Manager of financial reporting

The Bylaws establish that the board of directors, upon proposal of the eldest CEO, in agreement with the chairman, and upon the prior favourable opinion of the Board of Statutory Auditors, appoints the Manager of Financial Reporting, to prepare the corporate accounting documents, from among individuals with the required professional characteristics.

The Manager of Financial Reporting must be selected from among individuals who have performed the following for at least three years:

  • a) administration or control duties or management with a company listed on Italian or other EU member regulated stock exchanges or stock exchanges of other OECD countries which have share capital of no less than €2 million, or
  • b) activities of legal control of accounts at the companies indicated in paragraph a), or
  • c) professional duties or university lecturing on financial or accountancy subjects; or
  • d) management duties with state-owned or private bodies active in the financial, accounting or supervisory sectors.

The board of directors checks that the Manager of Financial Reporting has adequate powers and means to perform his duties and to ensure that the administrative and accounting procedures are effectively complied with.

In its meeting of 29 October 2007 and in compliance with the professional requirements set by the bylaws, the board of directors appointed Dr. Antonio Paccioretti, Manager of Planning, Administration, Finance and Control of Snam Rete Gas S.p.A., as Manager of Financial Reporting, as proposed by the CEO, in agreement with the chairman and upon the prior favourable opinion of the Board of Statutory Auditors. The board of directors also checked the adequacy of the powers and means given to the Manager of Financial Reporting so that his/her duties can be carried out.