IR & Governance


The independent auditors retained to perform independent statutory audits of the financial statements are required by law to ascertain whether the accounting records are properly maintained and record faithfully the results from operations, and whether the statutory financial statements and the consolidated financial statements comply with the rules governing their preparation and provide a fair and truthful presentation of the financial position, cash flows and operating result for the period, rendering an opinion on the financial statements and the consistency of the Report on Operations with the information provided in the financial statements.


Authority for Electrical Energy and Gas (AEEG)

An independent authority instituted by Italian law no. 481 of 14 November 1995 with responsibility for regulation, control and promotion of competition in the electrical and gas energy sectors.

IR & Governance

Board of Directors

The role of the Board of Directors is to define the strategic guidelines that must be followed by the Company and the Group under the Company’s control and is responsible for governing its business operations. Accordingly, it enjoys the most ample powers to carry out all actions, including acts of disposition, that it may deem useful for the furtherance of the corporate purpose, the sole exception being those that the law expressly and exclusively reserves for the Shareholders’ Meeting.
The Board of Directors is responsible for managing the Company directly or by delegating some of its attribution to other governance bodies.
In order to strengthen its management function, a series of decisions concerning highly significant issues and transactions were reserved for the Board of Directors, in addition to the powers attributed to it pursuant to law and the Bylaws, and consequently cannot be delegated to executive Directors.

IR & Governance

Board of Statutory Auditors

The Board of Statutory Auditors monitors the Company’s compliance with the applicable laws and its Bylaws and has a management control function, being specifically required to verify that:

  • the principles of sound management are being followed;
  • the structure of Company’s organization, its system of internal controls and its administrative-accounting system are adequate and the administrative accounting system is reliable;
  • the Code is being concretely implemented;
  • the procedure adopted by the Company regarding related-party transactions is being complied with;
  • the Company provided its subsidiaries adequate instructions regarding the obligation to disclose insider information to the market.
IR & Governance

Borsa Italiana Spa

Private listed company that operates in the organization and management of markets dealing with the negotiation of financial instruments. 



Joint production (i.e. in the same plant) of electricity and heat, ensuring significant energy savings over separate production.


Combined cycle

Technology for producing electricity from gaseous fuels, using technology that utilises a gas turbine combined with that which utilises a steam turbine. The combined cycle power plants provided particularly efficient use of fuel, and at the same time offer limited environmental impact in terms of polluting emissions.

IR & Governance


(Commissione Nazionale per le Società e la Borsa, Italian Companies and Stock Exchange Commission)

Public authority responsible for protecting investors and ensuring the effectiveness, transparency and development of the Italian financial market.

IR & Governance

Consolidated financial statements

Consolidated financial statements are produced by a parent company. They provide an overview of the financial, economic, and patrimonial situation of a parent company and its subsidiaries

IR & Governance

Corporate bond

Debt security issued  by a listed company (corporation.) Each bond has equal nominal value and carries equal rights, thus representing an equal share of one loan. Holders of corporate bonds are creditors of the corporation issuing the bonds, and are entitled to receive refund at maturity, as set out in the specific loan regulation, plus the payment of interest.