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Supervisory Committee & Audit Committee

Supervisory Committee

Our Supervisory Committee is responsible for reviewing and supervising our administration and affairs, and verifying compliance with the by-laws and the decisions adopted at shareholders’ meetings pursuant to the provisions of the General Companies Law. The members of the Supervisory Committee are appointed at the annual general ordinary shareholders’ meeting for a term of one year. The Supervisory Committee is composed of three members and three alternate members.

The following table shows information about the members of our Supervisory Committee, who were elected in the annual general ordinary shareholders’ meeting which was held on October 30, 2019:

MEMBERDATE OF BIRTHPOSITION
José Daniel Abelovich07/20/1956Regular Member
Mr. Abelovich obtained a degree in accounting from University of Buenos Aires. He is a founding member and partner of Abelovich, Polano & Asociados S.R.L., an accounting firm in Argentina, member of Nexia International. Formerly, he was manager of Harteneck, López y Cía/Coopers & Lybrand and has served as a senior advisor in Argentina for the United Nations and the World Bank. He is a member, among others, of the Supervisory Committees of CRESUD, IRSA, Hoteles Argentinos, and Banco Hipotecario S.A.
Marcelo Héctor Fuxman11/30/1955Regular Member
Mr. Fuxman obtained a degree in accounting from University of Buenos Aires. He is a partner of Abelovich, Polano & Asociados S.R.L., an accounting firm in Argentina, member of Nexia International. He is also member, among others, of the Supervisory Committees of CRESUD, IRSA, Inversora Bolívar S.A. and Banco Hipotecario S.A.
Noemí Cohn05/20/1959Regular Member
Mrs. Cohn obtained a degree in accounting from the University of Buenos Aires. She is a partner at Abelovich, Polano & Asociados S.R.L., an accounting firm in Argentina, member of Nexia International, where she works in the audit area. Mrs. Cohn worked in the audit area of Harteneck, Lopez y Cía., Coopers & Lybrand in Argentina and Los Angeles, California. Mrs. Cohn is a member, among others, of the Supervisory Committees of CRESUD and IRSA.
Alicia Rigueira12/02/1951Alternate Member
Mrs. Rigueira holds a degree in accounting from the University of Buenos Aires. Since 1998, she has been a manager at Estudio Abelovich, Polano & Asociados S.R.L., an accounting firm in Argentina, member of Nexia International. From 1974 to 1998, Mrs. Rigueira served in different positions at Harteneck, Lopez y Cía., affiliated with Coopers & Lybrand. Mrs. Rigueira lectured at the School of Economic Sciences of the Lomas de Zamora University (Universidad de Lomas de Zamora).
Roberto Murmis04/07/1959Alternate Member
Mr. Murmis holds a degree in accounting from Buenos Aires University. He is a partner at Abelovich, Polano & Asociados S.R.L, an accounting firm Argentina, member of Nexia International. He formerly served as an advisor to the Secretariat of Public Revenue of the Argentine Ministry of Economy. Furthermore, he is a member of the Supervisory Committees of CRESUD, IRSA, Futuros y Opciones S.A. and Llao Llao Resorts S.A., among other companies.
Gaston G. Lizitza09/06/1972Alternate Member
Mr. Lizitza obtained a degree in accounting at the University of Buenos Aires. He is a partner at Abelovich, Polano & Asociados S.R.L; an accounting firm in Argentina, member of Nexia International. He is also a member of the Supervisory Committee of BACSAA, Cresud SACIF and A, Futuros y Opciones.Com SA and IRSA Inversiones y Representaciones Sociedad Anónima.

All members of the supervisory committee qualify as independent, in accordance with Comisión Nacional de Valores’ Resolution No. 400/2002.

Audit Committee

Management uses the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Report”) to assess effectiveness of internal control over financial reporting. 

The COSO Report sets forth that internal control is a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of the entity’s objectives in the following categories:


Based on the above, a company’s internal control system involves all levels of the company actively involved in exercising control: 

In accordance with Law 26,831 and the regulations of the Comisión Nacional de Valores, our board of directors established an audit committee which will focus on assisting the board in exercising its duty of care, compliance with disclosure requirements, the enforcement of accounting policies, the management of our business risks, the management of our internal control systems, ethical conduct of our businesses, monitoring the sufficiency of our financial statements, our compliance with the laws, independence and capacity of independent auditors and performance of audit duties both by our company and our external auditors. These responsibilities are meant to comply with the duties assigned by Law 26,831, the Technical Rules of the Comisión Nacional de Valores, and other applicable laws.

On October 31, 2019, our board of directors appointed Javier Kizlansky,  Isela Angelica Costantini and Marcos Barylka, all of them independent members, as members of the audit committee. The board of directors named Isela Angelica Costantini as the financial expert in accordance with the relevant SEC rules. We have a fully independent audit committee as per the standards provided in Rule 10(A)-3(b)(1).