The Appointments and Remunerations Committee was created by Abengoa SA’s Board of Directors on 24th February 2003 pursuant to Article 28 of the Board of Directors Regulations, with the aim of incorporating the recommendations on the Appointments and Remunerations Committee in Law 44/2002 on the Reform of the Financial System. Said Board of Directors also approved its Internal Regimen Regulations.
The current composition of the Committee is as follows:
Daniel Villalba Vilá Chairman Non-executive independent Board Member
Aplicaciones Digitales, SL Member (Represented by José B. Terceiro Lomba) . Executive Board Member
José Luis Aya Abaurre Member. Non-executive Nominee Board Member
Alicia Velarde Valiente Member. Non-executive independent Board Member
Carlos Sebastián Gascón Member. Non-executive independent Board Member
José Marcos Romero Non-Board Member Secretary
The Secretary was appointed during the Appointments and Remunerations Committee meeting held on 28th January 2004 through a meeting by circular resolution; the Chairman was however appointed during the Appointments and Remunerations Committee meeting held on 23rd February 2009.
The Appointments and Remunerations Committee is consequently comprised of one executive and four non-executive board members, in compliance with the requirements set forth in the Law on the Reform of the Financial System. Likewise, in accordance with the provisions of Article 2 of its Internal Regulations, the post of Committee Chairman is compulsorily held by a non-executive board member.
The following are the duties and competencies of the Appointments and Remunerations Committee:
To execute the duties listed above, the Appointments and Remunerations Committee shall meet as many times as necessary and, at least, once every six months. They shall also meet on the behest of the Chairman. Lastly, a meeting shall be deemed valid if all its members are present and they decide to hold a session.
The Committee held six meetings during the 2010 financial year; the most relevant among the issues dealt with on the agenda were the proposals of appointment and renewal of the Board of Directors members and the appointment of the Board of Directors International Advisory Committee members, as well as the verification that the conditions that were the basis for the appointment of the board members and the nature or type thereof continued to be upheld (or maintained).
The Committee is considered validly constituted if the majority of its members are present. Only non-executive board members may act as representatives.
Decisions taken shall be deemed valid if favourably voted by the majority of the committee members, present or represented. Situations of tie shall be resolved by Chairman’s vote.
The company’s head of remunerations shall act as secretary in the Committee meetings.
Committee analyses and proposals