A N N U A L R E P O R T G R U P O S E C U R I T Y ... - Banco Security

The remuneration was set at the equivalent of UF 15 (1UF=Ch$ 21,453)per meeting for each director, with a limit
of six meetings in the year. No administration expenses or advisory fees were incurred by the Directors’ Committee
during 2008.
The committee, whose functions are those set out in clause 50 bis of Law 18,046, met on six occasions during 2008
and revised the following matters:
• Revision of the report of the independent accountants addressed to the shareholders of Grupo Security and its
subsidiaries as of December 31, 2007.
• Proposal of the external auditors and credit-rating agencies to the board.
• Revision and approval of the Group’s annual internal audit plan and its principal scope and focus.
• Revision of the annual planning of the audit to be carried out by Ernst & Young, the appointed external auditors
for 2008.
• Revision and follow-up of the IFRS implementation plan in Grupo Security.
• Revision of the state of progress of publishing the Handling of Information for the Market Manual, approved by the
Group’s board.
• Periodic revision of operating, technological, compliance and credit risks arising from the integral risk management
implemented by Grupo Security for each of its companies.
• Revision of the principal audit findings in the different areas of business and companies of Grupo Security, and
follow-up of compliance with the commitments assumed for the resolution of auditing comments.
• Take note of regulatory changes made by authorities.
• Revision of the compensation and incentives system for the managers and senior executives of Grupo Security.
• Be informed of the internal controls report of Grupo Security issued by Ernst & Young on November 21, 2008, which
includes comments on both the Group and its subsidiaries.
• Revision of compensation and incentive systems for the managers and senior executives of Grupo Security.
• Revision of transactions between related and associate companies of Grupo Security.
Regarding this last point, the Directors’ Committee has revised the principal transactions with persons and companies
during 2008, taking into account that these are mainly advisory services and trading accounts with related companies.
The Committee took due note of these transactions and that the related contracts have been agreed at market
prices and that they are generally related to the normal course of business, agreed services and trading accounts.
The Committee has also checked that the transactions are not related by ownership to any director or authorized
signatory, all the above in strict compliance with current legislation. For further information, please see Note 6 to the
consolidated financial statements.