On the basis of a nomination from the Portuguese Republic acting by common accord with the Kingdom of Spain, the Board of Directors decided on 11 September 2006 to submit the candidature of Mr Carlos da Silva Costa to the Board of Governors for the post of Vice President and Member of the Management Committee, to succeed Ms Isabel Martín Castellá.

The written procedure inviting the Board of Governors to vote on this proposal was launched on 11 September 2006.

The decision to appoint Mr Carlos da Silva Costa was taken on 22 September 2006, the date on which the requisite majority of votes was reached. Mr Carlos da Silva Costa has therefore been appointed as Vice President and Member of the Management Committee.

The Board of Governors also conferred the title of Honorary Vice President on Ms Isabel Martín Castellá.