Role of the management bodies
Role of the board of directors
The Intervest board of directors is the highest decision-making body, except in those matters reserved for the law or for the articles of association of the general meeting of shareholders.
The Intervest board consists of 6 directors of which 4 are independent as referred to in article 526ter of the Companies Code.
The Board meets four times a year at minimum.
In addition to its legal duties, the board of directors' mandate is to focus on the four priority areas below:
- Monitoring all aspects of corporate governance
- Real estate policy and establishing a strategic course
- Financial policy and financial reporting
- Monitoring of the management committee’s activities
Chapter 4 of the Corporate Governance Charter explains the composition of the board of directors, the directors’ profile, the rules applicable to meetings and deliberations, the chairmanship, the tasks, the representation, the formation and the method of assessment.
Role of the audit committee
The audit committee is an advisory subcommittee of the board of directors, composed of three Directors, each independent as referred to in article 526ter of the Companies Code.
The audit committee shall assist the board of directors in carrying out its monitoring and audit responsibilities and shall formulate recommendations on the following issues:
- Internal control (risk management and compliance)
- Internal audit
- External audit
- Financial reporting
- Legal provisions and administrative procedures
Chapter 5 of the Corporate Governance Charter explains the composition, operation, reporting method and tasks of the audit committee.
Role of the management committee
The management committee is the executive committee appointed by the board of directors. It is composed of 3 members who are also the effective managers of the company within the meaning of Article 14, §3 of the RREC Act.
The management committee's main tasks are as follows:
- Making proposals to the board of directors in the areas of strategy and general policy
- Implementing the strategy set out by the board of directors
- Dealing with the operational management of the company and reporting on this to the board of directors
Chapter 6 of the Corporate Governance Charter explains the composition of the management committee, the chairmanship, the task allocation, the rules applicable to meetings, deliberations and voting, the competences, the reporting obligation and the method of assessment.
The members of the management committee are appointed for an indefinite period.