Article 26 of the Bylaws requires that the Board appoints, and removes from office, after consulting the Board of Statutory Auditors, a Manager to be in charge of financial reporting, setting his term of office and fee. The candidates chosen must have at least three years’ experience in: (a) administration and finance or administration and control or management duties with responsibility for financial, accounting and control matters, with companies that have a share capital of at least €2 million or (b) legal, economic or financial aspects closely related to the company’s activities; or (c) management at a state body or public administration office active in the credit, financial or insurance sectors or in sectors closely related to that of the company.
 

The position of Manager in charge of financial reporting pursuant to Article 154-bis of TUF is currently held, with an open term, by the General Manager Corporate & Finance Group CFO Massimo Ferrari, who was granted all the powers and authority required to effectively carry out his functions and duties, within the budget limits approved from time to time and the last time by the Board of directors held on March 15, 2018. The Board of Directors granted powers to Massimo Ferrari, and specifically:

• direct access to all information required to produce accounting data;
• unlimited use of internal communication channels that ensure a correct intra-group exchange of information;
• a free hand in organizing his unit in terms of both human and technical resources (materials, IT and any other resources);
• to independently define and adopt administrative and accounting procedures, also by availing of the assistance of other company functions when necessary;
• to assess and modify policies, organizational structures and procedures that could relate to administrative and accounting processes;
• to participate in Board and Committee meetings, especially those which discuss issues related to his function and for which he is responsible;
• to engage external consultants, when necessary for specific issues;
• to interact with employees with control duties and exchanging information to ensure the ongoing mapping of risks and processes and proper monitoring of the correct working of administrative and accounting procedures.