The following committees have been set up within the Board of Directors:

  • Internal Audit Committee, consisting of three independent non-executive directors and by one not independent and non-executive director, as specified later on in Section 10;

  • Remuneration Committee – for the remuneration of Directors and managers and for any stock option plans, consisting of the Chairman and two independent directors, as specified later on in Section 8;

The reasons for the decision not to set up a Appointment Committee are given in Section 7.

The Board of Directors has also appointed a Supervisory Committee vested with autonomous powers of initiative and control as indicated in Italian Legislative Decree 231/2001. It is currently presided over by an independent director and consists of two other permanent members (a non-executive director and the Internal Auditing Officer), as specified in greater detail in the third paragraph of Section 11.

No Committee performs the functions of two or more Committees envisaged in the Corporate Governance Code.