In 2015 the Board of Statutory Auditors met 13 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:

  • verification of correct application of the criteria adopted by the Board of Directors to assess the independent status of directors;
  • confirmation of the independence requirements laid down by the Code in reference to directors, with the sole exception of a term of office that may not exceed nine years out of the last twelve years;
  • monitoring of 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.

Board of Statutory Auditors

Office Members Term* Independence as per Code % attendance rate for meeting of Board of Statutory Auditors Number of other positions held**
Chairman Ferdinando Superti Furga from 23/04/2015
to 31/12/2017
X 92.31 11
Standing auditor Flavia Daunia Minutillo from 23/04/2015
to 31/12/2017
X 76.92 25
Standing auditor Francesco Antonio Giampaolo from 23/04/2015
to 31/12/2017
100.00 12
Standing auditor Franco Carlo Papa from 19/04/2012
to 23/04/2015
X 100.00 16

Quorum needed to present a slate of candidates at the last appointment: 2.5%
The Company’s applicable minimum ownership stake for shareholders to submit a slate of candidates was determined by Consob resolution no. 19499 of 28 January 2016
Number of meetings that took place during the fiscal year: 13

NOTES
* the end date of the term is to be understood as the date of the Shareholders’ Meeting to approve the financial statements for the fiscal year ended 31 December 2017.
** this column reports the number of positions held by the person concerned as director or statutory auditor pursuant to article 148 bis TUF. The complete list of these positions is published on Consob’s website, in accordance with article 144-quinquiesdecies of the Consob Issuers Regulation. In the Corporate governance report, only the positions held in other listed companies are described in more detail.