A N N UA L R E P O R T
2014
2
Annual Corporate Governence Report
About Our Great Company
Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea
This paragraph style 2 Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. This paragraph style 2 Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamelit, squis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat.This paragraph style 2 Lor-
em ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. This paragraph style 2 Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. volutpaquat.
Annual Corporate Governence Report
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MESSAGE FROM THE
CHAIRMAN Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip. Haris ut et fugia alit eost la aut officia ad ut omnihiciis as dis derum que omnim es ius, cor ad ut mil inctur sed quatiis acepel intiis dem. Occum consequid mintio officiamSoluptus aeperem doluptatus doluptisqui culluptus niet optur molorest inis quos utempor endita sum dest landaernatur alicid quam, sit, et percimolori rerum ut vit a ium invenis dellatus sinctor eprecerro modi volupta spienia sectore pereped quo explatem sed maior simil et, con re necto blam acerchil etus dest, quiducipis sunt, net quas dio inis endis deratenihil mi, omnimus, sitassinus earion eos deliquatest apedipis ero diasped quaestiis sundebit, nit excerum fugit fugia velitatio tet andunt abo. Ota di comnien ientia iumquiatur, sitis ilitio. Andunt moloritiunti ipsuntorem aut mi, quis ad quiam dipsam utatibus exerum ex et venihit porepta tectae occabore velitiore nos enditiu ntustiumquo es ium alique exerspe.
Vestibulum lacus tortor, bibendum eu lobortis sed, scelerisque sed ante. Integer eu erat ut tortor sagittis fringilla non vitae dolor. Curabitur porta lorem sed odio suscipit pellentesque. Vestibulum vitae nunc quis augue sodales rutrum nec vel lectus. Aliquam tempor, sapien ut porttitor pharetra, tortor libero mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet nibh ut leo interdum imperdiet. Curabitur a tortor nisi. Fusce nec magna eros. Ut varius mollis eros, a rutrum turpis porta in. Suspendisse at arcu eget tellus hendrerit condimentum. Vestibulum nec ornare tortor. Vivamus tempus
dolor nec turpis accumsan sed dictum quam interdum. Phasellus sit amet magna diam, eu suscipit tortor. Vestibulum lacus tortor, bibendum eu lobortis sed, scelerisque sed ante. Integer eu erat ut tortor sagittis fringilla non vitae dolor. Curabitur porta lorem sed odio suscipit pellentesque. Vestibulum vitae nunc quis augue sodales rutrum nec vel lectus. Aliquam tempor, sapien ut porttitor pharetra, tortor libero mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet Vestibulum nec ornare tortor. Vestibulum vitae nunc quis augue sodales rutrum nec vel lectus. Aliquam tempor, sapien ut porttitor pharetra, tortor libero mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet Vestibulum nec ornare tortor.
s e r u t sig na
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Annual Corporate Governence Report
KEY FIGURES Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea Vestibulum lacus tortor, bibendum eu lobortis sed, scelerisque sed ante. Integer eu erat ut tortor sagittis fringilla non vitae dolor. Curabitur porta lorem sed odio suscipit pellentesque. Vestibulum vitae nunc quis augue sodales rutrum nec vel lectus. Aliquam tempor, sapien ut porttitor pharetra, tortor libero mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet nibh ut leo interdum imperdiet. Curabitur a tortor nisi. Fusce nec magna eros. Ut varius mollis eros, a rutrum turpis porta in. Suspendisse at arcu eget tellus hendrerit condimentum. Vestibulum nec ornare tortor. Vivamus tempus dolor nec turpis accumsan sed dictum quam interdum. Phasellus sit amet magna diam, eu suscipit tortor.
Vestibulum lacus tortor, bibendum eu lobortis sed, scelerisque sed ante. Integer eu erat ut tortor sagittis fringilla non vitae dolor. Curabitur porta lorem sed odio suscipit pellentesque. Vestibulum vitae nunc quis augue sodales rutrum nec vel lectus. Aliquam tempor, sapien ut porttitor pharetra, tortor libero mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet nibh ut leo interdum imperdiet. Curabitur a tortor nisi. Fusce nec magna eros. Ut varius mollis eros, a rutrum turpis porta in. Suspendisse at arcu eget tellus hendrerit condimentum. Vestibulum nec ornare tortor. Vivamus tempus dolor nec turpis accumsan sed dictum quam interdum. Phasellus sit amet magna diam, eu suscipit tortor.
