Members of the Board are nominated by the Shareholders’ Meeting for a term not exceeding 3 years, that expires on the date of the general meeting convened to approve the accounts of the last financial year of their term.

The Shareholders’ Meeting also resolves on the number of members to be elected, within the limits specified by the corporate By-laws (from 5 to 9 members), and the duration of their term.

Pursuant to the By-laws, members of the Board of Directors are appointed by the Shareholders’ Meeting in application of a slate voting system, which ensures adequate representation of non-controlling shareholders on the Board, as well as compliance with normative rules providing for positive actions to ensure appropriate presence of the less represented gender in management and statutory control bodies of public entities. At its meeting of February 18, 2020, the Board of Directors, after obtaining the opinion of the Remuneration and Appointments Committee, approved the Advice for Shareholders on the future size and composition of the Board of Directors, in accordance with application criterion 1.C.1, letter h) of the Corporate Governance Code. At the same meeting, the Board, taking into account principles 2.p.4 and 8.p.2 of the Corporate Governance Code, also approved the Policy on the diversity in the composition of management and control bodies aimed at encouraging, among other things, the widest diversity in corporate governance.