Elements of risk and uncertainty

The Board of Directors of Snam S.p.A., pursuant to the Code of Conduct for Listed Companies and in line with best practice in this area, has set up the Control and Risk Committee (formerly the Internal Control Committee), which exclusively comprises non-executive, independent directors. This committee, with the assistance of the Board of Directors, is responsible for the internal control and risk management system. It aims to establish guidelines for this system, periodically checking their adequacy and effectiveness, and to ensure that the main corporate risks are identified and appropriately managed.

The main corporate risks identified, monitored and, where specified below, managed by Snam are as follows: (i) market risk arising from exposure to fluctuations in interest rates and in the price of natural gas; (ii) credit risk arising from the possible default of a counterparty; (iii) liquidity risk arising from insufficient financial resources to meet short-term commitments; (iv) rating risk; (v) risk of default and debt covenants; (vi) operating risk; and (vii) risks specific to the business segments in which the Group operates.

In line with the new ownership structure, in 2012 Snam adopted a model for the management and control of financial risks (with particular reference to interest rate risk and liquidity risk). In particular, for each risk this model provides a definition and monitoring for certain indicators, which will result in immediate triggering if the threshold limits are exceeded and the activation, where necessary and opportune, of corrective interventions for the containment of the risks.

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