Donec sit amet diam nibh. Maecenas lorem enim, ullamcorper non ultrices suscipit, tincidunt eu felis. Mauris sed pharetra nunc. Etiam purus felis, tincidunt id feugiat id, rutrum at justo. Donec nisl justo, auctor in malesuada vitae, tempor ut lacus. Nulla facilisi. Vivamus sit amet mi nec tellus volutpat hendrerit suscipit vel ipsum. Morbi nunc nisl, congue.
Donec sit amet diam nibh. Maecenas lorem enim, ullamcorper non ultrices suscipit, tincidunt eu felis. Mauris sed pharetra nunc. Etiam purus felis, tincidunt id feugiat id, rutrum at justo. Donec nisl justo, auctor in malesuada vitae, tempor ut lacus. Nulla facilisi. Vivamus sit amet mi nec tellus volutpat hendrerit suscipit vel ipsum. Morbi nunc nisl, consodales placerat.
Annual Corporate Governence Report
YEARLY SALES +127%
NET INCOME +126%
Kevin A. Sands
CFO Of recommend residence education be on difficult repulsive offending. Judge views had mirth table seems great him for her. Alone all happy asked begin fully stand own get. Does cold even song like two yet been. Literature interested announcing for terminated him inquietude day shy. Two assure edward whence the was. Who worthy yet ten boy denote wonder. Weeks views her sight old tears sorry.
Dennis John
CEO Of recommend residence education be on difficult repulsive offending. Judge views had mirth table seems great him for her. Alone all happy asked begin fully stand own get. Does cold even song like two yet been. Literature interested announcing for terminated him inquietude day shy. Two assure edward whence the was. Who worthy yet ten boy denote wonder. Weeks views her sight old tears sorry.
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Annual Corporate Governence Report
MANAGEMENT
DISCCUSION & ANALYSIS
52% Infrastructure
2% Corporate
“Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea� Vestibulum lacus tortor, bibendum eu lobortis sed, scelerisque sed ante. Integer eu erat ut tortor sagittis fringilla non vitae dolor. Curabitur porta lorem sed odio suscipit pellentesque. Vestibulum vitae nunc quis augue sodales rutrum nec vel lectus. Aliquam tempor, sapien ut porttitor pharetra, tortor libero mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet nibh ut leo interdum imperdiet. Curabitur a tortor nisi. Fusce nec magna eros. Ut varius mollis eros, a rutrum turpis porta in. Suspendisse at arcu eget tellus hendrerit condimentum. Vestibulum nec ornare tortor. Vivamus tempus dolor nec turpis accumsan sed dictum quam interdum. Phasellus sit amet magna diam, eu suscipit tortor. Donec sit amet diam nibh. Maecenas lorem enim, ullamcorper non ultrices suscipit, tincidunt eu felis. Mauris sed pharetra nunc. Etiam purus felis, tincidunt id feugiat id, rutrum at justo. Donec nisl justo, auctor in malesuada vitae, tempor ut lacus. Nulla facilisi. Vivamus sit amet mi nec tellus volutpat hendrerit suscipit vel ipsum. Morbi nunc nisl, congue quis sollicitudin quis, convallis quis purus. Etiam non turpis nunc, vel malesuada lorem. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Pellentesque ut enim et est volutpat volutpat id vitae justo. In ut velit eu arcu sodales placerat.enim tempus ornare vitae et augue.
