Board of Statutory Auditors
|Functions||Composition||Appointment of Auditors|
According to the law and the Company bylaws, the Board of Statutory Auditors is entrusted with monitoring the following:
- compliance with the law and the bylaws;
- respect for the rules of correct administration;
- the adequacy of the organisational structure of the Company for the aspects within its competence, of the internal control and administration-accounting system, and of the reliability of the latter to correctly represent the operating results;
- the ways in which the corporate governance rules specified in the codes of conduct prepared by companies that manage regulated markets or professional associations, which the company declares to follow, are actually implemented;
- the adequacy of the instructions issued by the Company to its subsidiaries regarding the reporting of price sensitive information.
Following the entry into force of Legislative Decree 39/2010, in listed companies the Board of Statutory Auditors monitors:
- the financial reporting process;
- the efficacy of the internal control system, the internal auditing system where applicable, and the risk management system;
- legal auditing of the annual accounts and consolidated accounts;
- the independence of the legal auditor or external auditor, particularly in relation to the providing of services other than auditing by the organisation acting as auditor.
The Board of Statutory Auditors carries out its duties by exercising all of the powers conferred upon it by law and, since it can rely on a constant and analytical information flow from the Company, during and beyond the regular meetings of the Board of Directors and its Committees.
In fulfilling its functions, the Board of Statutory Auditors, besides participating in all the Board of Directors and Shareholders' Meetings, also takes part in the tasks of the Remuneration Committee and the Committee for Internal Control for Risk and Corporate Governance.
The Chairman of the Board of Statutory Auditors also has the right to attend meetings of the Nomination and Succession Committee.
Moreover a Standing Auditor, became a member of the Supervisory Body in accordance with the legislative decree No. 231/2001.