Pursuant to the Bylaws, the Board of Statutory Auditors is comprised of three Statutory Auditors and two Alternates.
The Board of Statutory Auditors is elected based on slates of candidates filed by shareholders in accordance with the modalities and the limitations set forth in the Bylaws.
In order to be elected, Statutory Auditors must meet the requirements of the relevant laws, the Bylaws and other applicable provisions.
The term of office of the current Board of Statutory Auditors ends on the date of the Shareholders’ Meeting convened to approve the financial statements at December 31, 2016.
The Board of Statutory Auditors is responsible for monitoring:
- compliance with the laws and Bylaws;
- respect of the principles of sound management;
- the adequacy of the Company’s organization, for issues under its jurisdiction, and of the administrative-accounting system and the reliability of this system to present accurately the results from operations;
- with the support of the Board of Directors, the Independent Auditors and the Internal Control Officer, the execution by the Company of atypical and/or unusual intercompany, related - party or third-party transactions.