11. Management and coordination activities

No shareholders claim to exert control over Snam pursuant to Articles 2359 of the Italian Civil Code and 93 TUF. CDP S.p.A. has declared, in the annual Financial Report 2014, with effect from the reporting date of the financial statements for the year ended 31 December 2014, the existence of a de facto controlling stake in Snam S.p.A. in accordance with IFRS 10 – Consolidated Financial Statements. Snam is not managed or coordinated by any other entity. Snam manages and coordinates its Subsidiaries.

Since 2013, Snam adopted the “Regulations on exercising management and coordination activities for Snam and its Subsidiaries”. This document lays down 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, while 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.