BOARD OF DIRECTORS AND BOARD COMMITTEES
Pursuant to Telefónica's Corporate Bylaws, the administration of the company falls to the Board of Directors, its Chairman, Executive Committe and, if any, one or several CEOs.
The Board of Directors will be composed of at least five and no more than twenty Board Members appointed by the General Shareholders' Meeting. Board Members will serve for a term of four years and may be re-elected one or more times for terms of the same duration. Currently, the Board of Directors is composed of seventeen Board Members, plus a Secretary and a Vice Secretary whom are not Board Members.