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.