Committe.
Annual activities report of the Appointments and Remuneration Committe.
Report on the independence of the Auditor.
Corporate Social Responsibility Policy Report.
Annual Report on the Remuneration of Directors of listed companies.
Director remuneration policy of Euskaltel.
Regulations of the Board of the Directors.
Regulations of the Electronic Shareholders' Forum.
Electronic Shareholders' Forum.
Exercise of the right to receive information.
Information on procedures or systems to help follow the General Shareholders Meeting.
Rules regarding absentee and voting and proxy-granting.
Proxy and voting electronically.
Attendance, proxy and absentee voting card for the Ordinary General Meeting of Euskaltel.
2015 Extraordinary General Shareholders' Meeting
1st Notice to Convene of the 2015 Extraordinary General Shareholders' Meeting held on November 12, 2015 at 12.00 pm (CET)
Results: Quorum, voting and agreements
Resolutions adopted by the Extraordinary General Shareholders' Meeting
Call and Agenda
Right of information
Model attendance, delegation and distance voting card.
Proposed resolutions corresponding to items of the agenda for the day of the call.
Reports of the Board of Directors and the Committees of the Board of Directors.
Getting to and accessing the venue of the Shareholder's Meeting.
Procedures or systems that facilitate the monitoring of the General Shareholders' Meeting.
Exercise of the right of information.
Total number of shares and voting rights at the date of the call.
Board of Directors
The Board of Directors is attributed with the broadest powers to administer and represent the Company, approve the Company strategy and the necessary organisation so that it can be put into practice, as well as supervising and controlling the senior management to ensure compliance with the objectives set out and respect for the Company?s corporate purpose and interest.
The plenary session of the Board of Directors reserves competence to approve the Company?s general policies and strategies and, in particular, (i) the strategic or business plan, as well as the annual management objectives and budget; (ii) the investment and finance policy; (iii) the definition of the structure of the group of companies; (iv) the corporate governance policy; (v) the corporate social responsibility policy; (vi) the risks control and management policy, including those relating to taxation, as well as the periodic monitoring of the internal information and control systems; (vii) the dividends policy, the treasury stock policy and, in particular, their limits.
The Board of Directors entrusts the ordinary management to the Chairman, the CEO and the Management Team, as well as the general dissemination, coordination and implementation of the Company?s management policies and guidelines, so that it can focus on defining, supervising and monitoring the general policies, strategies and guidelines to be followed by the Company and its group.
All of the members of the Board of Directors are external Directors except for the Chairman, Mr. Alberto García Erauzkin, and the CEO, Mr. Francisco Arteche Fernández-Miranda, who are executive Directors.
Mr. José Ángel Corres Abasolo is the Lead Independent Director, attributed the functions set forth in article 18.4 of the Board of Directors Regulations.
| MEMBERS | OFFICE | CATEGORY | DATE OF FIRST APPOINTMENT |
|---|---|---|---|
| Mr. Alberto García Erauzkin | Chairman | Executive | 2000-11-28 |
| Mr. Francisco Manuel Arteche Fernández-Miranda | CEO | Executive | 2016-06-27 |
| Mr. José Ángel Corres Abasolo | Vice-Chairman /Consejero Coordinador | Independent | 2013-03-08 |
| Kartera 1, S.L., representated by Ms. Alicia Vivanco González | Member | Proprietary | 2016-06-27 |
| Mr. Luis Ramón Arrieta Durana | Member | Proprietary | 2017-06-26 |
| Corporación Financiera Alba, S.A., representated by Mr. Javier Fernández Alonso | Member | Proprietary | 2018-02-27 (*) |
| Mr. Robert W. Samuelson | Member | Proprietary | 2017-06-26 |
| Ms. Belén Amatriain Corbi | Member | Independent | 2015-03-31 |
| Mr. Iñaki Alzaga Etxeita | Member | Independent | 2015-03-31 |
| Ms. Elisabetta Castiglioni | Member | Independent | 2016-06-27 |
| Mr. Miguel Ángel Lujua Murga | Member | Independent | 2016-06-27 |
| Mr. Jon James | Member | Independent | 2017-06-26 |
| Mr. Luis Alba Ferré | Non-Director Secretary | 2018-07-01 | |
| Mr. Gonzalo Silveiro Regulez | Non-Director Vice-Secretary | 2018-07-01 |
(*) Co-opted appointment made by the Board of Directors.
