Remmuneration program 2006

Claudine LaakeJulien Dal Palu

Estafania Molina AlvarezPatricia Villa Velasco

  Consists of at least 3 members and the number of CEO’s is

limited to ensure sufficiently independence of the committee

Has control of all aspects of the engagement of specialist remuneration consultants

Integrates all components that support the objectives of the company ( short-term and long-term-components and financial targets and non- financial targets and other relevant information like peer group benchmarking)

Communicates with the shareholders, provide them with full

disclosure and seek input from them. 

The Remuneration Committee:

Appropriate balanced structure. Each plan tailored to the unique

circumstances of the market and of the firm.

Remuneration Plan Design

Compensation plans :

Cash and Short-term incentives

Equity and Long-term incentive tools

Performance-based Methodologies

Post Employment and Other Benefits

Employment contracts -> strictly limited -> maximun duration -> automatics basis Disclosures -> Committee is the one responsible -> done on an anual basis -> Presented on an specific place, clearly

and easily understood