Operation

The Board of Statutory Auditors is required to meet at least once every 90 days. Meetings of the Board of Statutory Auditors may be held via teleconferencing or videoconferencing, provided all participants can be identified and are able to follow the proceedings, participate in real time in the discussion of the items on the Agenda and receive, transmit and review documents.

The Chairman of the Board of Statutory Auditors coordinates the activities of this entity and serves as liaison with other corporate bodies involved in the governance of the system of controls. In 2013, as was the case in past years, a Statutory Auditor, usually the Chairman of the Board of Statutory Auditors, was invited to attend the meetings of the Compensation Committee and the Oversight Board. Lastly, the exchange of information between the Board of Statutory Auditors and the Control and Risk Committee takes place through the regular attendance to Committee meetings by a Statutory Auditor and a representative of the Independent Auditors is invited on a regular basis to attend meetings of the Board of Statutory Auditors to report on the findings of the audits they performed. In addition, usually once a year, the Company’s Board of Statutory Auditors meets with the Boards of Statutory Auditors of the main subsidiaries to exchange information about the Company’s activities.

The Board of Statutory Auditors adopted the Code’s recommendation requiring that its members disclose any direct or third-party interest they may have in specific transactions submitted to the Board of Directors. In order to enable the Board of Statutory Auditors to efficiently discharge its duties, a dedicated Company unit that reports to the office of the Secretary to the Board of Directors provides the Board of Statutory Auditors with the necessary support.

 


2017 BOARD OF STATUTORY AUDITORS

STATUTORY AUDITORS NUMBER OF BOARD OF STATUTORY AUDITORS MEETINGS ATTENDED IN 2017 PERCENTAGE
In office at December 31, 2017
Serenella Rossi 12 of 12 100
Lorenzo Pozza 9 of 9 100
Gabriele Villa 9 of 9 100
Left post in 2017
Giuseppe Cagliero 3 of 3 100
Leonello Schinasi 3 of 3 100