Shareholding interest of the Board of Directors
The stake of each of the Board Members in the Euskaltel, S.A., share capital, none of whom holds share options of the Company, are listed below.
| MEMBERS | OFFICE | CATEGORY | DIRECT VOTING RIGHTS | INDIRECT VOTING RIGHTS | % |
|---|---|---|---|---|---|
| Mr. Alberto García Erauzkin | Chairman | Executive | 357.222 | 0 | 0,235% |
| Mr. Francisco Manuel Arteche Fernández-Miranda | CEO | Executive | 26.170 | 0 | 0,015% |
| Mr. José Ángel Corres Abasolo | Vice-Chairman /Consejero Coordinador | Independent | 0 | 0 | 0,000% |
| Kartera 1, S.L., represented by Ms. Alicia Vivanco González | Member | Proprietary | 0 | 0 | 0,000% |
| Mr. Luis Ramón Arrieta Durana | Member | Proprietary | 2.900 | 0 | 0,002% |
| Corporación Financiera Alba, S.A., representated by Mr. Javier Fernández Alonso | Member | Proprietary | 0 | 17.904.785 | 10,023% |
| D. Robert W. Samuelson | Vocal | Dominical | 0 | 0 | 0,000% |
| Ms. Belén Amatriain Corbi | Member | Independent | 3.000 | 0 | 0,002% |
| Mr. Iñaki Alzaga Etxeita | Member | Independent | 3.000 | 0 | 0,002% |
| Ms. Elisabetta Castiglioni | Member | Independent | 0 | 0 | 0,000% |
| Mr. Miguel Ángel Lujua Murga | Member | Independent | 3000 | 0 | 0,000% |
| D. Jon James | Vocal | Independiente | 0 | 0 | 0,002% |
Board of Directors
- Mr. ALBERTO GARCÍA ERAUZKIN
- Chairman of the Board of Directors of Euskaltel, S.A.
Executive Director - Mr. FRANCISCO MANUEL ARTECHE FERNÁNDEZ-MIRANDA
- CEO of the Board of Directors of Euskaltel, S.A.
Executive Director - Mr. JOSÉ ÁNGEL CORRES ABASOLO
- Vice-Chairman of the Board of Directors of Euskaltel, S.A.
Independent Director - KARTERA 1, S.L., representated by Ms. Alicia Vivanco González
- Member of the Board of Directors of Euskaltel, S.A.
Proprietary Director - Mr. LUIS RAMÓN ARRIETA DURANA
- Member of the Board of Directors of Euskaltel, S.A.
Proprietary Director - CORPORACIÓN FINANCIERA ALBA, S.A., representated by Mr. Javier Fernández Alonso
- Member of the Board of Directors of Euskaltel, S.A.
Proprietary Director - D. ROBERT W. SAMUELSON
- Vocal del Consejo de Administración de Euskaltel, S.A.
Consejero Dominical - Ms. BELÉN AMATRIAIN CORBI
- Member of the Board of Directors of Euskaltel, S.A.
Independent Director - Mr. IÑAKI ALZAGA ETXEITA
- Member of the Board of Directors of Euskaltel, S.A.
Independent Director - Ms. ELISABETTA CASTIGLIONI
- Member of the Board of Directors of Euskaltel, S.A.
Independent Director - Mr. MIGUEL ÁNGEL LUJUA MURGA
- Member of the Board of Directors of Euskaltel, S.A.
Independent Director - D. JON JAMES
- Vocal del Consejo de Administración de Euskaltel, S.A.
Consejero Independiente - Mr. LUIS ALBA FERRÉ
- Non-Board Member Secretary
- Mr. GONZALO SILVEIRO REGULEZ
- Non-Board Member Deputy Secretary
Mr. Erauzkin joined Euskaltel in 1998 as Chief Financial Officer and controller. He was appointed Chief Executive Officer ("CEO") in 2000 and promoted to Chairman of the Company in December 2011. His previous professional experience includes auditing and consulting at Arthur Andersen and Audihispana, as well as economic and financial management at Heraclio Fournier and Corporación Patricio Echeverría. His is a member of the Official Accounting Registry (Registro Oficial de Auditores de Cuentas) and Auditing Institute of Certified Public Accountants (Instituto de Auditores-Censores Jurados de Cuentas). Furthermore, he is also a member of the governing boards of various institutions. He has a degree in Economics and Business Administration from the University of Deusto.
