Source: http://docplayer.net/160141-Report-on-corporate-governance-and-the-ownership-structure-in-compliance-with-art-123-2-tuf.html
Timestamp: 2017-06-23 09:06:12
Document Index: 230753223

Matched Legal Cases: ['art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 84', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 122', 'art. 130', 'art. 123', 'art. 104', 'art. 140', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 147', 'art. 2390', 'art. 144', 'art. 144', 'art.14', 'art. 144', 'art. 123', 'art. 123', 'art. 93', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art. 123', 'art 1', 'art 2', 'art 1', 'Art.123']

REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE In compliance with art. 123-(2) TUF - PDF
REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE In compliance with art. 123-(2) TUF
Download "REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE In compliance with art. 123-(2) TUF"
Drusilla Harvey
1 REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE In compliance with art. 123-(2) TUF Interpump Group S.p.A. Website: Date of approval: 19 March 20152 CONTENTS Page GLOSSARY ISSUER'S PROFILE INFORMATION on the OWNERSHIP STRUCTURE (ex art. 123 (2), subsection 1, TUF)... 5 a. Structure of share capital... 5 b. Restrictions on the transfer of securities... 5 c. Significant interests held in share capital... 6 d. Securities that carry special rights... 6 e. Employee equity interests: mechanism for the exercise of voting rights... 6 f. Restrictions on voting rights... 6 g. Shareholder Agreements... 6 h. Change of control clauses and statutory provisions concerning takeover bids... 6 i. Mandates to increase share capital and authorizations to purchase treasury stock... 7 l. Management and coordination activities COMPLIANCE BOARD OF DIRECTORS APPOINTMENTS AND REPLACEMENTS COMPOSITION ROLE OF THE BOARD OF DIRECTORS DELEGATED BODIES OTHER EXECUTIVE DIRECTORS INDEPENDENT DIRECTORS LEAD INDEPENDENT DIRECTOR PROCESSING OF COMPANY INFORMATION BOARD INTERNAL COMMITTEES APPOINTMENTS COMMITTEE REMUNERATION COMMITTEE DIRECTORS' REMUNERATION CONTROL AND RISKS COMMITTEE INTERNAL CONTROL AND RISKS MANAGEMENT SYSTEM DIRECTOR RESPONSIBLE FOR THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM MANAGER OF THE INTERNAL AUDIT FUNCTION ORGANIZATIONAL MODEL, pursuant to Decree 231/ INDEPENDENT AUDITORS MANAGER RESPONSIBLE FOR PREPARING COMPANY ACCOUNTING DOCUMENTS AND OTHER COMPANY ROLES AND FUNCTIONS COORDINATION AMONG PARTIES INVOLVED IN THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM DIRECTORS' INTERESTS AND TRANSACTIONS WITH RELATED PARTIES APPOINTMENT OF STATUTORY AUDITORS COMPOSITION AND OPERATION OF THE BOARD OF STATUTORY AUDITORS RELATIONS WITH SHAREHOLDERS SHAREHOLDERS' MEETINGS ADDITIONAL CORPORATE GOVERNANCE PRACTICES... 353 18. CHANGES AFTER THE CLOSE OF THE REFERENCE PERIOD TABLES Table 1: Information on the ownership structure Table 2: Structure of the Board of Directors and its committees Table 3: Structure of the Board of Statutory Auditors ANNEXES Annex 1: Heading on the Main characteristics of the internal control and risk management systems existing in relation to the financial reporting process" pursuant to art. 123-(2), subsection 2 letter B) TUF. 43 Annex 2: Shareholders' Meeting regulations4 GLOSSARY Code/Corporate Governance Code: the Code of Corporate Governance of listed companies approved in July 2014 by the Committee for Corporate Governance and promoted by Borsa Italiana S.p.A., ABI, Ania, Assogestioni, Assonime and Confindustria. Civil Code /c.c.: the Italian Civil Code Board: The Issuer's Board of Directors. Issuer: Interpump Group S.p.A. Year: Consob Issuers' Regulation: the Regulation published by CONSOB with resolution no of 1999 (as amended) governing the issuing of listed securities. Consob Markets Regulation: the Regulation published by CONSOB with resolution no of 2007 (as amended) on markets. Consob Regulation on Related Party Transactions: the Regulation published by CONSOB with resolution no of 12 March 2010 (as amended) governing transactions with related parties. Report: the report on corporate governance and the ownership structure that companies are required to prepare in compliance with art. 123-(2) TUF. TUF: Italian legislative decree no. 58 of 24 February 1998 (Consolidated Finance Act). 45 1. ISSUERS' PROFILE The expression Corporate Governance denotes the set of rules and procedures that constitutes the management and control system of joint stock companies. The importance of Corporate Governance has increased significantly in recent years due to the development of stock markets and the increasingly sharp focus directed at rules governing relations between shareholders and directors. For this purpose, it is necessary to establish the roles of management and execution of business strategies in an unequivocal manner, identifying the relative powers and responsibilities and the forms of control and disclosure of the activities performed. In the framework of initiatives designed to maximize value for shareholders and assure the utmost transparency of the actions of company management, Interpump Group has defined an articulated and coherent system of rules of conduct concerning both its own organizational structure and relations with stakeholders, in particular with its shareholders, such rules being in compliance with the highest standards of Corporate Governance. We remind you that Interpump Group has been listed on the STAR segment of the Italian Stock Exchange since the high standard mid-capital index was launched on 1 April 2001, reflecting its compliance with the related transparency and Corporate Governance requirements. Pursuant to the Bylaws, Interpump Group S.p.A. has adopted a traditional form of administration and control; accordingly, the business is managed by a Board of Directors and supervisory functions are carried by the Board of Statutory Auditors, while the legal audit of the accounts and the required accounting checks are performed by the independent auditors. The system of corporate governance adopted by Interpump Group S.p.A. is founded on a series of rules based on the Code of Corporate Governance. This Report describes the system of corporate governance adopted by the Group and provides information on the ownership structure, as required by current regulations. This Report, sent to Borsa Italiana on the established basis and timing, is available on the website of Interpump Group S.p.A. (www.interpumpgroup.it, in the Governance section, Report on corporate governance). 2. INFORMATION on the OWNERSHIP STRUCTURE (ex art. 123-(2) subsection 1, TUF) At 31/12/2014 a) Structure of share capital (ex art. 123-(2), subsection 1 letter a) TUF) The issued and fully-paid share capital totals Euro 56,617, Share capital comprises solely ordinary shares having all the rights and obligations specified by law. The ordinary shares, which are registered, endow voting rights in the company's ordinary and extraordinary shareholders' meetings in compliance with the articles of law and the Bylaws, and assign the administrative and capital entitlements awarded by the law for shares with voting rights. The stock option plans do not involve capital increases but rather the use of treasury stock or, with regard to the "Interpump Incentive Plan 2010/2012" and the "Interpump Incentive Plan 2013/2015", at the discretion of the Board of Directors, the payment of a differential equivalent to the possible increase in the market value of the company's ordinary shares (consult the Board of Directors' Report submitted with the annual Financial Report at 31 December 2014 and the Remuneration report prepared in compliance with art. 84-(4) of the Issuers' Code). b) Restrictions on the transfer of securities (ex art. 123-(2), subsection 1 letter b) TUF) 56 There are no restrictions on the transfer of securities. c) Significant interests held in share capital (ex art. 123-(2), subsection 1 