5. Board induction sessions for directors and statutory auditors

Following the appointment of the Board of Directors and the Board of Statutory Auditors, board induction sessions are held, which are attended by the members of both Boards.

In accordance with the Code of Corporate Governance, the board induction sessions are aimed at providing directors and standing auditors with adequate knowledge of the sector in which the Company operates, as well as focusing on company dynamics and changes in the ownership structure. The sessions focused on (i) the structure and rules of the governance system, (ii) the internal control and risk management system, (iii) the strategies of Snam and its Subsidiaries, (iv) the operating and market context, and (v) the applicable regulatory and legislative framework.

The sessions were designed and led by the directors and/or heads of the relevant units and focused on:

• corporate governance of Snam and the Group: this aimed to illustrate: (a) the changes to Snam’s corporate governance model in light of the unbundling legislation and the ownership unbundling that has taken place; (b) Snam’s current corporate governance structure; and (c) the main compliance and governance procedures currently in force at Snam;
• regulatory system: this aimed to illustrate: (a) the regulatory system in which Snam operates; (b) infrastructure regulations; (c) the tariff regulatory framework; and (d) the current operating and market climate;
• introduction to the Group: this aimed to give a financial overview of the Snam Group;
• governance rules of Snam and its Subsidiaries: this aimed to illustrate: (a) the principles underlying Snam’s management and coordination activities; (b) the Code of Ethics, Model 231 and the Anti-Corruption Procedure; (c) the Health, Safety, Environment and Quality system and the Privacy Code; and (d) the internal control and risk management system;
• strategic plan: this aimed to illustrate the strategies of Snam and its Subsidiaries. This session was conducted by the CEO.

A board induction session was held in February 2015 for Yunpeng He, who was coopted to the Board of Directors on 26 January 2015.

In the course of 2015 is scheduled an induction session off-site aimed at Directors and Auditors.