The Company is administered by a Board of Directors (the "Board") which is comprised of between five and eleven members.

The Shareholders' Meeting shall, prior to electing the Board, establish the number of members thereof, within the aforesaid limits.

The directors remain in office for three fiscal years and may be re-elected. At the time of the appointment of the Board of Directors, the Shareholders' Meeting shall determine the remuneration to which the members of the Board of Directors shall be entitled throughout their term of office.

Those persons who are in possession of the same requirements of good reputation and professionalism, established by CSDR may be appointed as directors to ensure the sound and prudent management of central securities depositaries.

At least one third, but no less than two, of the members of the Board shall be independent, according to the definition set out by CSDR.

The Board shall elect among its members a Chairman and a Deputy Chairman, who shall remain in office throughout the term of office of the Board that elected them.

The Board may also appoint a Chief Executive Officer, determining his/her powers and delegate specific powers concerning the ordinary management of the Company or special projects to one or more members of the Board.