Activity carried out

The Board of Statutory Auditors met 18 times in 2024: 15 meetings were attended by all the statutory auditors, while three meetings were attended by almost all the statutory auditors.

The average duration of the meetings of the Board of Statutory Auditors was approximately one hour and 36 minutes. As regards the current financial year, 6 meetings of the Board of Statutory Auditors have been held as at 26 March 2025, while a further 10 meetings have already been scheduled for the remainder of the year.

Independence

I

In compliance with Recommendations 9 and 10 of the Code, following the renewal of the control body, on 10 May 2023 the independence of the relative components was made known to the market with a specific press release and, subsequently, most recently, on 5 March 2025, the Board of Statutory Auditors carried out its self-assessment, based on the analysis of the subjective suitability of each of the components, with reference to the requirements of professionalism, competence, good repute and gender, required by current legislation, as well as the proper functioning of the body.

For the purposes of the above self-assessment, the College has carried out preliminary and evaluation activities, by requesting information and data from its members concerning qualitative, quantitative and operational profiles.

In particular, it has:

• ascertained, for its members, the presence of the requirements of independence, good repute, professionalism, competence and experience;
• assessed the appropriate availability of time and resources for the performance of the task, as well as compliance with the limit on the accumulation of posts, as well as the adequacy of its composition with regard to gender balance and the age of the members.

With respect to the functioning as a whole, the Board of Statutory Auditors assessed the following as adequate:

• the manner in which meetings are held, the frequency and time devoted to meetings and the preparation of meetings;
• the method of convening and defining the agenda, the participation of third parties in meetings, the availability of documentation and the manner, timing and accuracy in the minutes and keeping of the minutes of the Board of Statutory Auditors;
• the activity carried out by the Chairman, which is necessary to ensure the informed participation of the individual members in the meetings through the efficient and timely sharing of documentation, as well as the coordination between the Board of Statutory Auditors and the Committees within the Board or the various corporate structures involved;
• the exchange of relevant corporate information (with auditors, the Supervisory Board, the Internal Auditing function, Internal Board committees, Corporate Management);
• participation in the meetings of the Board of Directors and the Internal Board Committees;
• participation in the Shareholders Meeting.

The Board of Statutory Auditors has assessed the correct application of the criteria and assessment procedures adopted to assess the independence of its members also pursuant to art. 144-novies of the Issuers Regulations, giving subsequent notice to the Board of Directors.

Page update 5 May 2025