Article 23.3 of the By-laws provide that the B.o.d. may appoint an Executive committee and establish its powers.
This body has the duty of expressing an opinion, prior to submittal to the Board of directors, on particularly important issues:
Annual definition of the Group business plan
Definition of the budget
Draft financial statements
Proposed appointments of top level executives
The Committee also has decisional power on issues with economic-financial implications, of amounts exceeding the limits established for the Chairman and the C.E.O., but which are not strategically significant when compared to the Group economic-financial amounts.