letter c) TUF) From the entries in the shareholders register, from the notifications received in compliance with the law, and from the other information available at today's date, it emerges that the shareholders who hold stakes in excess of 2% of the voting capital are as shown in the attached Table 1. d) Securities that carry special rights (ex art. 123-(2), subsection 1 letter d) TUF) No securities have been issued that carry special controlling rights. e) Employee equity interests (ex art. 123-(2), subsection 1 letter e) TUF) There is no system for equity ownership by employees. f) Restrictions on voting rights (ex art. 123-(2), subsection 1 letter f) TUF) There are no restrictions on voting rights. g) Shareholder Agreements (ex art. 123-(2), subsection 1 letter g) TUF) A shareholders' agreement was signed on 7 May 2014 between MAIS S.p.A., Fulvio Montipò, Laura Montipò, Leila Montipò and Tip as the holders of the entire equity interest in IPG Holding S.p.A. (hereinafter IPGH) regarding IPGH and also, with regard to certain provisions, Interpump Group S.p.A. This agreement modified, supplemented and replaced the shareholders' agreement signed on 10 March 2010, as subsequently amended on 25 March 2011 and, lastly, on 7 November 2012, which was due to expire on 7 November The amendments principally took account of (i) the transformation of IPGH into a company limited by shares under a resolution adopted on 28 April 2014; (ii) the exit from the ownership structure of IPGH of Ferrero S.p.A. and Sergio Erede on the Agreement Date; (iii) the continuation as a director of Interpump of Giuseppe Ferrero. Further information is available in the document entitled: Key information on shareholders' agreements communicated to Consob pursuant to art. 122 of Italian legislative decree no. 58 of 24 February 1998 and art. 130 of Consob Regulation no of 14 May 1999, available on the Company's website (www.interpumpgroup.it, Governance section, Share Ownership). At 31 December 2014, Gruppo IPG Holding S.r.l. held % of the share capital. The shareholders' agreement can be consulted on the Company's website. h) Change of control clauses (ex art. 123-bis, subsection 1 letter h) TUF) and statutory provisions concerning takeover bids (ex articles 104, subsection 1-(3), and 104-(2), subsection 1) Two loan contracts were signed between Interpump Group S.p.A. and Commerzbank Aktiengesellschaft, on 25 September 2013 and on 3 June 2014, for Euro 30 million each. These loans would have to be repaid early in the event of a change of control. A loan contract was signed between Interpump Group S.p.A. and Mediobanca on 7 August 2014 for a total of Euro 50 million, with an obligatory early repayment clause in the event of a change of control. The lender, at its sole discretion, can elect on a fully independent basis to waive the early repayment clause. A loan contract was signed between Interpump Group S.p.A. and Unicredit on 8 July 2014 for a total of Euro 40 million, with an obligatory early repayment clause in the event of a change of control. There are no change of control clauses in the case of subsidiaries, but in certain cases the Parent Company has undertaken to inform the counterpart in advance if it plans to dispose of the relative investment. With regard to takeover bids, the Bylaws do not depart from the provisions of the passivity rule envisaged in art. 104, subsections 1 and 2 of the Consolidated Finance Act (TUF) nor do they provide for the application of the neutralization regulations set down in art. 140-(2), subsections 2 and 3, TUF. 67 i) Mandates to increase share capital and authorizations to purchase treasury stock (ex art. 123-(2), subsection 1 letter i) TUF) The Shareholders' Meeting of 30 April 2014 authorized, pursuant to the provisions of art and art (3) of the Civil Code, the purchase of treasury shares and their possible sale, for a period of 18 months from the date of the above-mentioned Shareholders' Meeting. Purchases may be made at a unit price ranging from a minimum of 0.52 euro to a maximum of euro, either in the market or by making a public offer to purchase or exchange on the basis set down in the legislation and regulations in force at the time For the same period and at the same prices, the Shareholders' Meeting has authorized the Board of Directors to divest treasury stock held in the portfolio at a minimum of 0.52 euro and a maximum of euro per share. The divestment of shares can occur also by means of a public offering, sale of treasury shares to employees, directors and collaborators of the company and/or of the group in execution of incentive plans approved beforehand at the Shareholders' Meeting, placed at the service of warrants or deposit certificates representing shares or similar securities, exchange for the purchase of equity investments or assets of interest to the company and in the framework of the possible signature of agreements with strategic partners. At 31 December 2014 the company held 5,281,095 treasury shares in the portfolio at an average unit book value of euro, corresponding to 4.85% of the share capital. Further to the Walvoil acquisition, 4,004,341 treasury shares were divested on 15 January ) Management and coordination activities (ex art et seq. of the Civil Code) The company is not subject to management or coordination. The Board of Directors has performed an assessment in this context and considers overcome the presumption pursuant to art (6) of the Civil Code, since IPG Holding S.r.l. although the parent and consequently obliged to consolidate Interpump Group S.p.A. is merely an investment holding company and, in operational and industrial terms, Interpump Group S.p.A. and IPG Holding S.r.l. do not share a common management strategy. * * * The information required by art. 123-(2), subsection 1, letter i) ( agreements between the company and the directors.. envisaging indemnity of the directors in case of resignation, dismissal without just cause or lapsing of the office further to a takeover bid") is contained in the remuneration report pursuant to art (3), TUF, which is available on the website of Interpump Group S.p.A. (www.interpumpgroup.it, in the section Governance/remuneration policy). The information required by art. 123-(2), subsection 1, letter l) ( the rules applicable to the appointment or replacement of directors and to the amendment of the Bylaws, if different from the legislative or regulatory provisions applicable on a supplementary basis ) is contained in the section of the Report on the Board of Directors (Section 4.1). 3. COMPLIANCE (ex art. 123-bis, subsection 2, letter a), TUF) The Interpump Group has adopted the provisions of the July 2014 version of the Code of Corporate Governance issued under the patronage of Borsa Italiana S.p.A., which is available on the website of the Committee for Corporate Governance on page The following text describes the methods of adaptation to the abovementioned Code. The Issuer and its strategic subsidiaries are not subject to any provisions of non-italian laws that affect the Issuer's corporate governance structure. 4. BOARD OF DIRECTORS 78 4.1 APPOINTMENTS AND REPLACEMENTS (ex art. 123-(2), subsection 1 letter l) TUF) Consistent with the laws concerning the "traditional" model of administration and control adopted by the Company, as well as the related current regulations, the Bylaws govern the appointment of directors by list voting and compliance with the principle of gender balance, as described below. Art The appointment of directors will be carried out on the basis of lists submitted by the shareholders, according to the following provisions, except for the cases wherein this article 14 establishes that the appointment must be made using ordinary methods and majorities and those in which appointment by slate vote is not permitted or is not possible. In the measure in which it is envisaged by the legal provisions in force time by time, the appointment of directors is performed on the basis of criteria that ensure gender balance. 