Section I - Presentation of the Company
1. Mission
Snam is the parent company of an integrated group that is the largest operator in Europe in the management of infrastructure in the regulated gas sector, and is active in the regasification of liquefied natural gas and the transportation, dispatching, storage and distribution of natural gas. Snam owns the main gas infrastructure within Italy and is a key operator in Europe in terms of its regulatory asset base (estimated at approximately € 24.9 billion at the end of 2015).
Snam’s primary objective is to create value that can meet the expectations of all stakeholders2, as expressed in its Bylaws3, Code of Ethics4 and Sustainability Report5. This aim is achieved by providing services to its customers under conditions of the utmost safety and reliability and ensuring the development of infrastructure, new and more efficient technologies, and the flexibility of the gas system, in support of competitive growth and security in the supply system. Snam pursues a sustainable economic and business model that incorporates in its business activities, respect for its people, based on the belief that it is important to invest in and constantly enhance their expertise for the benefit of stakeholders, the environment and the entire community.
2 Shareholders, investors, gas system operators, employees, suppliers, etc.
3 Article 2.2 of the Bylaws states that, in order to pursue the corporate objective, the Company will uphold the principles of equal treatment of users, transparency, impartiality and neutrality in transporting and dispatching, in compliance with the applicable regulations and provisions of the law. In particular, the Company, in accordance with the principles of cost effectiveness, profitability and maximisation of shareholders’ investment, and without prejudice to the requirements of conf dentiality of company data, carries out its corporate objective with the intention of promoting competition, efficiency and the appropriate levels of quality in providing services. To this end, it: (i) guarantees impartiality in the management of essential infrastructures for the development of a free energy market; (ii) prevents discrimination in the access to commercially sensitive information; and (iii) prevents the exchange of resources between segments of the supply chains.
4 The following are articles of the Code of Ethics that reflect this commitment. Article 1 of the Code of Ethics (General principles: sustainability and corporate responsibility) states that: “Systematic methods for involving Stakeholders are adopted, fostering dialogue on sustainability and corporate responsibility” and that: “Snam intends to play an active role in sustainable development processes and is committed to create competitive value for the business, its stakeholders and the regions in which it operates”. Article 2 (Behaviour rules and relations with stakeholders) states that: “The corporate objectives, as well as the proposal and implementation of projects, investments and actions, all have to be aimed at improving the company’s assets, management, technological and information level in the long term, and at creating value and well-being for all Stakeholders”.
5 For further information, see Section I, Paragraph 3 of the Report.
