Board of Auditors
The Board of Statutory Auditors, pursuant to art. 149 of Law Decree 58/1998, monitors: compliance to the Law and the Articles of Association; that management principles are correctly adhered to; the adequacy of the company organisational structure, the internal control system and the administrative/accounting system, and the reliability of the latter to clearly reflect the company position.
The Board comprises three Statutory Auditors and two alternate Auditors, appointed by the Shareholders on 4th May 2011. The term of office for Statutory Auditors is three years and will expire at the Shareholders' Meeting called to approve the Financial Statements at 31st December 2013. The appointment of Statutory Auditors occurs pursuant to art. 27 of Articles of Association, through voting from a list, so as to allow the appointment of minority interest representatives. The Auditors operate autonomously and independently from the shareholders who appointed them (art. 14.1 of the Code). It is a procedure for the voting lists to enclose a professional résumé for all candidates. Lists are filed at the company's registered headquarters at least 20 days prior to the Shareholders' meeting (first summons) and are published in three national newspapers
Art. 27 of Articles of Association states that at least two statutory auditors and one alternate auditor be members of the Register of the Certified Auditors and have performed statutory account audits for over three years and that auditors not in possession of the aforementioned requisites be chosen according to the professionalism requirement of Decree 162/2000; in compliance with the Decree, the Articles of Association provide that the following fields are pertinent to the company's activities: commercial law, business administration and management, the engineering and geology sectors. Statutory Auditors are provided in advance with documents pertaining to items to be discussed and/or resolved on at Board meetings.
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