Committees Of The Board Of Directors

Board Of Directors Committee

The Directors’ Committee was established in April 2001, and its current members are: Salvador Correa, Enrique Seguel and Enrique Cibié. This committee reviews the financial statements and the reports of the external auditors, proposes the external auditors and risk rating agencies that are elected in the shareholders’ meeting each year, it assesses the transactions with related parties, as well as transactions in which a director, officer, or top manager of the Company may have an interest, and advises on compensation plans for MASISA’s top managers. Likewise, by agreement of the Ordinary Shareholders’ Meeting, held on April 30, 2008, it started to assume the functions of the old Compensations Committee, which by agreement of that same Meeting stopped convening.

Audit Committee

The Audit Committee was established in June 2005, and is made up of Enrique Seguel, Salvador Correa, Rosangela Mac Cord de Faria and Juan Carlos Méndez. The Audit Committee’s main functions are to assure the integrity of the financial statements, review the accounting policies, safeguard the Company’s legal compliance, evaluate the external auditor’s performance each year, its fees, independence and qualifi- cations, analyze possible lawsuits and litigation and the strategies for addressing such risks. This committee is in charge of supervising and managing the Chief Auditing Officer.

Disclosure Committe

The Disclosure Committee is made up the following executives of MASISA: Roberto Salas (Chief Executive Officer who chairs the committee); Jaime Valenzuela (Atlantic Region Board Manager); Alejandro Espinosa (Pacific Region Board Manager); Jorge Correa (Forestry Division Manager); Eugenio Arteaga (Chief Financial Officer); Patricio Reyes (Legal Counsel); Juan Carlos Araya (Controller), and Luis Zúñiga (Chief Auditing Officer).
This committee is responsible for supporting the General Management and the Chief Financial Officer that disclosure of information to the public and market and its stakeholders is true.