independent auditors

The awarding of the audit assignment (now independent statutory audit), which includes auditing the separate and consolidated financial statements and performing the related regular reviews of the accounting records, to a company listed in the special register established for this purpose, is a prerogative of the Shareholders’ Meeting, which also determines the corresponding compensation. Since 2007, the Shareholders’ Meeting has been selecting the Independent Auditors based on a detailed recommendation by the Board of Statutory Auditors. Previously, the recommendation was submitted by the Board of Directors and the Board of Statutory Auditors merely provided a factual opinion.

The award of the assignment to the current Independent Auditors, Deloitte & Touche Spa was approved by the Shareholders’ Meeting of April 26, 2011. Deloitte's partner responsible for Edison's assignment is Piergiulio Bizioli.

The Italian subsidiaries, with very few exceptions, have also awarded the independent statutory audit assignment to Independent Auditors chosen from those listed in the special register established for that purpose, as required by Legislative Decree No. 58/1998. Usually, the Independent Auditors thus selected are the same as those retained by Edison, so as to allow the Independent Auditors of the Group’s Parent Company to assume direct responsibility for the audits of its subsidiaries.

Consistent with a firmly established Group policy, Edison and its principal subsidiaries have also asked their Independent Auditors to audit their semiannual financial statements and, in the case of companies that operate in the electric power and natural gas industries, the separate financial statements that are prepared annually for the Electric Power and Hydrocarbons operations and to perform special audits needed to comply with contractual requirements or required by the Electric Power and Gas Authority.