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Governance and the conduct of company activities

Snam operates within the framework of the Universal Declaration of Human Rights, the fundamental conventions of the ILO and the OECD Guidelines for Multinational Enterprises, and in compliance with its own Code of Ethics, which is also a key element of the Organisational Model of Legislative Decree 231/2001.

Snam’s governance plays a crucial role in value creation dynamics. It helps to determine the conditions for the Company to interact properly and adequately with its reference environment, in particular by putting into practice the principles of integrity, transparency and compliance with internal and external rules, with the ultimate aim of reconciling the interests of our various stakeholders.

The governance system reflects the ‘traditional’ model and is developed in accordance with the applicable industry regulations (laws governing unbundling and listed companies), while also taking into account national and international best practice.

More detailed information on governance can be found in the “2015 Report on Corporate Governance and Ownership Structure”, which was published online at www.snam.it at the same time as the Annual Report.

We manage our business in accordance with the Corporate System Framework, the organisational and procedural system applied across all Group companies in Italy and abroad, created to ensure that the system of rules governing the business is clear, simple and organic. Snam believes that being clear and transparent when defining roles and responsibilities, thereby reducing uncertainty and ambiguity, is essential in order to be able to correctly apply all the rules and regulations that govern all the Company’s activities.

In order to successfully implement this system, managerial actions need to be based on the allocation of specific objectives to each position of responsibility and on the transparent assessment of results, thereby enabling continual improvements in the effectiveness and efficiency of corporate processes.

Each manager receives a specific and coherent pay package, with positions that have a greater impact on the Company’s results seeing more weight attached to the variable component of their pay, calculated on the basis of short- and long-term results.

More detailed information on remuneration can be found in the “2016 Remuneration Report”, which was published online at www.snam.it at the same as the Annual Report.

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