Surveillance Committee Budget

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06 August 2013 News Headline Hits: 661

Surveillance Committee Budget
Budget and Plan of Activities for 2013. Mr. De La Carrera began his presentation indicating that they are proposing to hire the services of an auditing company to perform the four audits of securities in custody required by the law, estimating that the unit value of each audit would fluctuate around UF 300, so the total cost on this account would be UF 1,200. He reminded that this activity involves a series of tasks among which is the confirmation of balances. He added that for the internal environment control and technological risk analysis, with emphasis on business continuity considering the knowledge acquired by the Surveillance Committee and the reasonable control scope established by DCV S.A., the proposal is to have a fund of UF 1,800 to hire specialists determined by the Surveillance Committee in order to analyze the necessary Internal Control aspects. At this time, special emphasis will be given to everthing related to Business Continuity and a special follow-up to the recommendations made to the business continuity Plan revision last year. UF 60 is considered for the revision of the size of the audit sample. The propose to contract all the previous activities, whether by means of tender with the specialized companies selected in each case, or without tender, though only if the situation so allows, and provided the members of the Committee so unanimously decide. The President continued, indicating that UF 180 was considered for other purposes or services. For permanent personnel, the monthly expenses considered for the next period amount to UF 30.00, for the administrative secretary and UF 8 for the accountant, which amounts to an annual expense of UF 456. UF 50 is considered for general expenses, and he indicated that the Committee members’ allowance values are maintained, which in the case of the President amount to UF 35, the Vice-president, UF 30 and the remaining members, UF 25. He then added, that given the increase of the requirements and activities to be overseen by the Committee, the Meeting is proposed that in the case of extraordinary meetings, to pay a maximum of one meeting per quarter, with which the limit of meetings subject to payment in a year would be 16, which would require a total expense of UF 2,240. The above implies a total budget for 2013 of UF 5,986 less the actual surplus of UF 744.40. Therefore, the amount to finance with Participants’ installments in 2013 amounts to UF 5,241.60. The Vice-president added that this budget is UF 40 higher than last year’s. The President then gave voice to Participants in two occasions to comment on the budget and activities for 2013, without receiving any observations, so upon the President’s suggestion, the budget and the Surveillance Committee activities were unanimously approved by the Meeting for the period between April 2013 until the Regular Meeting of 2014, which amounts to UF 5,986, and involves requesting a contribution from Participants of UF 5,241.60. Participants’ Installments Estimation Procedure Mr. Hugo de la Carrera explained the proposal of the Surveillance Committee with regard to the installments to be paid by Participants for financing the Committee’s activities and the way to determine them, indicating that it had been proposed to the Meeting to retain the last 10 years’ payment formula, saying that it consists of the distribution of a 70% as a fixed installment for all Participants and the remaining 30% proportionally distributed according to the values that Participants pay to DCV in the semester prior to the charge of the respective installment in relation to custody (Fixed Income; plus Financial Intermediation and Variable Income), payment that is performed in two installments, in the months of April and September together with DCV’s invoicing. The President gave voice on two occasions to pronounce in relation to the procedure, though no inquiries or concerns were received. Consequently, upon the President’s proposal, the Meeting unanimously approved the installments estimation procedure and charge for 2013. Composition of the 2013 Committee In consequence of the result above, the Secretary indicated that the following are the members who constitute the Surveillance Committee for the 2013 period: Don Hugo de la Carrera P. Don Oscar Mehech C. Don Moris Takahashi J. Don Ciro Corrotea M. Don Raúl Bustos C. DCV Noticias

Surveillance Committee Budget

Budget and Plan of Activities for 2013.

Mr. De La Carrera began his presentation indicating that they are proposing to hire the services of an auditing company to perform the four audits of securities in custody required by the law, estimating that the unit value of each audit would fluctuate around UF 300, so the total cost on this account would be UF 1,200. He reminded that this activity involves a series of tasks among which is the confirmation of balances. He added that for the internal environment control and technological risk analysis, with emphasis on business continuity considering the knowledge acquired by the Surveillance Committee and the reasonable control scope established by DCV S.A., the proposal is to have a fund of UF 1,800 to hire specialists determined by the Surveillance Committee in order to analyze the necessary Internal Control aspects. At this time, special emphasis will be given to everthing related to Business Continuity and a special follow-up to the recommendations made to the business continuity Plan revision last year. UF 60 is considered for the revision of the size of the audit sample. The propose to contract all the previous activities, whether by means of tender with the specialized companies selected in each case, or without tender, though only if the situation so allows, and provided the members of the Committee so unanimously decide. The President continued, indicating that UF 180 was considered for other purposes or services. For permanent personnel, the monthly expenses considered for the next period amount to UF 30.00, for the administrative secretary and UF 8 for the accountant, which amounts to an annual expense of UF 456. UF 50 is considered for general expenses, and he indicated that the Committee members’ allowance values are maintained, which in the case of the President amount to UF 35, the Vice-president, UF 30 and the remaining members, UF 25. He then added, that given the increase of the requirements and activities to be overseen by the Committee, the Meeting is proposed that in the case of extraordinary meetings, to pay a maximum of one meeting per quarter, with which the limit of meetings subject to payment in a year would be 16, which would require a total expense of UF 2,240. The above implies a total budget for 2013 of UF 5,986 less the actual surplus of UF 744.40. Therefore, the amount to finance with Participants’ installments in 2013 amounts to UF 5,241.60. The Vice-president added that this budget is UF 40 higher than last year’s.

foto hugo herrera01
The President then gave voice to Participants in two occasions to comment on the budget and activities for 2013, without receiving any observations, so upon the President’s suggestion, the budget and the Surveillance Committee activities were unanimously approved by the Meeting for the period between April 2013 until the Regular Meeting of 2014, which amounts to UF 5,986, and involves requesting a contribution from Participants of UF 5,241.60.

Participants’ Installments Estimation Procedure

Mr. Hugo de la Carrera explained the proposal of the Surveillance Committee with regard to the installments to be paid by Participants for financing the Committee’s activities and the way to determine them, indicating that it had been proposed to the Meeting to retain the last 10 years’ payment formula, saying that it consists of the distribution of a 70% as a fixed installment for all Participants and the remaining 30% proportionally distributed according to the values that Participants pay to DCV in the semester prior to the charge of the respective installment in relation to custody (Fixed Income; plus Financial Intermediation and Variable Income), payment that is performed in two installments, in the months of April and September together with DCV’s invoicing. The President gave voice on two occasions to pronounce in relation to the procedure, though no inquiries or concerns were received. Consequently, upon the President’s proposal, the Meeting unanimously approved the installments estimation procedure and charge for 2013.

Composition of the 2013 Committee

In consequence of the result above, the Secretary indicated that the following are the members who constitute the Surveillance Committee for the 2013 period:

Don Hugo de la Carrera P.
Don Oscar Mehech C.
Don Moris Takahashi J.
Don Ciro Corrotea M.
Don Raúl Bustos C.

DCV Noticias