In 2014, we defined Votorantim Cimentos' global governance system, putting our governance on a par with companies listed on the São Paulo and New York stock exchanges.
This means we are compliant with the requirements for going public, should the market prove favorable, and that we have become competitive in attracting investors in the international market.
The new governance structure provides a balanced vision of the business challenges and mechanisms that influence the market for our four business units – VCBR (Brazil), South America, VCNA (North America) and VCEAA (Europe, Asia and Africa) –, favoring interchange where best practices and investment decisions are concerned.
Each of these units is represented in the GET – Global Executive Team. In addition to the vice presidents responsible for these regions, the GET comprises the Votorantim Cimentos global CEO and the executive directors of five global areas that are strategic for the company: Finance & Latin America Participations; People; Legal and Corporate Development. The GET meets on a monthly basis to propose, decide and monitor actions aimed at achieving the company’s vision.
This structure is replicated in the regions, with executive teams that drive the strategic directives within the local operations: in Brazil, there is the Brazilian Executive Team (BET); in North America, the North American Executive Team (NAET); and in Europe, Asia and Africa, the European, Asian and African Executive Team (EAAET).
Thus, our strategic drivers are managed at the highest company levels, with direct report to the Board of Directors.
Board of Directors and Committees
Responsible for managing strategic questions and determining short and long-term policies, the Board of Directors consists of six effective members elected by General Meeting for a two- year mandate. One of the members is independent. The Board of Directors is supported by four committees:
Statutory Audit Committee – Consisting of 100% independent members, the committee monitors financial reports, internal controls, risk management, the ombudsman, compliance with laws and regulations and internal and external audit activities.
Finance Committee – With three to five members, the Finance Committee elaborates medium to long-term market scenarios, proposes and monitors annual performance and budget targets, as well as tracking market evolution and the investment plan.
Compensation & Human Resources Committee – Its three members are elected and support the Board of Directors in decisions related to the management of the company's human resources.
Strategy Committee – With three to five members, this group supports the Board in short, medium and long-term strategic matters, such as competitiveness, new markets, investment opportunities.