On the basis of a nomination by the Portuguese Republic in agreement with the Kingdom of Spain and by decision of the Board of Governors on 14 May 2013, Mr Duarte Pitta Ferraz (Professor University of Porto), was appointed as member of the Audit Committee with effect 15 May 2013, to succeed Mr José Rodrigues de Jesús whose term of office expired on 14 May 2013.
The term of office of Mr Duarte Pitta Ferraz will expire in 2019, at the end of the day either of the Annual Meeting of the Board of Governors or the approval of the financial statements whichever is the latter.