Raúl Bustos, who has been President of the DCV Surveillance Committee for over 18 years, pointed out that “our job is to watch over the depositors’ interests, exercising all powers within our capacities legally granted to us”. This Committee is formed by five members who are chosen in the depositors’ annual assembly.

“We believe that for the company it is good to have this stage of control as it is carried out from the different point of view, the depositors’, in other words, the DCV customers”, he said.

The Surveillance Committee has several rights and liabilities which are specifically set forth in Act Nº 18.876 (Constitution and Operation of Private Entities of Custody and Deposit of Securities), out of which three are pointed out. First, supervision over custody, clearing, settlement and transference operations that customers perform, so they are thoroughly and timely carried out and that they are materialized pursuant to all regulations in force.

Second, the performance of quarterly counts of both material and dematerialized instruments (which is carried out based on samples that are statistically determined) and the control of position’s matching that each depositor holds. A third task is to verify that the relevant information for the business which the depositors request the company to grant to them, be available for them so they can operate. “Specifically, it means to control that all operations performed are properly done and in the manner they must be done”, stated Bustos.

Another task that the DCV Internal Regulation grants to the Committee is to be aware of the conflicts that might arouse between Participants and of the claims presented against any of them or against the Company.

Notwithstanding the few cases that have appeared during these years, the Committee has executed the agreements which have enabled their solution.

The President’s Committee added that “although the Committee is formed by five people, the committee is empowered by law to hire professional services that help in theperformance of specific tasks. Annually, the Depositor’s Assembly approves a budget and a work plan intended to this as well as other Committee’s relevant goals. In practice, the Committee entrusts specific tasks to these professionals (consultants or auditors) whether through tender or direct appointment, Assembly shall grant.

There are important elements to take into account when selecting the companies; it is important to mention that the offerors’ abilities, their experience, the team that shall perform the relevant job, the manager or partner in charge are taken into account for these processes, and we also try to avoid any conflicts of interests, so that the company/companies selected for one or more than one task shall not render audit or consultation services to DCV.

When asked, he indicated that the role of the President of DCV Surveillance Committee is to manage, represent and keep the relations with the different entities that are part of the relevant processes of the services provided by DCV.

Raúl Bustos said that “I have been very glad to be able to fulfill these tasks, truly to all of us, as this means that the depositors rely upon us. Many of us have been reelected over time as part of the Committee, and I have been bestowed the presidency by the rest of the members of the Committee who have so decided year after year. On the other hand, the relationship with the executives of the company is definitely encouraging, as it is always fully enriching and transparent.

We have the feeling that we are considered as a Committee that, notwithstanding strict compliance with its control and supervision tasks, tries to contribute in all aspects that within its scope might help the depositors”

Finally, the executive added that, “it’s only natural that by working with the people and getting to know the company, you start feeling affection for it and you try to accomplish your tasks thoroughly, as this makes it possible to contribute to its development and to provide the service committed to with our customers. We reckon that our job helps a company such as this, which operates with leading technology in a complex and multi interrelationship market, might timely and efficiently perform its tasks, as demanded both by the depositors and the law.

DCV Noticias