Notes to the Consolidated
In millions of U.S. dollars, unless otherwise stated
31. EMPLOYEE PROFIT SHARING-PLAN
The Company provides an employee profit sharing plan which was approved by the Board of Directors in April 1996, as amended in December 2008, giving the employee profit sharing to their employees, which is linked to a plan of action, the object of evaluation results and the achievement of specific goals, which are established and agreed at the beginning of each year. Up to the year ended December 31, 2009, the profit sharing was equivalent to 12.5% of net income for the year, determined in accordance with U.S. GAAP. For the year ended December 31, 2010, with the IFRS adoption in Brazil, the net income determined in accordance with IFRS and presented in reais became the basis for the profit sharing. Of this amount, 30% is distributed in equal parts to all employees and 70% proportional to salary the Company recorded of US$41.3 and US$33.7 in 2010 and 2009.