Governance Model

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Our corporate governance model values the commitment to ethics in decision-making processes. All practices are referenced on documents such as the Code of Ethics and Bylaws, always following the guidelines of corporate responsibility, accountability, transparency, fairness and consensus among the parties involved in joint decisions, with long term vision.

Our governance structure is composed by the General Shareholders Meeting, entitled to elect the members of the Board of Directors and the Fiscal Council. There are seven members on the Board of Directors, including two independent, with a two-year term. The Board of Directors is assisted by three committees: the Audit Committee; the Finance, Risk and Contingencies Committee; and the Personnel Management and Sustainability Committee. The Fiscal Council is comprised by five members, with one-year term.

Among its duties, the Board of Directors is responsible for electing the Executive Board, which consists of four statutory and two non-statutory members.

Our business principles and practices are based on our Code of Ethics, which review was approved by the Board of Directors on July 31st, 2014. We have also an Internal Audit area, responsible for monitoring activities based on an annual schedule.

Our Policies are our tools to formalize the standards of conduct and processes and are based on the best corporate governance practices. The Trading, Disclosure, Related-Party Transaction and Information Security Policies are available at our website for referral and consultation.

We have an Investor Relations department, responsible for the interaction with shareholders, investors, analysts, regulators, and other entities of the capital markets. We conduct annual public meetings with investment analysts, shareholders and other stakeholders. We disclose our financial results in IFRS (International Finance Reporting Standard) since 2010, conducting quarterly conference calls in Portuguese and English with the capital markets on the earnings release and other matters of interest.