Corporate Governance

The Board of Directors (the “Board”) of Sociedad Química y Minera de Chile S.A. (the “Company” or “SQM”) must exercise its business judgment to act in what it reasonably believes to be in the best interests of the Company and its shareholders. In discharging that obligation, the directors of the Company (the “Directors”) must be entitled to rely on the honesty and integrity of the Company’s senior executives and its outside advisors and auditors. Directors will also be entitled to have the Company purchase reasonable Directors’ and officers’ liability insurance on their behalf for the benefit of indemnifications to the fullest extent possible.

The following corporate governance guidelines (the “Guidelines”) are designed to guide the Board in the exercise of its responsibilities to the Company and its shareholders. These Guidelines are intended to serve as a flexible framework within which the Board may conduct its business and not as a set of legally binding obligations. These Guidelines are subject to modification and the Board shall be able, in the exercise of its discretion, to deviate from these Guidelines from time to time, as the Board may deem appropriate or as required by applicable laws and regulations.

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