Annual Corporate Governence Report
40% Resources
6% Property
7
8
Annual Corporate Governence Report
ASSETS (in thousands of dollars)
NOTE
12/31/2014
12/31/2013
Intangible assets
1.1
105.66
105.48
Property and equipment
3.2
33.55
43.53
Loans, advances and investments
4.4
567.77
485.39
Tax assets
4.3
56.99
22.00
Goodwill
6.11
457.31
585.33
Inventories
2.12
458.44
484.22
Trading securities
1.11
579.33
485.33
Other securities
3.2
48.22
485.22
2307.27
2696.50
TOTAL NON-CURRENT ASSETS Current assets Inventories
4.11
485.44
456.66
Advanced payments
4.33
58.44
45.33
Accounts receivable
2.11
292.55
503.60
Other assets
6.9
485.66
385.55
Cash and cash equivalents
1.1
485.44
485.22
Cash and cash equivalents
2.11
292.55
292.55
Cash and cash equivalents
2.11
292.55
292.55
Cash and cash equivalents
2.11
292.55
292.55
Cash and cash equivalents
2.11
292.55
292.55
Cash and cash equivalents
2.11
292.55
292.55
Cash and cash equivalents
2.11
292.55
292.55
Cash and cash equivalents
2.11
292.55
292.55
Cash and cash equivalents
2.11
292.55
292.55
Cash and cash equivalents
2.11
292.55
292.55
596.33
490.35
TOTAL FOR CURRENT ASSETS TOTAL ASSETS
2403.86
2366.71
Annual Corporate Governence Report
187,000
Enecto ipsanderias event
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Profit and achievements Explanda cus. Haris ut et fugia alit eost la aut officia ad ut omnihiciis as dis derum que omnim es ius, cor ad ut mil inctur sed quatiis acepel intiis dem. Occum consequid mintio officiamSoluptus aeperem doluptatus doluptisqui culluptus niet optur molorest inis quos utempor endita sum dest landaernatur alicid quam, sit, et percimolori rerum ut vit a ium invenis dellatus sinctor eprecerro modi volupta spienia sectore pereped quo explatem sed maior simil et, con re necto blam acerchil etus dest, quiducipis sunt, net quas dio inis endis deratenihil mi, omnimus, sitassinus earion eos deliquatest apedipis ero diasped quaestiis sundebit. ▶ volupta spienia sectore pereped quo explatem sed maior simil et, con re necto blam acerchil etus dest, quiducipis sunt. ▶ volupta spienia sectore pereped quo explatem sed maior simil et, con re necto blam acerchil etus dest, quiducipis sunt. ▶ volupta spienia sectore pereped quo explatem sed maior simil et, con re necto blam acerchil etus dest, quiducipis sunt. ▶ volupta spienia sectore pereped quo explatem sed maior simil et, con re necto blam acerchil etus dest, quiducipis sunt.
25,000
Enecto ipsanderias event
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15,000
Enecto ipsanderias event
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Annual Corporate Governence Report
CASHFLOW
FINANCIAL STATEMENTS Vivamus facilisis facilisis leo, eu dictum sem molestie nec. Suspendisse potenti. Ut congue, purus ac condimentum dapibus, turpis turpis mollis nulla, quis fermentum sapien nulla et metus. Nam non sem nibh, at mollis risus. Nulla facilisi. In leo nunc, semper at tincidunt vel, vestibulum at magna. Duis et ipsum velit. Sed eget massa id orci posuere blandit. Fusce dignissim semper porttitor. Etiam vel mi ipsum. Integer pretium purus id augue pretium sit amet sodales tellus interdum. Fusce sed porta sem. Praesent dictum congue magna at pellentesque.
“Vestibulum lacus tortor, bibendum eu lobortis sed, scelerisque sed ante integer eu erat ut tortor sagittis fringilla non vitae dolor curabitur porta lorem sed odio suscipit pellentesque vestibulum vitae nunc quis augue sodales Sed ac diam nulla�
income statement
income statement
income statement
income statement
income statement
100.200
1890.200
100.200
1890.200
100.200
100.200
750.200
100.200
750.200
100.200
40.200
800.200
40.200
800.200
40.200
30.200
40.200
30.200
40.200
30.200
800.200
40.200
800.200
40.200
800.200
1890.200
1890.200
1890.200
1890.200
1890.200
750.200
40.200
750.200
40.200
750.200
1890.200
800.200
1890.200
800.200
1890.200
income statement
income statement
income statement
income statement
income statement
100.200
1890.200
100.200
1890.200
100.200
100.200
750.200
100.200
750.200
100.200
40.200
800.200
40.200
800.200
