SQM Sociedad Quimica y Minera de Chile SA

Explanation: All new members of the Board will receive an orientation to the Company upon joining the Board regarding the Company, its business, risks, policies, procedures, principal accounting criteria, sustainability and the legal framework applicable to the Company and its Directors. Within 60 days of the new board being elected, the board will be provided with pertinent information related to the Company, including, but not limited to the Company’s by-laws, Code of Ethics, Manual for the Management of Information, Monthly Management Report, Sustainability Report, most recent 20-F and annual report. Through receipt of the 20-F, the Board will receive a list of all material contracts, and a full copy of the previous year’s financial statements. The Board has access to the Company website, through which it can access pertinent information about the Company, including but not limited to all recent financial statements and press releases issued by the Company and important Company policies.

Explanation: All new members of the Board will receive an orientation to the Company upon joining the Board to make it easier for him or her to know and understand the Company. As part of the new Board orientation the new members met with the Company’s General Counsel and other members of senior management to discuss any the Company’s business.

1. Function and composition of the Board of Directors. b) The Board has a permanent training procedure or mechanism in place to better understand what: iii) As a part of these subjects, includes the main advances that have occurred both locally and internationally regarding inclusion, diversity and sustainability reports.

Explanation: In 2021, the Board reviewed the main advances that have occurred both locally and internationally regarding inclusion, diversity and sustainability reports. As part of its ongoing training the Board must remain informed of any relevant regulatory changes, verdicts, and sanctions that have occurred both locally and internationally, related to inclusion, diversity and sustainability.

Explanation: The Audit and Financial Risk Committee shall meet as necessary, but at least twice per year, with the external auditing firm. The Board believes it is sufficient and more efficient to have two mandatory meetings with the external auditor per year, in which the above material will be discussed. Nevertheless, the Board can request an additional meeting with the external auditor as it feels necessary. Additionally, if the external auditors feel it necessary, they may also request a meeting with the Board.

Although the Board does not meet at least quarterly with the external auditor in charge of auditing the Company’s financial statements in order to analyze possible conflicts of interest that could exist in regard to the external auditing firm or its personnel, due to the provision of other services to the company or to the companies of the corporate group, and due to situations

Explanation: The SHEC meets at least four times per year with the Company’s social responsibility and sustainable development unit to analyze detected organizational, social or cultural barriers that could be inhibiting the natural diversity that would have taken place without those barriers. According to Chilean Law 18,046 article 40, the Board can delegate some of its responsibilities to committees. The SHEC presents its key findings to the entire Board.

The Board can request additional meetings as it sees fit or necessary.

Explanation: The Company annually publishes a Sustainability Report that is reviewed by the Board, and the usefulness and acceptance of the Sustainability Report as received by relevant interest groups is received by the Board.

The SHEC Committee meets at least four times per year with the Company’s social responsibility and sustainable development unit. According to Chilean Law 18,046 article 40, the Board can delegate some of its responsibilities to committees. The SHEC presents its key findings to the entire Board.

The Board can request additional meetings as it sees fit or necessary.

Explanation: As discussed in article 15 of the Company’s By-laws, the Board will meet or be in session at least once a month. Directors are expected to attend Board meetings in person or via telephone or video conference, in which proper means are in place. Members of the Board and the Committees, upon which they serve, are expected to attend meetings fully prepared and to remain in attendance for the duration of the meeting. Board meeting attendance will be disclosed annually in the Board Report Card, which is published on the Company website.

According to article 13 of the Company By-laws, a Director who does not attend three consecutive meetings due to reasons not considered reasonable by the Board, will as a matter of fact stop performing his or her functions, and must be replaced without delay and formalities. In this case, and in the event of conflict of duties, resignation, dismissal, death, bankruptcy, or any other inability disabling a director to perform his duties, the Board will proceed to appoint the replacement Director(s) pursuant to the Law who will stay in office and perform his or her duties until the next shareholder’s meeting to be held by the Company and at which all Directors are to be re-elected.

Explanation: The Board has a formal continual improvement procedure in place that considers the advice of an outside expert for the detection and implementation of these possible improvements or strengthening areas. Each year the Board will evaluate its own processes and performance through a Board Assessment designed to promote the Board’s on-going effectiveness and continuous improvement. This evaluation may be performed by a third party. As a part of this evaluation, the Board will review itself, its Chairman, and its CEO.

At the conclusion of this evaluation the Board will define any specific training measures that it believes should be carried out and will consider advisory services from third-party experts to aid in the detection and implementation of possible improvements.

