ACS
Actividades de Construcción y Servicios

Board Committees

Audit Committee


Composition

Chairman:	Mr. Álvaro Cuervo García
Members:	Mr. Manuel Delgado Solís
	Mr. Santos Martínez-Conde Gutierrez-Barquín
	Mr. Julio Sacristán Fidalgo
Secretary non member:	Mr. José Luis del Valle Pérez

Persons who are currently employed by or have held a position of employment in the Company within the past three years may not be appointed to the Audit Committee. The Chairman must necessarily be a non-executive member of the Board and may not hold his position for more than four years, although he may be re-elected one year after his termination.


Functions

The responsibilities of the Audit and Control Committee are as follows:

• To inform the General Shareholders´ Meeting on issues of its competence raised by shareholders.
• To propose the appointment of the external auditors referred to in Section 204 of the Revised Text of the Corporations Lawto the Board of Directors for submittal to the General Shareholders´ Meeting.
• To revise and approve any significant changes to accounting policies of the Company and the subsidiaries in the Corporate Group, as well as the Corporate Group itself. Also, in general and with regard to external auditors, to receive information on any matters that could jeopardise their independence and any other matters relative to the auditing of accounts, as well as any other communications specified in account auditing legislation and technical auditing standards.
• To supervise the internal audit services, should these exist in the corporate organisation.
• To be informed of the financial information process and the internal control measures of the Company.
• To revise and inform on the estimates of Company management and corporate group management regarding possible significant tax and legal contingencies.
• To be informed of the results of inspections carried out by official agencies.
• To be informed of the routine information provided by the Company to the Stock Exchanges.
• Any other matters especially entrusted to it by the Board of Directors.

Operation

The Audit Committee will be understood as convened when the majority of its members are in attendance, and it will pass resolutions by majority of votes, with the Chairman casting the deciding vote. The Audit Committee will meet when called by its Chairman and at least twice yearly, coinciding with the initial and final stages of the audit of the Company’s financial statements and the consolidated financial statements of the Corporate Group and always prior to issuing the corresponding audit reports.


Audit Committee reports

 2008 Audit Commitee report (18 KB)

 2007 Audit Commitee report (17 KB)

 2006 Audit Committee report (18KB)

 2005 Audit Committee report (20 KB)

 2004 Audit Committee report (14 KB)

 2003 Audit Committee report (Spanish) (81 KB)