Annual Report 2010 - CMVM

Corporate Governance Report 2010The External Auditor should, under its competences, verify the application of the remuneration policies and systems, the effectiveness andoperation of the internal control mechanisms and report any flaws to the company's supervisory board, pursuant to the provisions in CMVMRecommendation number III.1.4.It should also be noted that neither the External Auditor, nor any other entities in a holding relationship or which are part of the same network,provide TD,SA any services other than audit services.The retribution of the Chartered Accountants Company is determined in accordance with the volume and quality of the services provided inthe context of the duties entrusted under the terms of the Law and Articles of Association.For the specific purposes of the applicable rules, we disclose that, during the year ended 31 December 2010, the auditor MARIQUITO, CORREIA& ASSOCIADOS, SROC and other natural and legal persons belonging to the same network supported by the Company and/or by legal personsin a controlling or group relationship, were paid the total value of EUR 272,500.00, relative to the only services provided, that is, Legal Reviewof Accounts and Audit services.III.18 Reference to the rotation period of the External Auditor.The External Auditor was only appointed for the position in November 2009 to perform duties during the two-year period 2009/2010.Although the Chartered Accountants Company MARIQUITO, CORREIA & ASSOCIADOS, SROC had previously performed the duties inherent toPermanent Statutory Auditor of various companies of the TEIXEIRA DUARTE Group, namely at TD-EC, the truth is that such circumstances donot affect its independence in the performance of the respective functions.The issue of the rotation of the external auditor is irrelevant since the external auditor is currently performing its first term of office.128