Introduction
Corporate Mission and Values
Snam is Europe’s leading operator in the creation and integrated management of natural gas infrastructure. It facilitates the conditions for fair-priced energy by efficiently managing the gas system, developing infrastructure and offering integrated services for the market. It promotes the integration of the European networks, including through strategic partnerships with major operators in the sector along the continent’s main energy corridors.
Snam follows an ethical and socially responsible business model that is capable of generating value for both the Company and the communities in which it operates, based on renowned professionalism and transparent dialogue with all its stakeholders, while respecting the environment and the local area. A clear and sustainable long-term development strategy, based on one of the most substantial investment programmes in Italian industry, has enabled the Company to attract Italian and foreign capital, boosting growth and employment.
With around 3,000 employees, Snam is active in natural gas transportation, storage and regasification.
It manages a national transportation network encompassing more than 32,000 kilometres, nine storage sites and one regasification plant.
Introduction
This report (the “Report”) provides information – for the 2016 financial year unless expressly indicated otherwise – on the corporate governance system and ownership structure of Snam S.p.A.1
The Report consists of four Sections, which aim to provide the following information:
- Section I - Presentation of the Company;
- Section II - Information on the ownership structure;
- Section III - Structure of the corporate governance system adopted by the Company; and
- Section IV - Summary tables.
The Report is preceded by an Executive Summary that describes the key components of the corporate governance system.
The Report was drawn up in consideration of:
- the Consob document “Report on corporate governance of Italian listed companies 2016”;
- the 2016 Assonime report “La Corporate Governance in Italia: autodisciplina, remunerazioni e comply-or-explain” (Corporate Governance in Italy: Compliance, Remuneration and Comply or Explain);
- the The European House – Ambrosetti Final Report 2016 “L’Osservatorio sull’Eccellenza dei Sistemi di Governo in Italia” (Observatory of the Excellence of Governance Systems in Italy); and
- the format for the Report on Corporate Governance and Ownership Structure set out by Borsa Italiana (VI edition of January 2017). The Borsa Italiana format is available here:
(www.borsaitaliana.it).
The Report is published in the “Governance and Conduct” section of the Company’s website.
Pursuant to Article 123-bis, paragraphs 1, 2 and 3 of Legislative Decree No. 58 of 24 February 1998.