The Audit Committee provides support to the Board of Directors through monitoring action. This includes supervision of the preparation of business and financial information and of the company's internal controls - and is independent of the external auditor.
The Audit Committee consists of three members of the Board of Directors:
| Director | Post | Type of Director |
|---|---|---|
| Dª. Arantza Mendizábal Gorostiaga | Chair | Independent |
| Dª. María Jesús Álvarez González | Member | Shareholder Representative |
| D. José Folgado Blanco | Member | Independent |
The committee was set up by the board on November 18th 2003 and replaces the previous audit and compliance committee. [ See notification to the Spanish Stock Exchange Commission regarding the membership of committees.
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The operation and composition of this committee is governed by article 23 of the Articles of Association, which applies to the Audit Committee, and by articles 13 and 14 in Chapter V, on the Board of Director´s Regulations.
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Lastest update: 01-August-2011