The Board of Directors, comprising 9 Directors, was appointed by the Shareholders' Meeting on April 30, 2015 for 3 year, its mandate expiring at the Shareholders' Meeting called to approve the Financial Statements at December 31, 2017. The appointment of Directors occurs pursuant to art. 19 of Articles of Association, through voting from a list, so as to allow the appointment of minority interest representatives. Lists are filed at the company's registered headquarters at least 25 days prior to the Shareholders' meeting (first or single call) and are published on Saipem’s website www.saipem.com, along with a professional résumé for all candidates. Lists can be presented by Shareholders, who individually or with others, hold voting shares representing at least 1% of the share capital. Directors shall meet the honorability requirements prescribed by regulations, in addition to possessing the professional expertise and experience to carry out their mandate efficiently and effectively.
Directors stated that they can devote enough time to their office, in view of their professional commitments and other directorships they may hold.
On December 13, 2010, the Board of Directors amended Article 19 of the Articles of Association, providing that the majority of Directors shall meet the independence requirements set by Consob for Directors of listed companies subject to management and coordination by another listed company (art. 37, paragraph 1, letter d of Market Regulations).
The Extraordinary Shareholders’ Meeting of April 27, 2012 approved amendments to the Company’s Articles of Association required to comply with new regulations aimed at promoting gender balance in Boards of Directors of listed companies (Law No. 120 of July 12 “Amendments to Law 58/98 aimed at promoting gender balance in Boards of Directors and Control Bodies of listed companies” and Consob Regulation No. 18098 of February 8, 2012).