Board of Statutory Auditors
The Board of Statutory Auditors currently in office has been appointed by the Shareholders’ Meeting held on April 26, 2017 and will remain in office for three years until the date of the Shareholders’ Meeting called for the approval of the financial statements at 31.12.2019.
Role of the Board of Statutory Auditors
The Statutory Auditors must act independently, and therefore shall not be “representatives” of the majority or minority that nominated or elected them.
The Board of Statutory Auditors, among other things:
(i) monitors compliance with legislation and the Articles of Association and with the principles of correct administration, the appropriateness of the Company’s organisational structure, within its sphere of responsibility, the internal control system and the administrative/accounting system, and the reliability of the latter in correctly representing operating events.
(ii) evaluates and monitors the independence of the Independent Auditors, in particular as regards the adequacy of activites carried out other than the the regular auditing activites
(iii) may request the Internal Audit function to perform audits of specific operational areas or company transactions.
The Board of Statutory Auditors, among the tasks allocated to it by law, checks on the correct application of the criteria and procedures used by the Board of Directors to evaluate the independence of its members; the result of this check is disclosed annually to the market in the Corporate Governance Report or in the Statutory Auditors’ report to the Shareholders’ Meeting.
In carrying out its activities, the Board of Statutory Auditors normally coordinates with the internal audit function and with the Control Risk and Sustainability Committee, through a constant exchange of information and periodic meetings.