ORDINARY SHAREHOLDERS' MEETING


IS AN OBLIGATION OF MERCANTILE COMPANIES TO HOLD AN ORDINARY MEETING OF SHAREHOLDERS AT LEAST ONCE A YEAR WITHIN FOUR MONTHS AFTER THE CLOSING OF THE BUSINESS YEAR (NO LATER THAN APRIL 30 OF EACH YEAR)

If you have a Public Limited Company (SA), Investment Promoter Limited Company (SAPI) or Limited Liability Company (S. de RL) in accordance with article 182 of the General Law of Commercial Companies in force, you are obliged to hold an Ordinary Assembly by at least once a year within four months after the end of the fiscal year.

The Ordinary Shareholders' Meeting must be held at least once a year within the four months after the close of the fiscal year, that is, in April of the next year, and will deal, in addition to the matters included in the order of the day, of the next:

1.Discuss, approve or modify the Report of the Board of Directors, the report must
include at least:

A report from the administrators or sole administrator on the progress of the company in the year, as well the policies followed by the administrators and, where appropriate, on the main existing projects, during the fiscal year between the date of creation of the company and December 31 of the fiscal year in question, under the terms of the provisions of article 172 of the General Law of Commercial Companies and resolutions thereon.

A report in which they declare and explain the main accounting and information policies and criteria followed in the preparation of the financial information.

A statement that shows the Financial Situation and Results of the company at the closing date of the fiscal year.

A statement of Variation in the Capital Stock of the Company

The notes that are necessary to complete or clarify the information provided by the previous statements.

Commissioner’s Report. Pursuant to the provisions of Article 166 of the General Law of Commercial Companies, an examiner is responsible for:

• Communicate any irregularity to the General Assembly of Shareholders
• Require administrators to provide monthly information that includes at least a statement of financial position and a statement of results
• Carry out an examination of the operations, documentation, records and other supporting evidence, to the degree and extent necessary to carry out the surveillance of the operations.
• Render annually to the Ordinary General Assembly of Shareholders a report regarding the veracity, sufficiency and reasonableness of the information presented by the Board of Directors to the Assembly of Shareholders.
• Attend, with voice, but without vote, all meetings of the Board of Directors, to which they must be summoned.
• Attend, with voice but without vote, the Shareholders' Meetings.

• Monitor the management, conduct and execution of the company's business.

  2.If applicable, appoint the Administrator or Board of Directors and the Commissioners, or ratify their position.

  3.Determine the emoluments corresponding to the Directors and Commissioners, when they have not been established in the bylaws.

The lack of timely presentation of the report of the Board of Directors or Sole Administrator will be reason for the General Assembly of Shareholders to agree on the removal of the Administrator or Board of Directors, or of the Commissioners, without prejudice to the responsibilities in which they respectively incurred are required.

Fifteen days after the date on which the general meeting of shareholders has approved the Report of the Board of Directors, the shareholders may request that the financial statements, together with their notes and the opinion of the commissioners, be published in the electronic system established by the Ministry of Economy.

In addition to the above, and in accordance with Rule 2.4.15 of the Miscellaneous Tax Resolution for 2022, in case of modification or incorporation of partners or shareholders, associates and other persons, whatever the name by which they are designated, that by their nature are part of the organic structure and that have such character in accordance with the statutes or legislation under which you are constituted as a legal person, legal persons must issue notice 295/CFF on the SAT portal “Notice of modification or incorporation of partners, shareholders, associates and other persons that are part of the organic structure of a moral person, as well as those that have control, significant influence or power of command” within thirty business days after the day in which the course is executed.

The foregoing, and in order to support you with these procedures, at AS Consulting Group we make our Legal Service available to you so that you can comply with legal and fiscal obligations in a timely manner.

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