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CHAPTER 4 Responsible Management Corporate governance

AUDIT COMMITTEE

3 External directors appointed by the Board of Directors.

Review of draft annual accounts.

Review of directors reports.

Supervision and evaluation of the external auditor s report on the 2014 accounts.

Preparation and planning of external audit on the 2015 accounts.

Monitoring progress of work and projects related to Internal Audit, Inter- nal Control, Compliance and Risk Management in 2015 and analysis of the planning of work related to these areas for 2016.

At the meeting held in December 2015 the Board of Directors was advised to approve Cepsa s Corporate Tax Policy, in accordance with current legislation.

3 quarterly meetings.

Monitor the effectiveness of the Company s internal control system.

Overseeing internal audit and control systems and risk control and management.

Propose the appointment of external auditors.

Monitor the financial information preparation and reporting process.

Meetings

Functions

3 Members

2015 Summary