3. Lists may be submitted exclusively by shareholders who, either individually or together with other shareholders, are globally in possession of shares with voting rights representing at least 2.5% (two point five percent) of the subscribed and paid-up voting capital in the ordinary Shareholders' Meeting for appointments of corporate offices, or any different higher or lower percentages established by statutory legislation and regulations. The minimum percentage for the submission of lists will be specified in the notice of convocation of the meeting. 4. Each candidate may appear in a single list on pain of ineligibility. 5. Any shareholder intending to propose (or join in proposing) candidates for the post of director must file (or join in filing) at the company's registered office at least twenty-five days before the date set for the first call of the Shareholders' Meeting that is to pass a resolution on the appointment: a) a list of candidates, numbering no less than 3 (three) and no more than 13 (thirteen), each candidate associated with a sequential number; at least the candidate shown in the list under the first number must comply with the independence requirements established by art. 147-(3), subsection 4, of decree no. 58 of 24 February 1998, and subsequent amendments and of the suitability to be qualified as independent in accordance with the terms of the Code of Corporate Governance prepared by the Committee for Corporate Governance of Listed Companies promoted by Borsa Italiana S.p.A.; without prejudice to the above matters, the list must contain candidates of each gender, in accordance with the matters indicated in the notice of convocation of the Shareholders' Meeting in order to ensure compliance with legislation concerning gender balance; and b) a resume of each candidate, containing comprehensive information concerning the relative personal and professional characteristics, with an indication of the eventual possession of the requirements of independence established by 147-(3), subsection 4, of decree no. 58 of 24 February 1998 as amended, and of the suitability to be qualified as independent in accordance with the terms of the Code of Corporate Governance prepared by the Committee for Corporate Governance of Listed Companies promoted by Borsa Italiana S.p.A., with an indication: (i) of the offices of non-executive members of the board of directors or members of the board of statutory auditors in companies listed in regulated stock markets (including foreign stock markets), finance companies, banks, insurance companies, or companies of significant size, these latter being construed as companies whose financial statements for the previous year showed assets or sales in excess of 500,000, euro (five hundred million); (ii) the offices of executive members of the board of directors in any company, including companies not covered by the categories specified in the previous point (i), with the sole exception for companies engaged in the "mere utilization" of property, shareholdings or other assets, and companies that in the previous year recorded sales of up to 50,000, euro (fifty million); (iii) of the offices ex art. 2390, subsection 1, of the Italian Civil Code that call for authorization of the Shareholders' Meeting to depart from the legal ban on competition, with the specification that it is not necessary to disclose offices held in companies directly or indirectly controlled by the company, the assumption of which must be construed as authorized by the company on a general or preliminary level. For all companies in which offices are held, the relative denomination, headquarters, enrollment number in the Business Register or equivalent, and the nature of the position held (also in relation to the position of executive director, non-executive director, or independent director); and c) the declarations of each 89 candidate whereby they express their willingness to assume the relative office in the event of election and attesting, under their personal responsibility, to the absence of any causes for ineligibility or incompatibility, the possession, if relevant, of the requirements of independence and the suitability, if necessary, to be qualified as independent in accordance with the terms of the Code of Corporate Governance of Listed Companies promoted by Borsa Italiana S.p.A., and an indication of the existence of any additional requirements prescribed for the office either in law or in the Company Bylaws; d) a list of the shareholders submitting the list of candidates, with their name, company name or denomination, headquarters, enrollment number in the Business Register or equivalent, and the percentage of the capital they hold overall, accompanied by a certificate that shows the ownership of said equity investment and a declaration as required by art. 144-(6), subsection 4, letter b) of CONSOB Regulation no dated 14/5/1999 as amended, attesting to the absence of relations of association ex art. 144-(5) of the same CONSOB Regulation. Those submitting a list are obliged to include a sufficient number of candidates on the list and also the minimum number of candidates complying with the independence criteria and the other requirements specified by law and to act in such a way as to ensure that the composition of the list complies with the proportionality criterion for gender balance prescribed by statutory legislation. Also the specific certificate issued by an authorised broker, proving ownership, at the time of filing of the list with the Company, of the number of shares necessary for submission of the list, must be filed within the term envisaged by statutory regulations. 6. Each shareholder cannot submit (or join in submitting) more than one list nor can they vote for different lists, even by means of an intermediary or trust company. Shareholders from the same group and shareholders subscribing to a shareholders' agreement based on treasury shares, cannot submit or vote for more than one list, even by means of an intermediary or trust company. 7. Lists in relation to which the prescriptions in the previous subsections of the current art.14 have been disregarded will be considered not to have been submitted. 8. Notification is provided of the lists submitted in the cases and with the methods established by current provisions, and with any other method considered to be fitting by the Board of Directors. 9. The shareholder or shareholders who have submitted (or joined in submitting) a list associated, even indirectly, with one or more shareholders who have submitted (or joined in submitting) another list, are required to provide a statement to this effect at the beginning of the Shareholders' Meeting called to appoint the directors, and said statement must be recorded in the minutes of the Meeting. A relationship of association is considered to exist in the cases specified by art. 144-(5) of CONSOB regulation no of 14/5/1999 as amended. 