In 2016 the Board of Statutory Auditors met 14 times, duly recording the respective minutes; moreover, the Board of Statutory Auditors had meetings with the Control and Risks Committee and the heads of the different corporate functions – including Internal Audit – with particular reference to the assessment of the appropriateness of the internal control and risk management system, as well as meetings with the external auditors for the purpose of the reciprocal exchange of information.
The activities of the Board of Statutory Auditors included the following:
- confirmed the correct application of the criteria adopted by the Board of Directors to assess the independent status of directors;
- verified that the independence requirements incumbent upon its members and with regard to the directors continue to apply, except for the nine year term of office;
- monitored the independent status of the external audit firm, including the nature and extent of non-audit services provided to the Company and its subsidiaries by the audit firm and/or any entities belonging to the audit firm’s network.