Executive Summary

ATRESMEDIA

EXECUTIVE SUMMARY

— CORPORATE RESPONSIBILITY 2014

Adaptation to new legislation

In 2014 we can highlight the passing of Law 31/2004 which amends the Capital Company Act, the

result of the work of the Committee of Experts. The Board of Directors, as the central body involved

in the correct governance of a company, has obligations relating to leadership, defining the compa-

ny’s strategy, supervision of the management, etc. and is responsible to the shareholders, investors

and third parties who may be affected by its actions for compliance with these obligations and for

its own management.

As a result of the entry into force of the reform to the Law, the Board of Directors and the General

Shareholders’ Meeting will have to adopt agreements in 2015 to adapt the internal regulatory texts

to the amendments of the Law.

In this context of reviewing and enhancing the Corporate Governance of listed companies, the

Appointments and Remuneration Committee has launched some specific initiatives, for example:

Approval by the Board in the first quarter of each year, after a report from the Appoint-

ments and Remuneration Committee, of a report assessing the Board of Directors, its Com-

mittees, the Chairman and the CEO, in relation to the previous financial year, compiled from

responses from the directors to a questionnaire created for this purpose.

Approval by the Board of Directors, in the first quarter of each year, of a report on its activ-

ities in the previous financial year.

Approval by each of the Board’s Committees, in the first quarter of every year, of a report

containing their activities in the previous financial year and communication of these to the

Board of Directors.

TRANSPARENCY

The Annual Corporate Governance Report (ACGR) forms part of the

Company's management report and is disclosed to the market as a significant

event through the Comisión Nacional del Mercado de Valores (National

Securities Market Commission) website

and the company's

corporate website

). The Directors'

Remuneration Report (DRR) is also available on the website.