| BOARD MEMBER | POSTS |
|---|---|
| Mr. Alberto García Erauzkin |
Vice-Chairman of the Board of the BBK Foundation Vice-Chairman of Orkestra - the Basque Institute of Competitiveness. Board Member of ITP Board Member of APD, the Association for the Progress of Management - Northern Area. Patron of the Novia Salcedo Foundation. Member of the Advisory Council of MIK Centre of Innovation in Management (Mondragón Innovation & Knowledge). Representative of Euskaltel, S.A. on the Board of the Bilbao Guggenheim Museum. Representative of Innobasque on the Board of the Ikerbasque Foundation. |
Francisco Arteche graduated in Industrial Engineering from the University of Navarra in San Sebastián and has an MBA from the IESE Business School in Barcelona. With a long and prolific career behind him, he has held executive posts in the technology sector for 20 years and he spent the last eleven years at Microsoft, the world leader in applications and software. Prior to joining Euskaltel, he was the General Manager of the Microsoft Ibérica Consumer Channel Group, a company which he joined as Director of the Entertainment & Devices Division for Central and Southern Europe and, subsequently, for the whole of Western Europe. Previously, he had been the General Manager of Electronic Arts (EA Software) for Spain and Portugal, where he worked for seven years.
| BOARD MEMBER | POSTS |
|---|---|
| Mr. Francisco Manuel Arteche Fernández-Miranda |
Member of the ICA (Institute of Corporate Directors) Chair of the ADESE (Spanish Association of Software Manufacturers and Developers) sectoral association. |
Mr. Corres was appointed as independent director of Euskaltel in 2013. In 2010 he was named President of the Chamber of Commerce, Industry and Navigation of Bilbao, a position which he holds until this date. His previous professional experience includes positions in the Basque government as head of the group of "Ports of General Interest" and advisor to the Basque government representatives in the Port of Bilbao. In 1996 he was appointed President of the Port Authority of Bilbao and he held the position until 2009. In addition, he was a member of the Board of Directors of Bilbao Ría 2000 for thirteen years. He has a degree in Economics and Business from the Commercial University of Deusto and also studied in the Maritime Economics and Logistics Institute of Bremen.
| BOARD MEMBER | POSTS |
|---|---|
| Mr. José Ángel Corres Abasolo | Chairman of the Bilbao Chamber of Commerce. Vice-Chairman of Athletic Club. Chairman of Bilbao Air. Chairman of Bilbao Maritime Museum. Member of the Board of Directors and Executive Committee of the Spanish Chamber of Commerce. |
Kartera 1, S.L. was incorporated as a limited company under the name of Kartera 1, S.A. on 30 July 1993, pursuant to the deed executed by José Antonio Isusi Ezcurdia, Notary Public of Bilbao, and entered as attested document number 2943 in his records. It was subsequently transformed into a limited liability company on 23 March 1999 by means of the deed executed by the aforementioned Notary Public, Mr. Isusi Ezcurdia, and entered as attested document number 826 in his records. This latest deed is entered in the Bizkaia Trade Registry, in volume BI-6559, book 0, folio 25, page BI-5126-A, 9th entry. Its tax number is B-48563506 and its registered office is at Gran Vía numerous 30-32, 48009 Bilbao (Bizkaia).
Alicia Vivanco González, the individual representing Kartera 1,S.L. and proposed to exercise the post of board member of the Euskaltel Board of Directors, was born in Valle de Trápaga -Trapagaran (Bizkaia) in 1960. She graduated in Economics from the University of the Basque Country. Ms. Vivanco joined Euskaltel's Board of Directors in 2003, at the time as representative of Bilbao Bizkaia Kutxa ("BBK"). She has also been a managing director of Kutxabank, S.A. since 2012, where she leads Project Finance and Subsidiary Companies departments. She is also a director of other Kutxabank's subsidiaries including Deoleo, Ingeteam, IdE, Ibermatica, Talde and ´ Sociedad Promotora Bilbao Gas Hub (where she is also Chairman). Her previous professional experience was mainly developed in the financial entity BBK, which she joined in 1984, working in different departments: International Affairs, Portfolio Management and Capital Markets. She was named Managing Director of BBK in 2009. She has a degree in Economics from the University of the Basque Country.