10. The Board of Directors will be appointed as outlined below: a) on the basis of the sequential order in which they appear in the sections of the list, all the directors except one are taken from the list that obtained the largest number of votes cast by the shareholders; moreover, all the directors of the less represented gender as required by statutory legislation concerning gender balance will be taken from said list, except in the event in which the remaining director, taken from the list that received the second highest number of votes, is of the less represented gender: in this case all the directors of the less represented gender except one will be taken from the list that obtained the highest number of votes; b) the remaining director is taken from the list that obtained the second highest number of votes, who will be the one indicated with the first sequential number in the list, without prejudice to the matters prescribed by the above letter a) concerning gender balance; c) in the case of an equal number of votes (i.e. if two lists both receive the highest number of votes or the second highest number of votes) the Shareholders' Meeting will repeat the ballot, with a slate vote, for appointment of the entire Board of Directors; d) the candidates from the lists will be elected in compliance with the criteria indicated in the foregoing letters (a), (b) and (c), without prejudice to the provisions set down under the following letters (e), (f) and (g); e) if a single list is duly submitted, all the directors to be appointed will be taken from said list, on the basis of the sequential order with which the candidates appear in the list and always in compliance with statutory legislation concerning the independence and gender balance of directors; f) if the list that received the second highest number of votes fails to reach a percentage of the votes equivalent at least to half of those necessary for submission of the 910 lists envisaged in the previous subsection 3, all the directors to be appointed will be taken from the list that receives the highest number of votes cast by the shareholders, on the basis of the sequential number with which the candidates appear in the list; g) if the that list received the second highest number of votes has received the vote cast by one or more shareholders considered to be associated - in accordance with the foregoing subsection 9 - with one or more of the shareholders that submitted (or joined in submitting) the list that received the highest number of votes, said votes shall not be counted. Consequently, if without considering such votes another list emerges as the second most voted list, the remaining director will be the candidate with the first sequential number appearing in said other list; h) if no list is submitted, also in application of the matters provided for by the foregoing subsection 7, or if, for any reason, the appointment of one or more directors cannot be carried out in compliance with this subsection 10, the Shareholders' Meeting will pass a resolution with the majorities required by law, anyway ensuring the presence of the necessary number of directors in possession of the legal requirements of independence and in compliance with statutory legislation concerning gender balance. 11. The directors remain in office for a maximum of three years, as decided at the Shareholders' Meeting that appoints them, and are eligible for re-election. 12. Independent directors are required to notify the Board of Directors immediately of any cessation of the criteria of independence required by law and, with regard to directors appearing in the lists with the first sequential number, the fitness to be qualified as independent in accordance with the terms of the Code of Corporate Governance prepared by the Committee for Corporate Governance of Listed Companies promoted by Borsa Italiana S.p.A. The loss of said requirements or suitability will result in expiry of the term of office. 13. Without prejudice to the matters prescribed in the following subsection 15, if, during the financial year, one or more directors taken from the list that received the highest number of votes or elected with the ordinary methods and majorities should cease to be available for whatsoever reason, and if said unavailability is not such as to result in the loss of the majority of the directors appointed by the Shareholders' Meeting, the Board of Directors will replace the unavailable director or directors by means of co-optation, in compliance with the provisions of art of the Italian Civil Code. The thus co-opted director will remain in office until the next Shareholders' Meeting, which will either confirm the appointment or make a replacement utilizing ordinary methods and majorities rather than a slate vote. 14. Without prejudice to the matters prescribed in the following subsection 15, if, during the financial year, the director taken from the list that received the second highest number of votes should cease to be available for whatsoever reason, and if said unavailability is not such as to result in the loss of the majority of the directors appointed by the Shareholders' Meeting, the Board of Directors will replace the unavailable director by means of co-optation of the candidate appearing with the second sequential number in said list, provided said candidate is still eligible and willing to accept the office, or otherwise, by co-optation of the candidate appearing with the third sequential number in the same list, and so forth, until all the candidates appearing in the list have been exhausted. If it proves impossible to obtain a candidate to co-opt from this latter list, then the candidate appearing with the first sequential number in the list that received the third highest number of votes will be co-opted, providing said list has received the minimum quorum indicated under the previous paragraph 10, letter f), assuming said candidate is still eligible and willing to accept the office, or otherwise, by co-option of the candidate appearing with the second sequential number in the same list, and so forth, until all the candidates appearing in the lists that have reached the minimum quorum indicated under the previous paragraph 10, letter f) have been exhausted. If it should prove impossible to co-opt a director from the lists indicated above, the Board of Directors will co-opt a director of its own choosing. 15. Also in departure from the provisions of the above paragraphs 13 and 14, if the unavailable director is an independent director, said director must be replaced, also by means of co-option, with another independent director, and if the unavailable director must also be fit for qualification as independent in accordance with the terms of the Code of Corporate Governance prepared by the Committee for Corporate Governance of Listed Companies promoted by Borsa Italiana S.p.A., said director must be replaced, also by 1011 means of co-option, by another director with equivalent qualifications. Likewise, if the lapsed director is of the less represented gender and the cessation results in the loss of the criterion of proportionality of gender balance, the director in question must be replaced, also by co-optation, by a director of the same gender, in such a way as to ensure compliance with the relevant statutory legislation at all times. 16. If the majority of directors appointed by the Shareholders Meeting should be lost, instead of replacing the unavailable director or directors by means of co-option, the entire Board of Directors will be considered to have lapsed and it must call a Shareholders' Meeting without delay so that the Board can be reconstituted by means of slate voting." Apart from TUF prescriptions, the Issuer is not subject to specific regulations concerning the composition of the Board of Directors. Succession plans The Company has not prepared a succession plan, since it believes that decisions on the succession of directors should be taken by the members of the Board of Directors working together. 