Appointment of Board

The entire Board of Directors shall be elected on the basis of lists submitted by shareholders, taking into account the requirements provided by law on gender quotas and independence criteria.

On the basis of the Articles of Association, to which reference is made for a more complete discipline about, the members of the Board of Directors shall be appointed according to the following procedure:

  • all the Directors except one shall be drawn from the list that obtained the most shareholder votes, in the sequential order in which they appear on the list;
  • at least one Director shall be drawn from the minority list that obtains the most shareholder votes, provided that he/she is not in any manner connected, even indirectly, with the shareholders who submitted or voted the list that obtained the most votes;

In the event that only one list be submitted in accordance with the rules, all the Directors shall be drawn from this one list, based on the sequential order in which the candidates appear on the list.