40.200
30.200
40.200
30.200
40.200
30.200
800.200
40.200
800.200
40.200
800.200
1890.200
1890.200
1890.200
1890.200
1890.200
750.200
40.200
750.200
40.200
750.200
1890.200
800.200
1890.200
800.200
1890.200
income statement
income statement
income statement
income statement
income statement
100.200
1890.200
100.200
1890.200
100.200
100.200
750.200
100.200
750.200
100.200
40.200
800.200
40.200
800.200
40.200
30.200
40.200
30.200
40.200
30.200
800.200
40.200
800.200
40.200
800.200
1890.200
1890.200
1890.200
1890.200
1890.200
750.200
40.200
750.200
40.200
750.200
1890.200
800.200
1890.200
800.200
1890.200
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Annual Corporate Governence Report
NOTES TO THE
FINANCIA L STATE ME N T S “Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea�
Vestibulum lacus tortor, bibendum eu lobortis sed, scelerisque sed ante. Integer eu erat ut tortor sagittis fringilla non vitae dolor. Curabitur porta lorem sed odio suscipit pellentesque. Vestibulum vitae nunc quis augue sodales rutrum nec vel lectus. Aliquam tempor, sapien ut porttitor pharetra, tortor libero mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet nibh ut leo interdum imperdiet. Curabitur a tortor nisi. Fusce nec magna eros. Ut varius mollis eros, a rutrum turpis porta in. Suspendisse at arcu eget tellus hendrerit condimentum. Vestibulum nec ornare tortor. Vivamus tempus dolor nec turpis accumsan sed dictum quam interdum. Phasellus sit amet magna diam, eu suscipit tortor. Donec sit amet diam nibh. Maecenas lorem enim, ullamcorper non ultrices suscipit, tincidunt eu felis. Mauris sed pharetra nunc. Etiam purus felis, tincidunt id feugiat id, rutrum at justo. Donec nisl justo, auctor in malesuada vitae, tempor ut lacus. Nulla facilisi. Vivamus sit amet mi nec tellus volutpat hendrerit suscipit vel ipsum. Morbi nunc nisl, congue. Vestibulum lacus tortor, bibendum eu lobortis sed, scelerisque sed ante. Integer eu erat ut tortor sagittis fringilla non vitae dolor. Curabitur porta lorem sed odio suscipit pellentesque. Vestibulum vitae nunc quis augue sodales rutrum nec vel lectus. Aliquam tempor, sapien ut porttitor pharetra, tortor libero mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet nibh ut leo interdum imperdiet. Curabitur a tortor nisi. Fusce nec magna eros. Ut varius mollis eros, a rutrum turpis porta in. Suspendisse at arcu eget tellus hendrerit condimentum. Vestibulum nec ornare tortor. Vivamus
tempus dolor nec turpis accumsan sed dictum quam interdum. Phasellus sit amet magna diam, eu suscipit tortor. Donec sit amet diam nibh. Maecenas lorem enim, ullamcorper non ultrices suscipit, tincidunt eu felis. Mauris sed pharetra nunc. Etiam purus felis, tincidunt id feugiat id, rutrum at justo. Donec nisl justo, auctor in malesuada vitae, tempor ut lacus. Nulla facilisi. Vivamus sit amet mi nec tellus volutpat hendrerit suscipit vel ipsum. Morbi nunc nisl, consodales placerat. Donec sit amet diam nibh. Maecenas lorem enim, ullamcorper non ultrices suscipit, tincidunt eu felis. Mauris sed pharetra nunc. Etiam purus felis, tincidunt id feugiat id, rutrum at justo. Donec nisl justo, auctor in malesuada vitae, tempor ut lacus. Nulla facilisi. Vivamus sit amet mi nec tellus volutpat hendrerit suscipit vel ipsum. Morbi nunc nisl, consodales placerat. Donec sit amet diam nibh. Maecenas lorem enim, ullamcorper non ultrices suscipit, tincidunt eu felis. Mauris sed pharetra nunc. Etiam purus felis, tincidunt id feugiat id, rutrum at justo. Donec nisl justo, auctor in malesuada vitae, tempor ut lacus. Nulla facilisi. Vivamus sit amet mi nec tellus volutpat hendrerit suscipit vel ipsum. Morbi nunc nisl, consodales placerat. Donec sit amet diam nibh. Maecenas lorem enim, ullamcorper non ultrices suscipit, tincidunt eu felis. Mauris sed pharetra nunc. Etiam purus felis, tincidunt id feugiat id, rutrum at justo. Donec nisl justo, auctor in malesuada vitae, tempor ut lacus. Nulla facilisi. Vivamus sit amet mi nec tellus volutpat hendrerit suscipit vel ipsum. Morbi nunc nisl, consodales placerat.