4.2 COMPOSITION (ex art. 123-(2), subsection 2 letter d) TUF) The Board of Directors is now composed as follows: Names Position Fulvio Montipò Paolo Marinsek Mara Anna Rita Caverni Carlo Conti Giuseppe Ferrero Franco Garilli Giancarlo Mocchi Paola Tagliavini Giovanni Tamburi Chairman and Chief Executive Officer (1) (2) Deputy Chairman and Chief Executive Officer (1) (2) Independent Director Independent Director Non-executive Director Independent Director Non-executive Director Independent Director Non-executive Director (1) authority to act for the company as per clause 17 of the Bylaws (2) powers relative to ordinary business with a limitation of the amount beyond which the decision must be referred to the Board of Directors. The current Board of Directors was appointed at the Shareholders' Meeting held on 30 April 2014, on a proposal from IPG Holding S.p.A. No alternative lists were submitted. The changes in the composition of the Board of Directors are indicated in Table 2. The Board of Directors will remain in office for three years, until approval of the 2016 financial statements. A concise resume of each director in office is given below. Fulvio Montipò Born in Baiso (RE) on 22 October Graduated in Sociology in 1972 from the University of Trento. Personnel Manager - Organizational Director with Bertolini Macchine Agricole ( ). General Manager of Bertolini Idromeccanica ( ). Founder of Interpump Group S.p.A., where he has been 1112 the Chief Executive Officer since the date of incorporation. Appointed as Chairman and Chief Executive Officer of Interpump in April Paolo Marinsek Born in Trieste on 13 November Graduated in Aeronautical Engineering in 1975 from the Turin Institute of Technology. Employed in the FIAT Group from 1976 to 2004 in roles of increasing responsibility: Technology Manager, Mirafiori Meccanica plant ( ); Director of Technical Services and Maintenance at Mirafiori Meccanica ( ); Production Director at Termoli plant to launch the production of the "FIRE" engine type ( ); Director of Termoli plant ( ); Director of all Fiat Auto mechanical production plants ( ); Head of Fiat Auto Total Quality Plan ( ); CEO of Fiat Auto Poland ( ); CEO of Comau S.p.A. and Head of vehicles and production systems sector of Fiat S.p.A. ( ) Executive Director and General Manager of Ferrari S.p.A. and also Maserati S.p.A. ( ) Executive Director and General Manager of Fiat Engineering S.p.A. ( ). Deputy Chairman and Chief Executive Officer of Interpump from April 2003, having served as General Manager from November 2004 to April 2005, when he was appointed as Chief Executive Officer. Mara Anna Rita Caverni Born in Milan on 23 May Graduated in Business Economics from Bocconi University in Registered with the Bologna Chapter of Italian Public Accountants from 1990; registered auditor from Professional experiences abroad: Paris (1993), PwC; CFO of a multinational company ( ), London (1998) PwC Transaction Services. Partner in PricewaterhouseCoopers, Italy (1999); Partner responsible for Private Equity Transactions - Europe, PwC ( ); Partner responsible for the Private Equity market in Italy, and member of the global Private Equity team, PwC ( ). Managing Partner and founder of New Deal Advisors S.p.A. from Independent director at: Snai, Anima Holding, Anima SGR S.p.A., Cerved Group. On the Ready-for-board women list since Author of various books and specialty publications. Director of Interpump Group S.p.A. since Carlo Conti Born in Bologna on 4 June Graduated in Economics and Commerce in Manager of the financial statements analysis office Corporate Banking Division, Citibank ( ); Associate of Intek/Innovest S.p.A., Milan ( ); Coordinator of special corporate transactions (acquisitions, disposals, mergers, etc.) at Studio Venceslai ( ); member of the Board of Directors of ONETONE BV, private investment vehicle ( ). From 2003, founding partner in ACTIVE SCOUTING Srl advisor for M&A transactions with a focus on mid-market transactions. Member of the Board of Directors of Cobra Srl (from 1/1/2014) and Sole Director of Active Scouting Corporate Finance Srl. Director of Interpump Group S.p.A. since Giuseppe Ferrero Born in Turin on 14 November Graduated in Law from Turin University in After graduating he continued to work alongside his father. Gradually he was awarded various offices and responsibilities until he rose to the position of Chairman and CEO in various Ferrero Group companies. Since 2007 he has been at the helm of the Ferrero Group. Currently, outside the context of the Ferrero Group, he occupies the following offices: Director of Unione Industriale of Turin and Director of TIP S.p.A. Director of Interpump Group S.p.A. since Franco Garilli Born in Farini (Piacenza) on 28 October Graduate in Economics and Commerce from Milan's Cattolica University. Registered with the Piacenza Chapter of Italian Public Accountants and registered Legal Auditor. His professional career with KPMG involved participation, at various levels of responsibility, in audits of medium/large, Italian and international companies and groups, some listed, mainly operating in the financial, manufacturing, transport and chain distribution sectors. As the Partner in charge of Audit Activities for KPMG Italy, he represented the Italian Network on the various international committees comprising the KPMG Global Network. Served as the Managing Partner of KPMG S.p.A. Member of the Board of Directors of BRT S.p.A. Director of Interpump Group S.p.A. since13 Giancarlo Mocchi Born in Pavia on 3 January Graduated in Economics and Business Studies at Bocconi University in Milan in Budgeting, EDP, and Auditing functions with CGE Group - General Electric ( ). In the Ciba-Geigy group in various sectors and rising levels of responsibility until reaching the position of codirector of the Pharmaceuticals Division, with direct responsibility for Planning / Control / Information Systems / Distribution / Materials management ( ). Worked in the Novartis group as director of Finance / Administration / Control / Systems ( ). Director in several companies such as G.D S.p.A., Mais S.p.A., Mais Partecipazioni Stabili S.r.l., B Group S.p.A., Isco S.r.l., Simisa S.r.l., TIP S.p.A., Limoni S.p.A., Irbm S.p.A. and Ergon Sutramed S.p.A. Chairman of Consorzio Dafne from its formation (1991) until 1997, and member of the Managing Council of the Assinde association. Chairman or member of the board of statutory auditors of several companies from 1971, including: Fervet S.p.A.; Aqua Viva S.p.A.; Irga S.p.A.; Geigy S.p.A.; Ilford S.p.A.; Chimosa S.p.A.; Airwick S.p.A.; Gretag S.p.A.; Titmus S.p.A.; Viba S.p.A.; Istituto Vaccinogeno Pozzi S.p.A.; Chiron S.p.A.; Ciba Vision S.r.l. Director of Interpump Group S.p.A. since Paola Tagliavini Born in Milan on 23 October Graduated in Business Economics from Bocconi University in Milan in 1992, with a specialization in Finance. Registered Legal Auditor. Lecturer on risk management at Bocconi University and SDA Bocconi. Joint director of the ERM Lab at SDA Bocconi. Managing Partner at DGPA Risk, an advisory unit of DGPA & CO. specialized in risk management. Two decades of consulting on risk management matters. Directed Marsh's Italian strategic risk consulting team for more than eight years ( ). Director of the Italian corporate risk practice of Oliver Wyman ( ). Directed AON's Italian risk management consulting team ( ). From 1993 to 2005, lecturer in Economics, Business Management and Business Protection at Bocconi University, as well as researcher at Bocconi's SPACE Center on business protection matters. Visiting Researcher at the Department of Insurance & Risk Management, Wharton School (1997). Author of publications and speaker at numerous conferences on risk management matters. Director of Interpump Group S.p.A. since Giovanni Tamburi Born in Rome on 21 April Graduate in Economics and Commerce from La Sapienza University, Rome Former member of the Commission for Law 35/92 set up by the Budget Ministry (Commission for privatizations) and member of the advisory board of the Milan Municipal Authorities. Worked for S.O.M.E.A. S.p.A. (February 1975-July 1977) and for the Bastogi Group (September 1977-September 1980). From 1980 to 1991 he held important positions in Euromobiliare (Midland Bank Group), becoming a director of Euromobiliare S.p.A. and General Manager of Euromobiliare Montagu S.p.A., the group's investment banking arm. Founder and Chairman of Tamburi Investment Partners S.p.A., an independent investment/merchant bank focused on the development of excellent medium-sized Italian companies listed in the STAR segment of Borsa Italiana. Author of many books, specialty publications and articles. Director of Interpump Group S.p.A. since Cumulative limits on appointments held in