In 2018 the Board of Statutory Auditors met 20 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:

  • at the first meeting following his appointment by the Shareholders’ Meeting of 24 April 2018, it verified its members’ existence of the criteria adopted by the Board of Directors to assess the independence of directors, as well as the requirements of integrity and professionalism pursuant to the TUF;
  • it supervised the selection procedure of the statutory auditing firm, issuing the motivated recommendation to be submitted to the Shareholders’ Meeting for the appointment of the statutory audit of the accounts;
  • 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.

Board of Statutory Auditors

OfficeMembersTerm*List**Independence as per Code% attendance rate for meeting of Board of Statutory AuditorsNumber of other positions held**
ChairmanSara Fornasierofrom 24/04/2018
to 31/12/2020
 mX100.003
Standing auditorFlavia Daunia Minutillofrom 24/04/2018
to 31/12/2020
 MX100.0012
Standing auditorEzio Simonellifrom 24/04/2018
to 31/12/2020
 M X93.3311

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. 13 of 24 January 2019: 2.5%
Number of meetings that took place during the fiscal year: 20

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.
** M= member appointed from the list voted by majority; m= member appointed from the list voted by a minority;
*** 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.