The Mondadori Group operates in a complex regulatory context given the variety of the business areas in which it operates.

The introduction of new regulations as well as changes to existing regulations may have an impact in terms of affecting competitiveness and market conditions in specific business areas in addition to generating higher charges in the internal compliance processes with regard to specific issues at the governance level, including, among others, Italian Legislative Decree 231/2001, Italian Legislative Decree 196/2003 on Privacy and Italian Law 262/2005 in the matter of protection of savings and fiscal fulfilments.

In this respect, Mondadori Group, in line with the requirements set out in the Governance Code of listed companies, defined an adequate internal control and risk management system which, through the identification and management of the main company risks, contributes to ensuring the protection of the company assets, the efficiency and effectiveness of company processes, the reliability of financial disclosures, the compliance with laws and regulations, the company by-laws and internal procedures.

Main risksMitigating actions
Level of criticality associated with regulatory developments in terms of specific business issues regarding the areas of activity in which the Group operates.Regular monitoring and proactive participation in consultations regarding the issue of new regulatory measures, including through involvement with major trade associations (e.g. the Italian federation of newspaper publishers [FIEG]). Prompt adjustment of business activities and products in line with changes that have occurred, including by adding new provisions to the Group’s internal policies.