other companies As regards the maximum number of appointments that a director may hold (pursuant to Application Criterion 1.C.3), the Board of Directors has recommended that: - for the purpose of the regulations set forth hereafter regarding the total number of appointments held by company directors: (i) other "directorships" include any appointments as sole director or member of Management Committees or Boards of Directors (in one-tier systems, only members responsible for management), while other appointments as "auditor" include membership of Boards of Statutory Auditors, Supervisory Committees and Audit Committees within Boards of Directors in one-tier systems; (ii) only directorships or audit appointments in other companies listed on regulated markets (foreign markets included), finance companies, banks, insurance companies or large organizations, meaning those with annual revenues in excess of Euro 500 million (hereinafter referred to as "Significant Companies") are considered; (iii) appointments held in more than one Significant Company belonging to the same group, the Interpump Group included, are considered to be a single appointment with prevalence given to that requiring the greatest professional commitment (executive role for example); 1314 - the Shareholders' Meeting should not appoint persons as executive directors when they already hold executive appointments in one or more other companies (including companies not classified as "Significant Companies", but excluding for this purpose companies that merely hold real estate, equity investments or other assets with annual revenues of no more than Euro 50 million), or are non-executive directors in four or more other Significant Companies; - the Shareholders' Meeting should not appoint persons as non-executive, independent or nonindependent directors when they are already executive directors in two or more Significant Companies, or non-executive directors or statutory auditors in ten or more other Significant Companies; - the Board shall only assign executive duties to directors appointed at the Shareholders' Meeting and approve the assignment of executive duties within Interpump group companies when these are not incompatible with the established limits, unless the Board resolves for good reason that valid and objective grounds exist for making a temporary or permanent exception to these limits. Apart from their disclosure in this report, the aforementioned limits are also disclosed at any Shareholders' Meetings held to make such appointments. The directorships or audit appointments held by Interpump Group directors in other listed companies or in significant companies as defined by the Code of Corporate Governance are as follows: Fulvio Montipò: Finance companies: Gruppo IPG Holding S.p.A. (Investment holding company); Mara Caverni: listed companies: Anima Holding (operator in the investment management industry), Cerved Group (information provider), SNAI (betting and gaming), Finance companies and banks: Anima Sgr; Giuseppe Ferrero: Listed companies: Director of Tamburi Investment & Partners S.p.A.; Giancarlo Mocchi: Unlisted companies of significant dimensions: Director of G.D. S.p.A. (cigarette production and packaging machinery); Finance companies: Gruppo IPG Holding S.p.A. (Investment holding company), Chief Executive Officer of MAIS Partecipazioni Stabili S.r.l. (Investment holding company); Giovanni Tamburi: Listed companies: Chairman and Chief Executive Officer of Tamburi Investment & Partners S.p.A., Director of Zignago Vetro S.p.A (glass containers), Director of Prysmian S.p.A; Director of Amplifon S.p.A.; Finance Companies: Gruppo IPG Holding S.p.A. (Investment holding company). Franco Garilli: Unlisted companies of significant dimensions: Director of BRT S.p.A. (transport company). Induction Program Initiatives aimed at raising awareness of the company situation and its dynamics are implemented in response to a simple request from the director (Application Criterion 2.C.2). 4.3 ROLE OF THE BOARD OF DIRECTORS (ex art. 123-(2), subsection 2 letter d) TUF) The Board of Directors meets on a regular basis and is organized and works to ensure that it fulfills its functions in an effective manner, pursuing the primary goal of creating value for shareholders in accordance with group directives and policies (see Principles 1.P.1 and 1.P.2). The Board of Directors met 8 times during 2014 with an average duration of 2 hours and 15 minutes. The attendance percentages of each director during the year are indicated in Table 2. At least 7 meetings are scheduled for 2015 (including 6 on the schedule already made public), 2 of which already held at the time of writing. The directors usually receive the documents concerning items on the agenda one week before the related board meeting. The Chairman ensures that enough time is allocated to the items on the Agenda to ensure constructive debate (Application Criterion 1.C.5.). Board meetings are generally also attended by the Manager responsible for preparing company accounting documents and the Secretary of the Board of Directors. The Board of Directors has established that, upon written request made to the Chairman, by two or more directors giving at least two working days' notice, board meetings may be attended by company executives and/or the executive directors and executives of 1415 Interpump group companies, in order to provide necessary background information about items on the agenda in their respective areas of expertise, on the understanding that their participation is limited solely to those matters. Article 14, point 18, of the current Bylaws envisages inter alia that the Board of Directors has sole responsibility: for examining and approving the company's strategic, industrial and financial plans, for defining the corporate structure of the group headed by the company and for deciding on transactions above a predetermined limit and/or that are significant in nature. In accordance with the requirements of Application Criterion 1.C.1.c), on 14 February 2014 the Board of Directors assessed the adequacy of the organizational, administrative and accounting structure of Interpump Group S.p.A. and the subsidiaries of strategic significance, with particular reference to the internal control and risks management system, which is described in a document prepared by the competent departments and was subjected to preliminary examination by the Control and Risks Committee. The following subsidiaries are deemed to have strategic significance: Muncie Power Products Inc; Interpump Hydraulics S.p.A.; NLB Corporation Inc.; Hammelmann Maschinenfabrik GmbH, Interpump Hydraulics International S.p.A., General Pump Inc., Hydrocontrol S.p.A.; Contarini Leopoldo S.r.l., Oleodinamica Panni S.r.l. and HS Penta S.p.A. on the basis of scale criteria. The Board of Directors assessed general operating performance during 2014, considering in particular the information received from executive bodies and comparing at least every quarter the results achieved with the targets set (Application Criterion 1.C.1.e)). The Bylaws of Interpump Group S.p.A. establish limits for the transactions of the Issuer that must be approved by the Board of Directors. The Bylaws of each subsidiary establish limits for the transactions that must be approved by its Board of Directors, which includes directors representing the parent company. The Board of Directors of the parent company is entitled to resolve on the votes to be cast at the extraordinary meetings of direct subsidiaries and on the appointment of the directors of direct subsidiaries. As regards assessment of the functioning of the executive body and its committees (Application Criterion 1.C.1.g)), as well as their size and composition, the board meeting held on 13 February 2015 decided to consider the following aspects: - the adequacy of the number of directors, considering the presence of a sufficient number of independent