The Board of Directors of Sociedad Química y Minera de Chile S.A. must exercise its business judgment to act on what it reasonably believes to be in the best interest of the Company and its shareholders. In assuming that obligation, the Board 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 and according to the applicable law.
The Board is elected by the shareholders, but it is expected that Board members will possess the following qualifications: integrity, time available to perform the responsibilities necessary, the ability to critically and strategically assess challenges and opportunities presented to the Company, and a willingness to understand and commit to the highest standards of ethics. All of our active board members are non-executive independent directors under the NYSE requirements.