The global compensation of the members of the Board of Directors, the Fiscal Council and the Statutory Board is determined annually by the Annual General Meeting, in accordance with our Compensation Policy for senior management. The overall annual remuneration is based on the Compensation Policy. The definition process is advised by the Management Committee, which assesses the proposal before forwarding it to the Board of Directors, which in turn forwards it to the annual general meeting for approval.
The Management Committee is made up of members appointed by shareholders who hold at least a 9% stake in Norte Energia’s share capital, as defined in the Shareholders’ Agreement. For the Statutory Board, termination payments follow what is set out in the agreement.