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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 were held, which were attended by the members of both Boards.

Pursuant to the Code of Corporate Governance, the board induction sessions aim to provide directors and standing auditors with adequate knowledge of the sector in which the Company operates, as well as present company dynamics and changes in the ownership structure. The sessions covered:

  1. the Snam Group and the gas market scenario;
  2. the regulatory context;
  3. governance and the internal control and risk management system;
  4. economic/financial data; and
  5. the Strategic Plan.

Specific in-depth analyses were conducted, through several dedicated sessions, relating to the internal control and risk management system (structure of the system, oversight, monitoring, information flows between the parties involved) and to corporate governance (historical development, shareholder structure, management and coordination, governance model and structure, delegated powers, anti-corruption and antitrust compliance programmes, whistleblowing, related-party transactions, and market abuse).

The induction sessions were organised and managed by the management of the competent function, whereas the strategic planning session was organised by the CEO.

In June and August 2016, meetings took place to explore specific themes relating to the Group’s strategies, attended by directors and statutory auditors.

In February 2017, there was an off-site visit to the Bordolano gas storage site.

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