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9. 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 Subsidiaries19.

In late 2013, pursuant to a resolution of the Board of Directors, Snam adopted the “Regulations on exercising management and coordination activities for Snam and its Subsidiaries”. This document sets forth the principles of proper corporate and business management adopted by Snam when managing and coordinating its Subsidiaries, which include:

  • the utmost compliance with general and industry regulations in force;
  • standardised management of company businesses;
  • 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 proper corporate and business management that characterise the activities of its Subsidiaries. Partly for this reason, the regulations have also been adopted by the Boards of Directors of the Subsidiaries.

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 Subsidiaries (in compliance with the principles of transparency and propriety on which Snam bases its own activities and those of its Subsidiaries, as well as for the protection of the market), please see Section III, Paragraph 7.4.

19 In relation in particular to the subsidiary Italgas and its relations with the Company, see the 2014 Annual Financial Report under “Annual Profile – Main events”.

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