SOL MELIA ANNUAL REPORT 00 COMP

GOOD GOVERNANCE CODE
20 Financial information
“That all of the regular financial information as web as the annual
information offered to the markets is generated using the same professional
principles and practises as the annual accounts and that, before
being published, are verified by the Audit Commission”.
Amongst their duties, the Board of Directors, along with the Audit and
Compliance Commission are entrusted with the duty of providing
financial information to the markets following the same professional
principles, criteria and practises as those employed in the production of
the annual accounts.
Financial analysts have also been kept informed through conference calls on
quarterly results after their presentation and registration with the CNMV.
21 External Auditors
“That the Board of Directors and the Audit Commission supervise
situations that may present a risk to the independence of the company’s
external auditors and, specifically, that they verify the amounts paid to
external auditors as a percentage of the total revenues of the auditing
firm, and that they make public information on fees paid for services
other than audits”.
The Board of Directors and Audit and Compliance Commission have
made an analysis of the possible risks regarding the independence of
external auditors.
That total amount paid to the external auditor Ernst & Young reached
105,761,085 pesetas for auditing and consulting services. This amount is
equivalent to 0.7 % of the total revenues of the firm in Spain.
In addition, the company has paid out a total of 11,800,000 Pesetas to
Arthur Andersen and 370,019 Pesetas to KPMG in consultancy fees.
22 Production of the Annual Accounts.
“That the Board of Directors should avoid presenting accounts to the
General Shareholders’ Meeting that contain exceptions and reservations
in the auditors’ report, and that, whenever this is not possible,
both the Board of directors and the auditors must clearly explain to shareholders
and to the market the content and scope of the discrepancies”.
S OL
M ELIÁ
A NNUAL R EPORT 2000
66