Corporate Governance and business conduct
Snam operates within the framework of the United Nations’ Universal Declaration of Human Rights, the Fundamental Conventions of the ILO – International Labour Organisation – and the OECD Guidelines for Multinational Enterprises and the principles enshrined in the United Nations Global Compact. In this context, Snam constantly endeavours to maintain and strengthen a corporate-governance system in line with both national and international best practices.
The Corporate and organizational structure
Snam’s corporate governance system consists of a set of planning, management and control rules and methods necessary for the company to operate. These were established by the Board of Directors, in accordance to the law which apply to Snam as a listed company, in adherence to the national and international Code of Corporate Governance and best practices which are adopted by the Snam to evaluate itself.
This system is based on some key principles, such as correct and transparent business management implemented through the identification of information flows between corporate bodies and an efficient definition of the internal control and risk management system.
Snam conducts its management and coordination activities over its subsidiaries based on specific regulations which enhance its strategic role while at the same time taking due consideration of the legal autonomy and principles of correct corporate and entrepreneurial management of its Subsidiaries.
The organisation is divided into four business units and by staff functions, designed to simplify the processes, efficiency and continuous improvement. The business units are focused on the commercial-development activities, managing of the Italian subsidiaries, managing of the foreign shareholdings, and developing of technical services focused on distinctive skills and know-how offered to gas-industry operators.
The detailed information relating to the Corporate Governance system is reported in the “Relazione sul governo societario e gli assetti proprietari 2017”, published on the website.