10. Management and coordination activities

There are no shareholders claiming to exercise control over Snam. Snam is not managed or coordinated by any other entity.

Snam manages and coordinates its Controlled Companies.

On 12 December 2013, the Board of Directors adopted the “Regulations on the exercise of management and coordination activities by Snam and its Controlled Companies”. This document sets forth the principles of good corporate and business management adopted by Snam when managing and coordinating its Controlled Companies, which include:

• the utmost compliance with general and industry regulations in force;
• standardised management of company business;
• maximisation of value for shareholders;
• attention to qualified stakeholders;
• control of corporate risks;
• market transparency and equal treatment for all shareholders.

These regulations also define a standard framework for governance structures, as well as organisational and managerial rules intended to enhance the role played by Snam as an entity that strategically performs management and coordination activities, whilst also taking adequate consideration of the legal autonomy and principles of good corporate and business management that characterise the activities of its Controlled Comapnies. Partly for this reason, the regulations have also been adopted by the Boards of Directors of the Controlled Companies.

For information on the Procedure on Related-Party Transactions, which was adopted by the Company pursuant to Consob Regulation No. 17221 of 12 March 2010 and voluntarily extended to its Controlled Companies (in compliance with the principles of transparency and propriety on which Snam bases its own activities and those of its Controlled Companies, as well as for the protection of the market), please see Section III, Chapter 7.4.