The Board of Statutory Auditors performs monitoring and control functions. It is composed of three standing and two alternate auditors.
The Board of Statutory Auditors in office was appointed by the Shareholders’ Meeting on 19 April 2019 and the mandate will expire on the date of the Shareholders’ Meeting convoked to approve the financial statements on 31 December 2021.
The members of the Board of Statutory Auditors are appointed on the basis of the lists presented by the shareholders.
The Articles of Association envisage that two standing auditors and one alternate will be elected from the list that obtained the majority of votes; while one standing auditor and one alternate will be elected from the second list in number of votes. The standing auditor elected from the minority list shall be declared President of the Board of Statutory Auditors.
The Board of Statutory Auditors supervises, in particular:
The Board of Statutory Auditors ascertains, in particular, the suitable coordination of all the departments and structures involved in the internal control system, including the auditing company entrusted with accounting management, promoting any corrective actions if necessary.
The Board of Statutory Auditors notifies the Board of Directors of any deficiencies and irregularities encountered, requests the adoption of suitable corrective actions and assesses their effectiveness over time.
During the financial year 2019, the Board of Statutory Auditors met 28 times, 6 of which were joint meetings with the Risk Management and Internal Control Committee and 2 joint meetings with all three Board Committees.
The average duration of the meetings was 2 hours 40 minutes.