Governance struttura

Upon the listing of its shares, which occurred (December 2002), the Company adopted the rules of conduct of the Corporate Governance Code promoted by Borsa Italiana, thereby configuring its system of corporate governance, which is the set of standards and behavior guidelines deployed to ensure the efficient and transparent functioning of its corporate governance and internal control systems, consistent with the recommendations of the above mentioned Code. This system was changed from time to time to reflect the change to the Code and, with the exceptions mentioned below, is consistent with the rules set forth in the July 2014 edition of the Code.

Consistent with its status as a company under Italian law Edison adopted a system of corporate governance, based on a conventional organizational model that comprises: The Shareholders’ Meeting, a Board of Directors (which also operates through the Chief Executive Officer and the Directors who are empowered to represent the Company and is supported by Committees established with the framework of the Board of Directors), a Board of Statutory Auditors, the Independent Auditors and the 231 Oversight Board.

In addition to those listed above, governance entities include the Special Meeting of Savings Shareholders.

The governance structure is integrated and enacted through the Company’s management structure, the main components of which include the following:

  • An Executive Committee, established in 2012, , the composition of which was changed in February 2017, led by the Chief Executive Officer and comprised of the nine managers of the Divisions representing the Company’s main business areas, which provides support for the activities of the Chief Executive Officer.
  • A Transformation Committee established on September 1, 2016 (comprised of 30 managers and professionals) that provides support to the Executive Committee and the Chief Executive Officer and is responsible for coordinating and guiding the Company’s transformation, helping Edison manage the new challenges driven by market changes and digitalization, consistent with the new guidelines defined in the Company’s new strategy.
  • Management committees that support the Group’s top management in connection with specific, important decision-making processes and/or special issues;
  • The organizational operating structure, consisting of business units and departments, each responsible for managing important and homogeneous business areas or areas that provide support and services to the business areas and which - as specified in the previous Governance Report - were reorganized in 2016;
  • The Code of Ethics, the specific models, protocol and management systems concerning issues governed by Legislative Decrees No. 231/2001 and No. 262/2005, concerning the protection of privacy and occupational health and safety, subject to systematic updates to take into account the evolution of regulations on the matter and changes in the Group’s organizational structure, internal operating procedures, the proxy system and internal and external delegations of authority;
  • The Internal Auditing Department, which reports directly to the Board of Directors, provides support and liaison services for the activities of the Oversight Board and, at the operational level, is coordinated by the General Counsel Department, to which the Board of Directors assigned responsibility for facilitating interaction by the Internal Auditing Department with the Board of Directors, the Board of Statutory Auditors and the Oversight Board.

Lastly, for several years the Company has focused its efforts on economic growth, which is also able to minimize the impact of its activities on the environment and the social context. Starting from this year, in line with the new EU provisions incorporated into our legal system with Legislative Decree No. 254 of December 30, 2016, it has prepared a Statement on non-financial information (the “NFS”). The 2017 NFS, approved by the Board of Directors at its meeting on February 14, 2018, incorporates some of the content that was already included in the Sustainability Report, which Edison - one of the first in Italy - had prepared every year since 2004 on a voluntary basis and subjected to a voluntary audit by the Independent Auditors.