GOOD CORPORATE GOVERNANCE

Our organizational structure is made up of the Shareholders Assembly, the Board and its committees. The administration of the company is the responsibility of the Board and Corporate General Manager, whereas both the Corporate General Manager and Line Managers are responsible for the executive work.


The Shareholders Assembly chooses a Board for a three-year term. The Board of Directors is responsible for the company's strategy, determining its overall course.

Some specific functions of the Board are to: approve budgets, plans and policies aimed at achieving economic goals; approve the annual report and financial statements; promote and monitor compliance with established goals; and approve investments whose amounts significantly affect the financial position or strategy of the company, among others.


Committees


Audit Committee:

They assist the Board in carrying out activities related to the process of issuing financial statements, the internal control system, the internal audit process and monitoring compliance with the rules and code of ethics.

The Audit Committee meets twice a year and is composed of three members: two of whom must be independent directors, plus the general manager.


Compensation Committee:

They assist the Board in assessing the remuneration policy and voluntary distribution of profits and bonuses.

The Compensation Committee meets in March each year and is composed of two independent directors plus the general manager.




Principles of Good Corporate Governance:


 

Seeking to obtain the best results and the expected returns, we have voluntarily and firmly adopted the recommendations of the Peruvian Superintendency of Securities (Superintendencia del Mercado de Valores - SMV) around its declaration of principles of good corporate governance.

An evaluation conducted by the company PwC found that we fulfilled 70% of the Good Corporate Governance principles, either fully or in part (according to the compliance criteria established by the then CONASEV).

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