Luis Ramón Arrieta Durana was born in Maeztu (Álava) in 1957. He graduated with a science degree (Industrial Chemistry) from Valladolid University and has a PhD in Financial Economics from the Autónoma University of Madrid. He rounded off his training at different business schools including INSEAD, IESE and Deusto Business School. His professional career has mainly been in the banking sector. In particular, Mr. Arrieta Duran has held the posts of Managing Director of Finanzia Banco de Crédito, S.A and BBVA E-Commerce, along with the posts of Assistant Executive Vice President of BBVA and Territorial Director of BBVA for the Basque Country and Cantabria, all within the BBVA Group. He has also been linked to the university training sector: he was the General Manager of Deusto University from 2007 to 2012. He has been a member of the Board of Directors of companies of the ilk of Gamesa, S.A., Norpension, Solium, Terra Network, S.A., Mobipay Internacional, Portal Gas Natural, S.A and Hotelnet B2B, S.A.
| BOARD MEMBER | POSTS |
|---|---|
| Mr. Luis Ramón Arrieta Durana | Member of the Board of the Foundation "Instituto de Selección Escolar de Vizcaya". |
Corporación Financiera Alba, S.A. is a company incorporated for an indefinite period of time under the name Cementos Alba, S.A., through instrument made public on 9 November 1953 before former notary public of Madrid, Mr Manuel Amorós Gozálbez, bearing number 2920 of his records; subsequently modified to change its name to the current name by instrument issued on 29 September 1986 authorised by the notary public of this capital city, Mr Rafael Ruiz Gallardón, bearing number 2813 of his records; its bylaws were adapted to the Corporations Act through instrument issued before the notary public of Madrid, Mr Luis Coronel de Palma, on 13 July 1,990, bearing number 3599 of his records, supplemented by another instrument likewise issued before the same notary public on 15 October 1990, bearing number 4723, and transcribing the consolidated text of the new bylaws. This was entered in the Trade Register of Madrid, General Volume 417, page 196, sheet number M-8078, 261st entry. It is entered in the Trade Register of Madrid, General Volume 417, page 196, sheet number M-8078, 261st entry. It bears Tax ID Code A-28060903 and is domiciled at 28006 Madrid, calle de Castelló, nº 77, 5th floor. Mr Javier Fernández Alonso, the individual representing Corporación Financiera Alba, S.A., proposed to exercise the position of director on the Board of Directors of Euskaltel, was born in Bilbao on 15 August 1977. He is a graduate in Business Administration and Management from the Universidad de Deusto. He spent part of his career as advisor on mergers and acquisitions in Goldman Sachs International (London) and ABN Amro Corporate Finance (Madrid), where he rose to the position of Associate Director. Moreover, he holds the positions of Investments Manager and member of the Management Committee at Corporación Financiera Alba, S.A., likewise forming part of both Investments and Investors? Committees of Artá Capital SGECR S.A.
| BOARD MEMBER | POSTS |
|---|---|
| Mr. Javier Fernández Alonso | Members of the Board of Directors of Ebro Foods, S.A. |
D. Robert W. Samuelson fue nombrado Consejero de Euskaltel en el año 2017. Los inicios del Sr. Samuelson en el mundo laboral tuvieron lugar en el ámbito de la industria y la ingeniería, de la mano de British Aerospace y Royal Ordnance. Posteriormente, el Sr. Samuelson trabajó como consultor en Arthur D. Little Ltd. En el año 2000 se incorporó al Grupo Virgin, donde ha ejercido diversas responsabilidades. En enero de 2015, fundó Zegona Communications PLC, donde ejerce el cargo de director de operaciones y director ejecutivo. Entre otros cargos, el Sr. Samuelson es miembro del Consejo de Administración de Virgin Mobile Canada, Virgin Mobile France y Virgin Mobile South Africa. Adicionalmente, forma parte de la Comisión de Estrategia del Grupo Virgin, órgano encargado de proponer nuevas alternativas de inversión u operaciones societarias o corporativas. Obtuvo un Master's Degree en Ciencias Naturales por la Universidad de Cambridge y cursó un MBA en la Universidad de Cranfield (Cranfield School of Management).
