Activity carried out

The Board of Statutory Auditors met 16 times in 2023; 14 of these meetings were attended by all statutory auditors, while two were attended by almost all of them. The average duration of the meetings of the Board of Statutory Auditors was approximately one hour and 50 minutes.

With regard to the current financial year, five meetings of the Board of Statutory Auditors have been held as of March 26, 2024, while a further 11 meetings have already been scheduled for the remainder of the year.

Independence

In compliance with Recommendations 9 and 10 of the Code, following the renewal of the Supervisory Body, the market was informed about the independence of its members on 10 May 2023 by means of a specific press release and, finally, on 6 March 2024, the Board of Statutory Auditors carried out its self-assessment based on analysing the subjective suitability of each of the members, with reference to the requirements of professionalism, competence, integrity and gender, required by current legislation, as well as the adequate functioning of the body.

For the purposes of the aforementioned self-assessment, the Board carried out information gathering and evaluations by requesting its members to provide information and data relating to their qualitative, quantitative and operational profiles.

Specifically, it:

• verified that its members meet the requirements of independence, integrity, professionalism, competence and experience;

• assessed the adequate availability of time and resources to carry out the assignment, compliance with the limit on the number of offices held, as well as the adequacy of its composition with reference to the gender balance and age of its members.

With regard to overall operations, the Board of Statutory Auditors has assessed the following as satisfactory:

• the running of meetings;

• the activities carried out by the Chairman;

• the exchange of relevant corporate information (with auditing firms, the Supervisory Board, the Internal Auditing function, internal committees and company management);

• participation in the meetings of the Board of Directors and the Board's Committees;

• participation in the Shareholders' Meeting.

The Board of Statutory Auditors checked the correct application of the criteria and assessment procedures adopted for ascertaining the independence of its members, including for the purposes of Article 144-novies of the Issuers’ Regulation, and went on to communicate this finding to the Board of Directors

Page update 30 April 2024