Internal Control System Director

The Board of Directors is responsible for the internal control system as a whole, the Board establishes the policies and verifies periodically its adequacy and effective operation. For this purpose, the Board avails itself of the Committee for Internal Control, Risks and Corporate Governance, as well as an Officer with an appropriate level of independence and suitable means to perform the function, which are assigned the typical functions of verifying the system’s adequacy and efficiency and to propose the necessary corrective solutions, if anomalies are identified.

After its renewal, the Board identified the Chairman and Managing Director as the Director with responsibility for the internal control system in the Board of Directors’ meeting held on April 21, 2011, and the tasks recommended by the 2006 version of the Self-Regulatory Code55 were duly assigned. In particular, the Director with responsibility for the internal control system has the following tasks:

  • to identify the principal risks to which the company is exposed, taking into account the characteristics of the activities performed by the Company that issued the report and by its subsidiaries and to submit them periodically to the Board of Directors’ examination;
  • to implement the policies defined by the Board of Directors, by managing the design, implementation and management of the internal control system and verifying constantly the overall adequacy, effectiveness and efficiency;
  • to adapt the system to the dynamics of the operating conditions and the legislative and regulatory scenario;
  • to propose to the Board the appointment, revocation and remuneration of one or more internal control officers.

55 Also to implement the recommendations of the Self-Regulatory Code Application criterion 8.C.1., sub-section b).