Corporate Governance and conducting business
Snam operates in the reference framework of the United Nations Universal Declaration of Human Rights, the International Labour Organization Fundamental Conventions and the OECD Guidelines for Multinational Enterprises and the principles sanctioned by the United Nations Global Compact.
In this context Snam is constantly committed to maintain and reinforce a corporate governance system in line with national and international best practices.
The new Board of Directors
In 2016 Snam renewed its Board of Directors, which is the central body within its corporate governance system vested with the broadest powers for the ordinary and extraordinary administration of the Company.
The new Board, appointed by the Shareholders’ Meeting of 27 April 2016 is composed of nine members, who will remain in office for a period of three years. The Board of Directors plays a central role in overseeing the company’s commitment to sustainable development along the chain of value which is later presented to the Shareholders’ Meeting. It is assisted with these tasks by the Sustainability Committee, established on 11 May 2016, which makes proposals and provides advice and is made up of three non-executive directors, of which two are independent including the Chairman.
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Prior Term of Office |
Current Term of Office |
FTSE MIB Average |
Number of Directors |
9 |
9 |
12,3 |
Directors elected by minority shareholders |
3 (33.3%) |
3 (33.3%) |
2 |
Gender less represented on the Board of Directors |
33% |
44.4% |
29.4% |
Indipendent Directors |
56% |
56% |
57% |
Average Age of Directors |
56 |
53 |
57 |
Status of the Chairman |
Non-executive |
Non-executive |
Non-executive 89.9% |
Lead Independent Director Present |
no |
no |
27.8% |
The new Board of Directors is of a high level in terms of:
- independence with 5 out of 9 directors classified as independent pursuant to the Italian law and Code of Corporate Governance;
- representation, with one third of directors elected from the lists submitted by minority shareholders;
- and, above all, gender diversity: 44% of directors are female, one of the highest figures in companies listed on the stock exchange.
LENGTH OF SERVICE OF DIRECTORS ON THE BOARD OF DIRECTORS (%)
MEMBERS RESPONSIBILITIES (%)
BUSINESS EXPERTISE COMPARED WITH LEGAL AND FINANCE EXPERTISE (%)
GRI-G4:15