Ms. Amatriain was appointed a director of Euskaltel in March 2015. She is currently an independent director of EVO Banco, S.A.U. Her previous professional career includes positions as Corporate Marketing Officer at Telefónica, S.A. from 2009 to 2012, CEO of Telefónica España from 2008 to 2009, CEO of Telefónica Móviles España from 2005 to 2007 and Chair and CEO of Telefónica Publicidad e Información. She graduated in Law from the Pontificia de Comillas University in Spain.
| BOARD MEMBER | POSTS |
|---|---|
| Ms. Belén Amatriain Corbi | Member of the Board of Directors of Amacor Gestión Inmobiliaria, S.L. Member of the Board of Directors of EVO Banco, S.A.U. Member of the Board of Directors of Capital Radio Economía, S.L. Member of the Board of Directors of Prim, S.A. |
Mr. Alzaga was appointed as independent director of Euskaltel in March 2015. He joined the Company in 1998 and developed his career until 2005 holding positions as Business Manager, Manager of Strategy and Business Development and member of the Managers Committee. Since 2005 he has also been President and CEO of Grupo Noticias. His previous professional career includes a position as General Manager of Editorial Iparraguirre, S.A. and a 12-year career in PricewaterhouseCoopers (Birmingham and San Sebastian desks).
| BOARD MEMBER | POSTS |
|---|---|
| Mr. Iñaki Alzaga Etxeita | Chairman of Compañía Multimedia del Norte, S.L. Chairman of Editorial Iparraguirre, S.A. |
Elisabetta Castiglioni joined the Euskaltel Board in June 2016. After developing her career in the world of telecommunications, working for operators (MCI Worldcom) and for manufacturers (Siemens), she currently offers advisory and consultancy services to different media and technological companies around the world, including clients of the ilk of the BBC, ITV, BSkyB, SABC, Rai, Mediaset, SkyItalia, Mediacorp Singapore, Cox, New York Times, Corus Entertainment, The Globe and Mail, StarTV, Times of India and ProsiebenSat1.
Miguel Ángel Lujua Murga joined the Euskaltel Board in June 2016. Over the last thirty years, his career has focused on making different organisations more efficient, by managing the teams and people working under his responsibility. At institutional level, he was Chair of the Basque Business Confederation (Confebask) from July 2011 to July 2015 and was a member of the Executive Committee and of the Management Board of the Spanish Confederation of Employers' Organisations (CEOE) and deputy chairman of Innobasque. Miguel Ángel also belonged to the Management Board of the Bizkaia Business Confederation (Cebek) and has been Chair of the Basque Foundation for Excellence (Euskalit). In 2015, he was appointed Chief Executive Officer of the IMQ Group.
| BOARD MEMBER | POSTS |
|---|---|
| Mr. Miguel Ángel Lujua Murga | Chief Executive Officer of the Igualmequisa, S.A. Group |
D. Jon James fue nombrado Consejero de Euskaltel en el año 2017. Los inicios del Sr. James en el mundo laboral tuvieron lugar en el ámbito de la tecnología, de la multimedia y de las telecomunicaciones, con puestos ejecutivos en diferentes compañías del Reino Unido pertenecientes a dicho sector. En el año 2007, se incorporó a Virgin Media, donde fue Director de Estrategia y Director de Televisión. Tras 7 años en Virgin Media, en el año 2014 se incorporó a Com Hem, principal operador de cable de Suecia, donde fue Director de Operaciones, responsabilizándose del mercado residencial. Desde marzo de 2017, el Sr. James es Consejero Delegado de Tele2 Netherlands. Es licenciado en Economía e Historia por la Universidad de Cambridge.
Mr Luis Alba is a Business Division Partner of the Cuatrecasas Bilbao office. He has extensive experience in the acquisition of companies, mergers, corporate group restructuring and receivership procedures. He graduated Law from the University of Deusto.
Mr Gonzalo Silveiro forms part of the Euskaltel workforce, which company he joined in 2000. Since 2015, he has been Governance Body and Corporate Governance Manager as a specialist in different areas of Corporate and Business Law, particularly involving mergers and acquisitions, commercial contracts and the securities market. He is a Law graduate from the University of Deusto.
Map of Skills
Board of Directors Regulations
Board of Directors Committees
The Board of Directors has three Committees:
- Audit and Control Committee.
