Codelco's Board before and after the Corporate Governance Law (CGL): The Board of Directors is the highest authority in the Company. The Corporate Governance Law No. 20,392, enacted on 4 November 2009 introduced changes that included an increase in the number of directors from seven to nine and the term of five years for the board of directors as opposed to the presidential term during the Decree Law 1350. The Board is appointed as follows: three directors directly appointed by the President of the Republic; four directors appointed from a shortlist selected by the Council of Senior Public Management; one director selected from a shortlist presented by the Federation of Copper Workers (FTC), and one director chosen from a shortlist presented by both the Federation of Copper Supervisors (FESUC) and the National Association of Copper Supervisors (ANSCO). Roles and responsibilities of directors under the new law include: . To approve and dismiss the CEO; . To approve the 3 year business plan; . To plan and approve investments; and . To be civil and criminally responsible for their actions.