directors, as well as the professional characteristics, managerial and other experience, and gender of board members; - the proper functioning of the Board and its associated committees (in particular, the number of meetings held, member attendance at meetings, with the exception of justified absences that do not interfere with the proper functioning of the board), and the lack of anomalous differences in the opinions of individual members at the time of voting. The assessment was conducted by means of a questionnaire distributed to the directors, without assistance from external advisors. The results were summarized in anonymous form in a document that was distributed to the directors prior to the board meeting. On the basis of the above, the Board of Directors considers the size, composition and functioning of the Board of Directors and its associated committees to be appropriate, and hence does not deem it necessary to make any changes. The Shareholders Meeting has not authorized exceptions to the no-competition requirement contained in art of the Italian Civil Code. 4.4 DELEGATED BODIES Chief Executive Officers 1516 At the meeting held on 30 April 2014, the Board of Directors assigned the mandates detailed below to Fulvio Montipò, Chairman and Chief Executive Officer, and Paolo Marinsek, Deputy Chairman and Chief Executive Officer. In particular, the mandates as sole signatory granted to the Chief Executive Officers include, among other matters, keeping and signing Company correspondence, selling without warranty goods and all other fungible assets with a value not exceeding Euro 5 million; purchasing goods and all other non-registered fungible assets and, in general, signing contracts regarding the industrial and commercial management of the Company, on condition that their value does not exceed Euro 5 million, purchasing and selling motor vehicles on condition that their value does not exceed Euro 75 thousand; taking care of the ordinary administration of the Company in order to achieve the corporate objects. They can also delegate all or part of their powers to any other director or to third parties. Their joint signatures or signature together with another member of the Board of Directors is required to purchase and sell motor vehicles for amounts in excess of Euro 75 thousand, and to hire and terminate managers whose gross annual salary is between Euro 75 thousand and Euro 120 thousand. In relation to the option offered in the Code of Corporate Governance, Interpump Group has decided not to form an Executive Committee. At the same meeting, the Board of Directors granted the Deputy Chairman and Chief Executive Officer, Paolo Marinsek, the following mandates and related operational powers: (i) manage relations with institutional investors and other shareholders, supervise the management of confidential information and the external communication of significant information, as well as ensure compliance with the rules of corporate governance laid down in applicable legislative and regulatory provisions, in the Company's Bylaws, and in the Code of Corporate Governance for listed companies, which the Company has adopted; (ii) supervise the routine management of the Company; (iii) supervise the activities of the Chief Financial Officer (CFO) of the Group, except for those supervised by the Chairman; (iv) ensure the functioning and adequacy of the system of internal control; (v) work together with the Chairman and Chief Executive Officer to make recommendations to the Board of Directors about strategies and guidelines for the Company and the Group, and implement the related board resolutions; (vi) work together with the Chairman and Chief Executive Officer to plan the career development of senior management personnel, making recommendations to the Board of Directors and the Remuneration Committee about their remuneration and incentive systems (MBO, stock option plans and similar). Chairman of the Board of Directors At the meeting held on 30 April 2014, the Board of Directors granted the Chairman and Chief Executive Officer, Fulvio Montipò, the following specific operating powers as his functional responsibility: (i) supervise the management of all Group companies; (ii) make recommendations to the Board of Directors about strategies and guidelines for the Company and the Group, including product strategies, and implement the related board resolutions; (iii) make recommendations to the Board of Directors about the purchase and disposal of investments in companies, businesses or lines of business and joint ventures and implement the related board resolutions; make recommendations to the Board of Directors about other special finance operations, loans, mortgages and borrowing in general, including leasing, and implement the related board resolutions; (iv) (v) assist and supervise the work of the Finance Committee; report promptly to the Board of Directors on key legislative and regulatory changes concerning the Company and its executive bodies, with emphasis in particular on those concerning the directorship function and the preparation of written reports, as necessary, to describe the above changes. The Chairman has received operational mandates as the founder of the Group with profound knowledge of the sectors concerned (Principle 2.P.5.). The Chairman is one of the shareholders of the IPG Holding Group, which holds a % interest in Interpump Group S.p.A., and one of the Issuer's two Chief Executive Officers. 1617 The Interlocking Directorate situation envisaged in Application Criterion 2.C.5. does not apply. Information to the Board of Directors The delegated bodies report to the Board of Directors on the activities undertaken in the exercise of the mandates conferred upon them at the first available meeting of the board on at least a quarterly basis. 4.5 OTHER EXECUTIVE DIRECTORS No other Directors are considered to be executive directors inasmuch as they i) hold the office of CEO or executive chairman in a company that is a subsidiary of the Issuer having strategic significance and/or ii) hold executive positions in the Issuer, in a subsidiary having strategic relevance or in the holding company where the appointment also concerns the Issuer, and/or iii) because they are members of executive committees in cases indicated by the Code (Application Criterion 2.C.1.). 4.6 INDEPENDENT DIRECTORS Pursuant to Principles 3.P.1. and 3.P.2. and Application Criterion 3.C.4. of the Code of Corporate Governance, at the meeting held on 30 April 2014, immediately after appointment, the Board of Directors: - considered the independence of the following non-executive directors: Mara Anna Rita Caverni, Carlo Conti, Franco Garilli and Paola Tagliavini adopting, inter alia, the criterion of the prevalence of substance over form (Application Criterion 3.C.1. and 3.C.2.), and referring not only to the information provided by the persons concerned, but also to all other information available to the Company, and informed the market in the press release issued on 30 April 2014 regarding approval of the 2013 financial statements; - considered the participation of independent directors at Board Meetings to be appropriate, both in quantitative (the ratio of independent directors to the overall size of the Board and need for internal committees) and qualitative terms (authority and professional expertise) (Application Criterion 3.C.3.). In accordance with the provisions of Application Criterion 3.C.5., the Board of Statutory Auditors confirmed to the Board of Directors during the session held on 30 April 2014 that it had overseen the correct application of the verification criteria and procedures adopted to assess the independence of its members. The independent directors have stated that they met on 13 February 2015 in the absence of the other directors (Application Criterion 3.C.6.). 