- Appointments and Remuneration Committee.
- Strategy Committee.
Neither Committee has executive functions and they act as informative and consultation bodies, with reporting, advisory and proposal powers within their scope of action, which are governed by the provisions of the Company Articles of Association and in their own internal Regulations (Audit and Control Committee Regulations, Appointments and Remuneration Committee Regulations and Strategy Committee Regulations).
Their main task is to assist, report and make proposals to the Board of Directors on the issues which are assigned to them at each time by the Company Articles of Association, the Board Regulations and their own Regulations.
Composition
The Audit and Control Committee shall be composed of a minimum of three (3) and a maximum of seven (7) directors appointed by the Board of Directors itself and who must be external directors.
A majority of the members of the Audit and Control Committee shall be independent and shall be appointed, particularly as regards its chair, taking into account their knowledge and experience in accounting, auditing or risk management.
The members of the Audit and Control Committee as a whole must also have pertinent technical knowledge relating to the industry to which the Company belongs
It is currently made up of the following persons:
| MEMBERS | OFFICE | CATEGORY |
|---|---|---|
| Mr. Iñaki Alzaga Etxeita | Chairman | Independent |
| Kartera 1, S.L., represented by Ms. Alicia Vivanco González | Member | Proprietary |
| Corporación Financiera Alba, S.A., representated by Mr. Javier Fernández Alonso | Member | Proprietary |
| Mr. Robert W. Samuelsonn | Member | Proprietary |
| Mr. José Ángel Corres Abasolo | Member | Independent |
| Ms. Elisabetta Castiglioni | Member | Independent |
| Mr. Miguel Ángel Lujua Murga | Member | Independent |
| Mr. Luis Alba Ferré | Non-Director Secretary | |
| Mr. Gonzalo Silveiro Regulez | Non-Director Vice-Secretary |
Functions
The Audit and Control Committee is attributed the following functions:
-
Report to the General Meeting of Shareholders about the issues which are put forward by the shareholders on matters within its competence.
-
Supervise the effectiveness of the internal control of the Company and its Group, as well as its risk management systems, including those relating to taxation.
-
Analyse with the external auditors the possible significant weaknesses in the internal control system detected in the audit.
-
Supervise the process to prepare and present the regulated financial information.
-
Propose to the Board of Directors to be submitted to the General Meeting of Shareholders the appointment, re-election or substitution of the external accounts auditor in accordance with the applicable regulations, as well as the conditions for their contracting and regularly obtain from it information about the audit plan and its performance, as well as preserving its independence in the performance of its functions.
-
Supervise the activity of the Company?s internal audit.
-
Establish the appropriate relations with the external accounts auditors in order to receive information about those issues which may harm their independence, to be examined by the Committee, and any others relating to the process to perform the accounts audit, as well as those other communications set out in the account auditing legislation and in the audit regulations.
-
Annually issue, before the issue of the account audit report, a report stating an opinion about the independence of the external audits and summarising the activities of the Committee. This report must under all circumstances deal with the provision of the additional services referred to in the previous section considered individually and as a whole, apart from the legal audit and in relation to the regime of independence or the audit regulations.
-
Report in advance to the Board of Directors about all issues set out in the law, the Company Articles of Association and the Board of Directors Regulations and, in particular, about:
- the financial information which the Company has to periodically publish;
- the creation or acquisition of holdings in special purpose entities or those domiciled in countries or territories considered tax havens;
- the operations with related parties and
- about the economic conditions and the accounting impact of the structural and corporate modification operations planned by the Company and, in particular, for the proposed exchange ratio.
Control and Audit Committee Regulations
Composition
The Appointments and Remuneration Committee shall be composed of a minimum of three (3) and a maximum of seven (7) directors appointed by the Board of Directors itself upon a proposal of the Chair of the Board and who must be external directors.
A majority of the members of the Appointments and Remuneration Committee shall be independent directors and shall be appointed while endeavouring to ensure that they have the knowledge, skill and experience appropriate for the duties they are called upon to perform.