1. Function and composition of the Board of Directors k) The Board has an information technology system in place, accessible by every Director, that: i) Allows him or her safe, remote and permanent access to all minutes and documents shown in every Board meeting over the last three years, through a mechanism that allows their indexing and information searches.

Explanation: The Board has a system in place that allows every Board Member safe, remote and permanent access, (notwithstanding any legal deadlines to summon a meeting) to the agenda and presentation materials that summarize all the matters to be discussed in Board meetings, and every piece of information that will be presented in a Board meeting, or additional information necessary to prepare for said meeting. The Board may also ask or receive regular reports which include analysis of key metrics in respect to operational and financial information. The Board secretary is responsible for ensuring that information is sent to the Board in a timely manner.

The meeting minutes will be provided to the Board as quickly as possible in Spanish, with a translation to English, before being executed by all required parties. Board members will have time to review Board meeting minutes in either language before executing them.

Explanation: The Board currently does have an information technology system in place which allows every Board member safe, remote and permanent access to the material listed in point ii, above, at least five days prior to Board meetings. Meeting materials and information is distributed in advance of each meeting. Any necessary meeting materials can be provided in either English or Spanish upon the request of any Board member.

However, as Board materials are subject to change until the moment of the meeting to ensure that the most current and correct information is available to the Board, the Company cannot guarantee that final board materials will be accessible five days prior to the session.

The Company will use its best effort to send them as soon as possible.

1. Function and composition of the Board of Directors k) The Board has an information technology system in place, accessible by every Director, that: vi) Allows the review of information referred to in point v) in no more than five days following the session.

Explanation: The Board will be elected by the shareholders, and it is expected that Board members will possess the following qualifications: integrity, time available to perform the responsibilities necessary, the ability to critically and strategically assess challenges and opportunities presented to the Company, and a willingness to understand and commit to the highest standards of ethics.

The Board has not implemented a formal procedure as specific as the requirement outlined above, in which shareholders will be informed at least three months before Board elections, regarding the diverse capabilities, conditions, experience and visions that according to the Board are appropriate for a Board Member to possess in an effort to protect social interest.

In the event of Board elections, the Company will make available to shareholders, as soon as possible, a document that contains the professional experience and profile of the candidates for Director, who has provided said information to the Company.

Explanation: The Board believes that each Board member should be responsible for guaranteeing that he or she has the time available to successfully perform his or her Board duties.

The Board has not implemented a procedure in which before the Board election, the maximum number of Board memberships that, according to the Board is appropriate for the Directors elected by the shareholders to hold.

Explanation: The Company issues the following reports: i) a 20-F based on SEC guidelines, ii) a Sustainability Report base on international standards such as the directives of ISO 26000:2010, or the Principles and Standards of Reports and Disclosures of the Global Reporting lnitiative or the lnternational lntegrated Reporting Council, iii) an annual report based on SVS guidelines, and iv) financial statements based on both SEC and SVS guidelines.

Also, according to CGP Section 9, the SHEC Committee shall periodically review the safety, health, environmental and sustainability policies of the Company and, as appropriate, recommend changes in such policies to the Board of Directors or management. Regarding the definition of policies indicators and reports, the Board will ensure that international standards such as Global Reporting Initiative or equivalent have been followed. The 2020 Sustainability Report, which was filed in 2021 was also audited and verified by an independent third-party.

Explanation: The company has an investor, shareholders and press relations unit, and allows them to clarify any doubt about the Company, its business, main risks, financial, economic or legal situation, and its publicly known businesses. The Company maintains a dialogue with institutional shareholders and sell-side analysts as well as potential shareholders. The Company’s official spokespersons to the market, in general, and especially to the media, are its CEO and its CFO. Notwithstanding the above, the “Investor Relations” and “Communications” Departments facilitate the delivery of information which the Company must provide to certain persons and to the communities where they develop their activities. More specifically, the Investor Relations team manages a formal program of presentations to update institutional shareholders and analysts on developments in the Company, its business, main risks, and financial, economic or legal situation. The Company also issues quarterly financial results. Copies of these results, presentations and other press releases issued by the Company are available on its website. The Company has members of the Investor Relations team who are fluent in English, in an effort to answer questions from individuals who do not speak Spanish.

The Board receives regular summaries and feedback in respect to the meetings held as part of the investor relations program as well as receiving analyst reports on the Company.

The Company holds regular non-deal meetings with institutional investors and sell-side analysts throughout the year which include international investor non-deal roadshow programs, presenting at industry conferences, hosting sell-side analyst events, and conducting individual investor meetings. These shall be attended by various members of the senior management team.

