Corporate Governance

Lan Airlines S.A. ("LAN") is a publicly traded corporation listed on the Santiago Stock Exchange, the Valparaiso Stock Exchange, the Chile Electronic Exchange and the New York Stock Exchange (NYSE).

LAN's corporate governance practices are regulated by the following legal framework: Law No. 18.046 on Corporations; the Corporations Regulations; Lan Airlines S.A. Company Bylaws; Law No. 18.045 on Securities Markets, and the regulations of the Superintendent of Securities and Insurance of Chile.

The company has approved a Code of Ethics for senior financial executives that is intended to promote honest and ethical conduct, avoid conflicts of interest, and ensure correct disclosure of financial information and compliance with applicable regulations.

The management of LAN is the responsibility of a Board of Directors made up of nine principal members elected every two years by the Annual General Meeting of shareholders. The Board of Directors meets in ordinary session once a month, and in extraordinary session as circumstances may require.

The company has a Committee of Directors that meet on a monthly basis and is made up of three independent members of the controlling shareholder group who are elected every two years and be reelected. The duties of the Committee are to examine the reports of the external auditors, review operations with related parties, and supervise the pay and benefits of senior executives and managers.

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