Composition And Appointment

The Board is composed of five Statutory Auditors and two alternate Auditors appointed by the Shareholders’ Meeting for three years and re-electable at the end of the mandate.
The Chairman of the Board of Statutory Auditors has been appointed by the Shareholders’ Meeting from amongst the Auditors elected by the minority shareholders.
The Auditors are appointed by means of the slate voting system: the lists are presented by the shareholders.
Two Statutory and one alternate Auditors are selected from amongst the candidates of the minority shareholders. The lists include information relative to the shareholder(s) which present the list as well as the declarations of each candidate which certify the possession of the legal pre-requisites in addition to a personal and professional CV.
The lists must be filed within the registered office at least twenty-five days before the date of the single or first call of the Shareholders’ Meeting and and made available to the public at the registered office, on the Company web site and by other means established by Consob regulation at least twenty-one days prior to the shareholders' meeting.

Legal requirements
The Auditors must possess the specific requirements of independence as well as the requirements of professionalism and honorability which are provided for in the regulations of the Ministry of Justice.
The By-laws specify that the professionalism requirements can also be fulfilled by work experience of at least three years in:

• professional or teaching activities pertaining to commercial law, business economics and corporate finance, or
• executive positions within the engineering and geological sectors.

The Statutory Auditors holding office are all registered accountants.