Tesmec adopts a traditional system of administration and control, which is characterised by:

• a General Shareholders’ Meeting, which takes decisions on the most important government activities of the company in accordance with the Law and the Articles of Association;
• a Board of Directors, which is responsible for managing the company and has vested delegated bodies and subjects with operating powers;
• a Board of Statutory Auditors, which monitors observance of the law and the Articles of Association and the respect of the principles of correct management, the adequacy of the organisational structure and the control, administration and accounting systems of the company;
• an Auditing Firm entrusted with auditing of and giving an opinion on the financial statements, in compliance with the law and the Articles of Association.

In accordance with the recommendations of the Corporate Governance Code adopted by the Corporate Governance Committee of listed companies, an Internal Control Committee and a Remuneration Committee have been set up within the Board of Directors.