15%
Annual Corporate Governence Report
15%
38% Vestibulum lacus tortor, bibendum eu lobortis sed, scelerisque sed ante. Integer eu erat ut tortor sagittis fringilla non vitae dolor. Curabitur porta lorem sed odio suscipit pellentesque. Vestibulum vitae nunc quis augue sodales rutrum nec vel lectus. Aliquam tempor, sapien ut porttitor pharetra, tortor libero mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet nibh ut leo interdum imperdiet. Curabitur a tortor nisi. Fusce nec magna eros. Ut varius mollis eros, a rutrum turpis porta in. Suspendisse at arcu eget tellus hendrerit condimentum. Vestibulum nec ornare tortor. Vivamus tempus dolor nec turpis accumsan sed dictum quam interdum. Phasellus sit amet magna diam, eu suscipit tortor. Donec sit amet diam nibh. Maecenas lorem enim, ullamcorper non ultrices suscipit, tincidunt eu felis. Mauris sed pharetra nunc. Etiam purus felis, tincidunt id feugiat id, rutrum at justo. Donec nisl justo, auctor in malesuada vitae, tempor ut lacus. Nulla facilisi. Vivamus sit amet mi nec tellus volutpat hendrerit suscipit vel ipsum. Morbi nunc nisl, congue.mattis arcu, vitae volutpat elit velit ut neque. Sed laoreet nibh ut leo interdum imperdiet. Curabitur a tortor nisi. Fusce nec magna eros. Ut varius mollis eros, a rutrum turpis porta in. Suspendis
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Annual Corporate Governence Report
MONITORING Activities performed by the audit and compliance committee in its role of monitoring the internal audit function As provided for in the bylaws and rules and regulations of the board of directors, the audit and compliance committee supervises the Group’s internal audit service.\ In fulfilling this duty, the audit and compliance committee is specifically tasked with: “i) Proposing the selection, appointment and withdrawal of the party responsible for internal audit; (ii) Reviewing the annual working plan for internal audit and the annual activities report; (iii) Ensuring the independence and effectiveness of the internal audit function; (iv) Proposing the budget for this service; (v) Receiving periodic information regarding the activities thereof; and (vi) Verifying that senior management takes into account the conclusions and recommendations of its reports” (article 16.4.(d) of the rules and regulations of the board of directors). The internal audit division reports directly to the board of directors, while the audit and compliance committee is responsible for overseeing its work. The internal audit function’s job is to oversee the effective and efficient performance of the internal control systems, the reliability and quality of the accounting information, with all the Group’s companies, business units, departments and services falling under its sphere of influence in this respect. The internal audit division is unique for the entire Santander Group. It is based in Spain and has offices in those countries where the Group’s presence so warrants. The head of the internal audit function at the Group reported to the audit and compliance committee on its work programme for the year ahead at a meeting of the latter on 13 February 2013. Throughout 2013, the audit and compliance committee and the board of directors in full have been kept apprised of the work carried out by the internal audit department in accordance with its annual plan and other issues related to the audit function at all of the audit and compliance committee meetings and four of the 11 board meetings held. The board was informed of the work performed by the internal audit division in the course of 2013 at its meeting on 28 January 2013. The audit and compliance committee is due to review the audit department’s work schedule for 2014 at a meeting scheduled for 13 February 2014. In order to fulfil its duties and cover the risks intrinsic to the Group’s business operations, the internal audit function is provided with a series of tools developed in-house which are updated whenever it is deemed necessary.These tools include the risk matrix, which is used in the planning process as it categorises each unit’s risk factors by order of priority on the basis of these units’ intrinsic risks, the latest audit rating assigned, the degree of compliance with its recommendations, size, etc.
Annual Corporate Governence Report
In addition, at least once a year, the internal audit function reviews the audit work programmes, which are documents describing the audit tests to be performed, to ensure they comply with the requirements in place. In 2012, the audit function evaluated the internal control procedures and IT system controls of the units falling under the scope of its review, testing the effectiveness of their design and the correct functioning of the controls analysed.
Procedure for reporting any significant internal control weaknesses encountered As stipulated in the bylaws and rules and regulations of the board of directors, the audit and compliance committee is officially tasked with the job of overseeing the financial information process and the internal control systems. The audit and compliance committee’s regularly scheduled meetings deal with any possible control deficiencies which could affect the reliability and accuracy of the financial statements, to which end it can call in the various implicated areas of the Group to provide the necessary information and clarifications; the committee also takes stock of the potential impact of any flaws detected on the financial information.
External auditor report The information relating to the internal control over financial reporting (ICFR) system (also known internally as the Santander Group Internal Control Model) provided in this section of the annual corporate governance report is assessed by the external auditor, which issues an opinion on the same and on the effectiveness of the ICFR system with respect to the financial information included in the Group’s consolidated financial statements for the year ended 31 December 2013.
Mechanisms for the capture and preparation of financial information The Group’s computer applications are configured into a management model which, using an IT system structure appropriate for a bank, is divided into several ‘layers’, which supply different kinds of services, including : - General IT systems: these provide information to division/business unit heads. - Management systems: these produce information for business monitoring and control purposes. - Business systems: software encompassing the full product-contract-customer life cycle.
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