Corporate Bodies

Board of Statutory Auditors

The Banca Ifis Board of Statutory Auditors: composition, appointment of members and functions.

The Board of Statutory Auditors in office

The present Board of Statutory Auditors was elected at the Shareholders’ Meeting of 28th April 2022 and its mandate will expire on the date on which the Shareholders’ Meeting is convoked to approve the 2024 Annual Financial Statements.

Members of the Board of Statutory Auditors

Appointment

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.

Tasks

The Board of Statutory Auditors supervises, in particular:
  • Compliance with the law, the Articles of Association and the regulations;
  • Compliance with the principles of correct administration;
  • Suitability of the organisational, administrative and accounting system adopted by the company, and its proper operation;
  • Suitability and functionality of the internal control system;
  • Execution of the Bank’s management and coordination activities.
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.

2021 activities

During the financial year 2021, the Board of Statutory Auditors met 26 times, including five times jointly with the Risk Management and Internal Control Committee and two times jointly with the subsidiaries’ Boards of Statutory Auditors. The average duration of the meetings was 2 hours 40 minutes.