It is currently made up of the following persons:
| MEMBERS | OFFICE | CATEGORY |
|---|---|---|
| Mr. Miguel Ángel Lujua Murga | Chairman | Independent |
| Mr. Luis Ramón Arrieta Durana | Vocal | Proprietary |
| Corporación Financiera Alba, S.A., representated by Mr. Javier Fernández Alonso | Vocal | Proprietary |
| Mr. Robert W. Samuelson | Vocal | Proprietary |
| Mr. José Ángel Corres Abasolo | Vocal | Independent |
| Ms. Belén Amatriaín Corbi | Vocal | Independent |
| Ms. Elisabetta Castiglioni | Vocal | Independent |
| Mr. Luis Alba Ferré | Non-Director Secretary | |
| Mr. Gonzalo Silveiro Regulez | Non-Director Vice-Secretary |
Functions
The Appointments and Remuneration Committee is assigned the following basic functions:
- To assess the competences, knowledge and experience necessary on the Board of Directors. For these purposes, it will define the functions and skills necessary in the candidates who are to cover each vacancy and assess the time and dedication necessary so that they can effectively perform their duties.
- Establish a representation goal for the less represented gender on the Board of Directors and prepare guidelines on how to achieve said goal.
- Take to the Board of Directors the appointment proposals for independent directors to be designated by co-optation or to be submitted to the decision of the General Meeting of Shareholders, as well as the proposals for the re-election or dismissal of said directors by the General Meeting of Shareholders.
- Report the appointment proposals to the other directors for their designation by co-optation or to be submitted to the decision of the General Meeting of Shareholders, as well as the proposals for their re-election or dismissal by the General Meeting of Shareholders.
- Report the appointment and dismissal proposals of senior managers and the basic conditions of their contracts.
- Examine and organise the succession of the chairperson of the Board of Directors and of the Company?s chief executive and, if applicable, formulate proposals to the Board of Directors so that said succession takes place in an orderly and planned manner.
- Propose to the Board of Directors the remuneration policy for the directors and the general managers or those who perform senior management functions reporting directly to the Board, of executive committees or of chief executives, as well as the individual remuneration and other contractual conditions of the executive directors, ensuring it is followed.
Appointments and Remunerations Committee Regulations
Composition
The Strategy Committee shall be composed of a minimum of three (3) and a maximum of seven (7) directors appointed by the Board of Directors itself upon a proposal of the Chair of the Board and who must be external directors.
A majority of the members of the Strategy Committee shall be independent directors and shall be appointed while endeavouring to ensure that they have the knowledge, skill and experience appropriate for the duties they are called upon to perform.
It is currently made up of the following persons:
| MEMBERS | OFFICE | CATEGORY |
|---|---|---|
| José Ángel Corres Abasolo | Chairman | Independent |
| Kartera 1, represented by Ms. Alicia Vivanco González | Member | Proprietary |
| Corporación Financiera Alba, S.A., representated by Mr. Javier Fernández Alonso | Member | Proprietary |
| Mr. Robert W. Samuelson | Member | Proprietary |
| Ms. Belén Amatriaín Corbi | Member | Independent |
| Mr. Iñaki Alzaga | Member | Independent |
| Mr. Jon James | Member | Independent |
| Mr. Luis Alba Ferré | Non-Director Secretary | |
| Mr. Gonzalo Silveiro Regulez | Non-Director Vice-Secretary |
Functions
The Strategy Committee shall have the following basic duties:
- Evaluate and propose to the Board of Directors strategies for diversifying the business of the Company, based on its industry, its expected performance, the applicable regulatory framework, and the Company?s resources, abilities and potential for development and growth.
- Submit to the Board of Directors new investment opportunities, formulating alternatives for investment in assets that entail a long-term increase in the value of the Company.
- Study and propose recommendations or improvements to strategic plans that are from time to time submitted to the Board of Directors, in light of the Company?s competitive position.
- (iv) On an annual basis, issue and submit to the Board of Directors a report that contains the proposals, evaluations, studies and work performed by the Strategy Committee with respect to the above matters.
Strategy Committee Regulations
Internal Code of Conduct
Annual Corporate Governance Report
Elements of Remuneration Policy
Elements of Remuneration Policy
2017 Annual Report on the Remuneration of Directors
Adaptation to Recommendation 62 of the Code of Good Governance of the CNMV
Corporate Policies
Communication and Contact with Shareholders, Institutional Investors and Voting Advisors Policy
Euskaltel Group equal opprtunities policy
Euskaltel Group policy on engagement of and relations with the auditor