The Company has a website by means of which the shareholder may access all available public information regarding the Company. The Company ensures that it will provide to shareholders and the general public the information required by law in regard to economic, legal, and financial situations, in line with the rights and duties inherent to the position as shareholder, in both Spanish and English. Specifically, the Company’s website shall include the policies adopted by the Company in relation to social responsibility and sustainable development.

Explanation: The Board has a formal procedure for continual professional development in place to detect and implement possible improvements, and will consider the advisory of an outside expert for the detection and implementation of such improvements. The Board has delegated this to the Corporate Governance Committee, and this year considered the advisory of an outside expert for the detection and implementation of such improvements.

Explanation: The Board has a formal risk management policy in which a Risk Management unit or equivalent is responsible for facilitating the detection, quantification, monitoring and communication of risks. This entity reports directly to the Audit and Financial Risk Committee. The Audit and Financial Risk Committee and the Board meet as necessary.

During every meeting with the Risk Management and Compliance Officer, the Board will have an opportunity to meet with him or her without the presence of managers or senior management.

The Head of the Risk Management Unit reports directly to the CEO, but has direct access to the Audit and Financial Risk Committee and the Board.

Explanation: The Board has a formal risk management procedure in which an Internal Audit unit or equivalent is responsible for verifying the effectiveness and fulfillment of the policies, procedures, control and codes approved by the Board. The Internal Audit Manager reports directly to the Audit and Financial Risk Committee. The Board and the Audit and Financial Risk Committee meet as necessary, but not less than twice per year with the Company’s Internal Audit Manager to:

During every meeting with the Internal Audit Manager, the Board will have an opportunity to meet with him or her without the presence of managers or senior management.

The Company maintains an Internal Audit Unit, or equivalent.

Explanation: The Board has implemented a formal procedure that allows the whistleblower to know the status of his or her claim.

Explanation: The Board has implemented a formal procedure to identify the diversity of capabilities, knowledge, conditions, experiences and visions that their main executives should possess.

The Board will annually identify potential replacements for the CEO and the senior management of the Company, who possess diverse capabilities, knowledge, conditions, experiences and visions that are required for each position, and to ensure a plan is in place to implement a timely replacement of the CEO and other members of the senior management team in the event of their unexpected absence, minimizing the impact on the Company.

Explanation: The Board has implemented a formal procedure to identify potential replacements for the CEO and other main executives of the company within the personnel, through the identification process described in the previous point ii.

The Board will annually identify potential replacements for the CEO and the senior management of the Company, who possess diverse capabilities, knowledge, conditions, experiences and visions that are required for each position, and to ensure a plan is in place to implement a timely replacement of the CEO and other members of the senior management team in the event of their unexpected absence, minimizing the impact on the Company. In 2021, only potentialreplacements of the Company executives were reviewed.

Explanation: The Board has implemented a formal procedure in place to replace the CEO and other main executives of the company in a timely manner, and to pass their functions and relevant information, in case of their unexpected absence, minimizing the impact in the company.

The Board will annually identify potential replacements for the CEO and the senior management of the Company, who possess diverse capabilities, knowledge, conditions, experiences and visions that are required for each position, and to ensure a plan is in place to implement a timely replacement of the CEO and other members of the senior management team in the event of their unexpected absence, minimizing the impact on the Company.

Explanation: The Board has implemented a formal procedure in the detection of the matters referenced in i and ii above, which will be done at least annually.

The Board will annually identify potential replacements for the CEO and the senior management of the Company, who possess diverse capabilities, knowledge, conditions, experiences and visions that are required for each position, and to ensure a plan is in place to implement a timely replacement of the CEO and other members of the senior management team in the event of their unexpected absence, minimizing the impact on the Company.

Explanation: The Board has implemented a formal procedure to review, at least annually, the salary and policies of compensation of the CEO and other main executives, in order to detect and correct possible incentives to expose the company to risks that are not in line with the policies defined on the matter or to the execution of possible illegal acts. The Board shall examine the succession plan and at some level identify replacements for members of the senior management of the Company.

Explanation: The person or group of people that did the review in 2021 has at least 5 years of proven experience in processes and controls effectiveness evaluation or providing professional advisory or consulting services in the design and implementation of processes, risk management, or continual improvement.

In 2021, EY completed the review.

Explanation: The entity or people that did the review is not regulated by the Superintendence or foreign public or private organization of similar competence. The Board will hire the advisor whom they feel is best fit for the job.

In 2021, Uwe Hasseldieck completed the review.

Explanation: The entity or people that did the review did belong to a list established by the national stock exchanges of entities that fulfill the defined conditions to certify the self-evaluation to which this standard refers to. The Board will hire the advisor who they feel is best fit for the job.

In 2021, Uwe Hasseldieck completed the review. He is registered with the Santiago Stock Exchange.