Culmia completes its new Board of Management

01 of April of 2022

• The corporate body comprises professionals with extensive experience in the property sector who, among other objectives, will undertake a growth plan involving an investment of 450 million euros in the next four years.

• Culmia has also transformed its corporate governance structure in line with best practices to operate with the agility and rigour of the top firms in its sector.

31 March 2022– Culmia, one of Spain's leading property developers, has completed appointing the mambers of its new Board of Management with the firm goal of making the residential development platform the most profitable of its kind and a leader at the national level.

The main management body of the company's day-to-day operations combines new members with experience in the sector or from other spheres of activity with executives who have a long track record with the developer.

This new Management Board will deploy the company's current business plan with a four-year horizon, which for example includes an investment of 450 million euros to strengthen Culmia's position in the build to sell, build to rent and affordable housing segments.

At the helm of the Committee is Francisco Pérez, CEO of Culmia, who has almost three decades of experience in the property sector.

The other members are: Rubén Bernat, Corporate and Financial Director; Pablo Méndez, Investment and Land Management Director; Juan Manuel Borrás, Head of Operations; Jaume Borràs, Business Director; Cristina Ontoso, Sales and Marketing Director; and Jaime Jordana, People and Organisation Director.

The composition of this new Management Committee continues the changes that determined the appointment las July of Agustín Cordón as the non-executive Chairman and of Mario Armerio as the non-executive Vice-Chairman.

New corporate governance

In addition, since its name change and rebranding, Culmia has also transformed its governance structure to act with greater diligence and rigour. To this end, the company has set up a Board of Administration that has independent directors, to enrich its decision-making, of which Gema Muñiz, the group's Legal Director, is the non-director Secretary.

Culmia's Board of Administration also has committees that again give decision-making greater support and solidity in terms of appointments, remuneration and auditing and control.

The company has also created five committees in which its directors also participate: the Sustainability and Innovation Committee; the Business, Operations and Corporate Committee; the Strategy Committee; the Sales Committee; and the Investment Committee.

In addition, the company has risk control and management and compliance policies, which include a code of conduct, a whistleblowing channel, an anti-corruption and anti-fraud policy, a crime prevention and detection protocol and a statute governing its internal audit function. Culmia also complies with current regulations and the main standards on the prevention of money laundering and terrorist financing as well as personal data protection.