The Board of Directors is comprised of 12 members, with no alternates, and of which five are considered independent. The Board of Directors meets four times per year and such meetings may be called by the Co-Chairmen of the Board, the Chairman of the Audit and Corporate Practices Committee, the Secretary of the Board or at least 25% of its members. At least one meeting of every year is geared towards defining the Company’s medium and long-term strategies.