Organizational Chart. The Company's organizational chart in its first stage was composed as follows: a management team composed of 5 directors (those mentioned); a secretary (Nicol s de Echeveste); a C diz factor (Santiago de Irisasi); a principal factor in Caracas (Pedro de Olavarriaga); three auditors; a Deputy in the Court (Miguel Antonio de Zuazán bar, who seems to have collaborated with the person sent by the Province of Guip zcoa in securing the Caracas Company for the latter). This initial structure was completed as operations increased. In Venezuela, new factors were opened in addition to the original ones in La Guaira and Caracas, in Puerto Cabello, San Felipe, Maracaibo, etc., and later in Cuman and Guayana. Furthermore, when the Guipuzcoana Company's headquarters moved to Madrid, other directorates were established: 1) Madrid, as the main headquarters, would have three directors; 2) San Sebastián, as a secondary headquarters, would have one director and two assistants; 3) A new directorate was established in Caracas. The accounting offices were also tripled, as each directorate would have its own. These new positions were also joined by other complementary ones, such as clerks, officers, etc. The General Shareholders' Meeting was, at first, the highest governing body. In its first stage, the General Meeting met in the Consulate Hall in San Sebastián. Only shareholders with eight or more shares could attend the meetings—owning eight shares conferred one vote. Furthermore, those interested in the Company with voting rights could delegate their representation to other shareholders. At the General Meeting, the accounts, if applicable, had to be approved, both for the Guipuzcoana de Caracas Company's businesses in America and Europe. In light of the results, it was the General Meeting that decided the distribution of dividends. Furthermore, the General Meeting could change the directors by majority vote and ultimately decide the future of the company. However, the nature of the Shareholders' Meeting changed when the company's headquarters were moved to Madrid. Once there, many Gipuzkoans had to delegate their votes to people residing at Court. Meetings in Madrid began, in the 1950s, to last for months. Furthermore, the decisions taken at the meeting were subject to the endorsement of the Monarch. On the other hand, given the difficulties that the general assembly of interested parties presented in making sometimes urgent decisions, the so-called Particular Boards were created. These meetings, chaired by the King's representative and attended by, in addition to the management, a limited number of shareholders previously elected by the General Assembly, became, in practice, the utive body of the Royal Guipuzcoan Company of Caracas.