Evaluation of the Board of Directors, Working Committees, Directors and interaction with the executive management

Periodically, and at least every two years, the Board evaluates its overall performance (including the Working Committees). In the Board’s view, this is best accomplished by the entire Board under the leadership of the Chairman, with the assistance of the Remuneration and Nomination Committee and of an external specialist when deemed appropriate.

The Chairman is in charge of organizing periodic performance appraisals through
an extensive questionnaire that addresses the following items:

• the functioning of the Board or Committee.
• the effective preparation and discussion of important items
• the individual contribution of each Director.
• the present composition of the Board or Committee against its desired composition.

Once a year, the Board also evaluates the interaction with the executive management