Snam operates within the framework of the United Nations’ Universal Declaration of Human Rights, the Fundamental Conventions of the ILO – International Labour Organisation – and the OECD Guidelines for Multinational Enterprises and the principles enshrined in the United Nations Global Compact. In this context, Snam constantly endeavours to maintain and strengthen a Corporate Governance system in line with both national and international best practices.
The Corporate and organizational structure
Snam’s Corporate Governance system consists of a set of planning, management and control rules and methods necessary for the company to operate. These were outlined by the Board of Directors, in accordance with the laws which apply to company as a listed issuer and in adherence to the Code of Corporate Governance approved by the Corporate Governance Committee.
This Corporate Governance system is based on principles, such as correct and transparent business management implemented through the identification of information flows between corporate bodies and an efficient definition of the internal control and risk management system.
Snam exercises management and coordination activities with regard to subsidiaries and has adopted specific guidelines on Corporate Governance which define, among other things, the principles, contents, instruments and operating methods for the strategic guidelines implemented by Snam. In line with the corporate governance system and characteristics of its organisational structure, the management and coordination activities take into adequate consideration the legal autonomy and principles of correct corporate and business management of the subsidiaries.
Snam’s organisational structure is divided into four business units and staff functions, arranged with a view to simplifying processes, efficiency and continuous improvement. The business units are focused on the commercial-development activities, management of the Italian subsidiaries, management of the foreign shareholdings, and development of technical services focused on specialised skills and know-how for the gas-industry operators.