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, Legislative Decree 231/2001, Legislative Decree 196/2003 on Privacy and Italian Law 262/2005 in the matter of protection of savings and fiscal fulfilments.

In this respect, the 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
Criticalities associated with regulatory developments on specific business topics inherent to the activity areas in which the Group operates.Constant control and active participation in discussions for the issuance of new regulatory provisions also thanks to the involvement of the main category associations. Timely adjustment of business activities and products to regulatory changes also through the adoption of newly enforced regulations in the Group’s internal policies.
Onerousness / importance of regulatory obligations due to changes in the legal framework (Privacy, MAR, Whistleblowing) Ongoing monitoring of legislation. Process and organizational changes to adapt the internal structure to the changing legal framework