business plan for 2004 - EDP

2003 - Annual Report - EDP
comprising three shareholders elected by the General
Meeting in accordance with the articles of association.
The current members of the Remuneration committee
are:
• Brisa, represented by Vasco Maria Guimarães José
de Mello;
• Parpública, represented by João Plácido Pires; and
• Ruy Manuel Corte-Real de Albuquerque.
No member of this committee holds a position on the
EDP Board of Directors, nor are they spouse or direct
relative to the 3rd degree of any EDP director.
The composition of the Remuneration Committee has
due regard for the independence criteria established by
the CMVM.
Under the terms of EDP’s articles of association, the
Remuneration Committee is charged with fixing the
remuneration of the directors and of any benefits, such
as retirement or disability pensions, as well as the
remuneration of the other corporate officers.
>> 1.10 Auditors
The Audit Committee has reviewed the Group’s
financial information reporting process in the name of
the Board of Directors. The management bodies are
responsible for the production and reporting of the
financial statements, and for the systems of internal
control that underpin them.
The Internal Audit Office, which reports to the chairman
of the Executive Committee, is responsible for checking
the consistency of the internal control systems,
particularly with regard to protection of assets, the
scope and accuracy of the operational and financial
information, and compliance with the EDP Group’s
guidelines.
The independent auditors – PricewaterhouseCoopers –
are responsible for expressing their opinion on the
conformity of the audited financial statements with
international accounting standards and with Portuguese
law. The Audit Committee is responsible for monitoring
these activities and for drawing up recommendations
within the scope of the process of preparation of the
financial information.
Having discussed with the Board of Directors and with
the independent auditors the relevant matters concerning
the financial statements, the Audit Committee
recommended to the Board of Directors, which
approved the recommendation, the inclusion of the
audited financial statements in this 2003 Report &
Accounts.
Mandate of the Independent Auditors
PricewaterhouseCoopers has been the firm of auditors
of the EDP , S.A. since 1999. Costs related to auditing
services, other auditing services and tax services are, in
Euros, as follows:
PwC
Other Auditors
Total
Audit and legal
certification of
accounts
600 031
551 260
1 211 291
Other
auditing
services
548 102
255 000
803 102
Tax
services
The auditing detailed in the foregoing table correspond
to necessary audit work required to issue an opinion on
individual and consolidated financial statements of the
parent company and its subsidiaries on Portugal and
overseas. These services do not include services to
associated companies nor jointly controlled companies.
PwC’s other auditing services include auditing services
on non-recurrent transactions, namely valuation of fair
values in Spain and Brazil, on the implementation of
new accounting policies, on the review of the internal
control systems, consents and comfort letters, and other
services within the scope of the requirements of the
CMVM (Portugal) and of the Securities and Exchange
Commission (United States).
Other auditing services provided by the independent
auditors include work performed by Delloitte & Touche
in Brazil related to the valuation of fair values of Escelsa
and Enersul.
The tax services concern the tax consultancy services
provided by KPMG, in Portugal, in the amount of
121 000 Euros and by Delloitte & Touche in Brazil.
_
130 732
130 732
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