Appointment and term
It is elected by means of a list voting system governed by provisions of law and regulations. On 25 May 2017, the Shareholders' Meeting appointed a new Board of Directors, which will remain in office for three financial years, expiring on the date of the Shareholders' Meeting called to approve the financial statements as at 31 December 2019.
At present, it numbers 13 directors of whom 7 are independent and just 1 Managing Director, who is the Executive Director. In accordance with the guidelines laid down by international best practice, the principle of separating the roles of Chairman and Managing Director is complied with, thereby ensuring that the Chairman of the Board of Directors is properly impartial and balanced.
The Board of Directors is directly involved in all the most important decisions, except for those that the law or the Articles of Association reserve to the competence of the Shareholders' Meeting.
It is responsible for determining guidelines for the management and senior management of the Company and Group, verifying the general trend of operations and defining the corporate governance system and examining internal audit procedures, also with a view to identifying the company risks.
It also acts according to its own Corporate Governance Code, adopted on the basis of the recommendations laid down by the "Corporate Governance Code of Listed Companies" approved by the Borsa Italiana Corporate Governance Committee.