The Board of Directors is supported by the Corporate Practices and Audit Committee, which is responsible for monitoring compliance with the controls established by the Management, and for fulfilling the activities assigned by the Securities Market Law, among them: supervision of Cultiba and feedback on the effectiveness of internal controls. Tasks are mainly related to overseeing that operations are conducted and recorded in accordance with the general guidelines and applicable criteria from financial reporting standards.

The Committee’s main functions are:

The Corporate Practices and Audit Committee is also responsible for offering its opinion to the Board of Directors regarding the performance of Relevant Officers, convening Shareholder Meetings and assisting the Board in the preparation of reports to the Annual General Meeting of Shareholders.

Prior to April 30, 2014, Cultiba had a Compensation Committee responsible for, among other things, reviewing and commenting on the compensation packages for the CEO and other Senior Officers, as well as preparing and presenting an annual report on its activities to the Board of Directors.

As part of the agreements of the 2014 Annual General Meeting of Shareholders, the roles and responsibilities of the Compensation Committee were incorporated into the functions of the Corporate Practices and Audit Committee.