The Treasury Department which acts as the shareholder representative of the State of Sao Paulo appoints the Chairperson of the Board (who is often the Governor or Premier of Sao Paulo). There is also the shareholder's meeting which is almost at the same level as the Treasury Department to address issues or concerns from the shareholders' perspectives. The Board of Executive Directors appoints the Chief Executive Officer, who then appoints his/her management team. In compliance with corporate governance principles, there are about five committees, namely the audit committee (3 members), fiscal council (5 members), risk committee and both internal and external audit committees. Employees are also represented at board level yet at the time of the committee's visit those representatives were not appointed. The company reports annually on its financial performance and the information is accessible to the public generally.