Elections Committee

The Board of Directors has decided not to establish an election committee charged with putting forward proposals for the position of Director, since at present the conditions envisaged by the Code for its establishment do not exist, because of the current ownership structure and, above all, the By-laws provision for the slate system, in view of the transparency this mechanism ensures in the selection of candidates.

The Board has made the same conclusions also in accordance of provisions in the new Code of Conduct.

In fact, since the Board considers the reasons mentioned above still valid, it has not felt that the constitution of a specific elections committee is necessary. Moreover, it has given the Committee for Internal Control and Corporate Governance the power to identify candidates to propose to the Board in the event that an independent Director is to be co-opted.