Corporate Governance System

The Group's system of Corporate Governance is based on the key role of the Board of Directors, on the transparency of business decisions, on the effectiveness of the internal control system and on rigorous management of potential conflicts of interest.

This system was also devised and established in accordance with principles and operational criteria which are in line with international practice and recommended by the Self-Governance Code of the Italian Stock Exchange; it was implemented with the adoption of codes, principles and procedures which cover the activities of all the administrative and oerational structures of the Company and which are costantly subject to review and updated to respond effectively to changes in the regulatory context and to changes in operating practices.

All the Company's Governance tools, including the Code of Ethics, are subject to continual checks, including with regard to changes to the reulatory context, operating practices and markets, and are periodically monitored by internal bodies to verify the level of compliance.