4.7 LEAD INDEPENDENT DIRECTOR At the meeting held on 30 April 2014, the Board of Directors appointed Carlo Conti, non-executive and independent director, as the Lead Independent Director pursuant to Application Criterion 2.C.3., since he met the requirements. The Lead Independent Director is a point of reference and coordination for the requests and contributions of the non-executive directors and, in particular, those who are independent. He collaborates with the Chairman of the Board of Directors in order to ensure that the directors receive information flows on a complete and timely basis. 5. HANDLING OF COMPANY INFORMATION The Board of Directors of Interpump Group S.p.A. approved the "Procedure for the market disclosure of privileged information and documents about Interpump Group S.p.A. and the financial instruments issued by the Company" at the meeting held on 14 March This procedure defines the basis and timing for communications to the market by Interpump Group S.p.A. 1718 about privileged information regarding Interpump Group S.p.A. and its subsidiaries pursuant to art. 93 TUF and, at the same time, establishes appropriate controls in order to prevent the Market Abuse offenses envisaged by Decree 231/2001. Compliance with the procedure is required by all those who, due to their work or professional activities, have access to Privileged Information about Interpump Group S.p.A. including, in particular, the directors, statutory auditors and employees of Interpump Group S.p.A. and its subsidiaries. The Procedure is associated with the "Method of keeping and updating the Register of persons having access to privileged information" procedure and "Identification of significant parties and the methods and terms of disclosure of the transactions executed by them in relation to shares issued by Interpump Group S.p.A. or other financial instruments connected to them" (Internal Dealing procedure). The above-mentioned procedures, which took effect from 1 April 2006, can be consulted on the company website (Application Criterion 1.C.1. letter j) at the address Governance section, Market Abuse procedure). On 30 April 2014, the Board of Directors made the Deputy Chairman and Chief Executive Officer, Paolo Marinsek, responsible for the Company's confidential information and the external communication of significant information. 6. BOARD INTERNAL COMMITTEES (ex art. 123-(2), subsection 2, letter d), TUF) The Board of Directors has appointed the Remuneration Committee and the Control and Risk Management Committee (see Principle 4.P.1). The Appointments Committee is discussed in the next section. 7. APPOINTMENTS COMMITTEE At the meeting held on 7 November 2012, the Board of Directors resolved not to establish an Appointments Committee since it was deemed preferable for the related duties assigned by the Code of Corporate Governance to be performed by the Board in its entirety. At the meetings held on 14 February 2012, 14 February 2013, 14 February 2014 and 13 February 2015, the Board of Directors declared the size, composition and functioning of the Board and its committees to be adequate. 8. REMUNERATION COMMITTEE Composition and functions of the Remuneration Committee (ex art. 123-(2), subsection 2, letter d) TUF) The Committee is composed of non-executive directors, the majority of whom are independent (see Principle 6.P.3), and the Chairman is selected from among the independent directors. The meetings are coordinated by the Committee Chairman and properly minuted. At the meeting held on 19 March 2015, the Board of Directors considered adequate the accounting and financial knowledge and experience, including that regarding remuneration policy matters, of Carlo Conti, Franco Garilli and Giovanni Tamburi. The Committee comprising Franco Cattaneo, Chairman, Marco Reboa and Giovanni Tamburi met on 18 March 2014 with everyone in attendance. Subsequently, on 12 May 2014, the first meeting was held of the new Committee appointed by the Board of Directors on 30 April 2014, comprising Carlo Conti, Chairman, Franco Garilli and Giovanni Tamburi, with everyone in attendance. The average duration of the meetings was about 1 hour and 20 minutes. 1819 There are 2 meetings planned for The compensation of the directors comprising the Committee is decided by the Board of Directors, with the abstention of the persons directly concerned (Application Criteria 6.C.6.). The committee meetings have not been attended by persons who are not members (Application Criterion 4.C.1.f)). Functions of the Remuneration Committee For information about the functions assigned to the Remuneration Committee is presented in Section I, Chapter 1 Procedures utilized for the adoption and implementation of the remuneration policy" of the Interpump Group S.p.A. "Remuneration Policy". The policy was set down by the Board of Directors at the meeting held on 19 March Discussions during the first meeting held in 2014 addressed the following: - the general policy for the remuneration of executive directors, other directors with special duties and Managers with Strategic Responsibilities; - the recommendations made to the Board of Directors concerning compensation for the office of director and the total maximum remuneration of directors assigned special duties in relation to 2014 and to the period from 1 January 2015 until the date of approval of the 2014 financial statements; - approval of the draft illustrative report of the Board of Directors to the Shareholders' Meeting for submission to the Board; - proposal to the Board of Directors regarding the remuneration to be recognised to the individual directors assigned special duties in relation to 2014 and the period from 1 January 2015 until the date of approval of the 2014 financial statements; - proposal to the Board of Directors regarding the 2013 bonuses to be assigned to two executive directors of the Group, based on the accomplishment of the objectives established by the Board of Directors; - proposal to the Board of Directors regarding the 2014 bonuses to be assigned to the executive directors of the Group, based on the accomplishment of the objectives established by the Board of Directors and determination of the objectives associated with the 2014 bonuses. During the second meeting, the Committee resolved to propose to the Board of Directors: - the remuneration to attribute to the individual directors assigned special duties in relation to 2014 and the period from 1 January 2015 until the date of approval of the 2014 financial statements; - the amount of the 2014 bonuses to be assigned to the top managers of the Group, based on the accomplishment of the objectives established by the Board of Directors and determination of the objectives associated with the 2014 bonuses; - the methods for assigning the options to be granted to the beneficiaries in relation to the 2013 Tranche of the "Interpump 2013/2015 Incentive Plan ; - the redetermination of the performance objectives relating to the 2014 and 2015 Tranches of the "Interpump 2013/2015 Incentive Plan. The members of the Board of Statutory Auditors did not participate in the work of the Remuneration Committee. In the execution of its functions the Remuneration Committee is entitled to access the necessary information and corporate functions and to make use of external consultants as necessary, according to the terms established by the Board of Directors (Application Criterion 4.C.1., letter e)). The Board of Directors has assigned a budget of Euro 25 thousand to the Remuneration Committee for its activities. 9. DIRECTORS' REMUNERATION For information concerning the general policy for remuneration and the remuneration plans based on shares, refer to Chapter 3 Aims and principles of the remuneration policy" and Chapter 4 Remuneration 1920 components" of Section I of the Interpump Group S.p.A. "Remuneration Policy". The policy was set down by the Board of Directors in its meeting of 19 March With regard to the remuneration of executive directors and non-executive directors, refer to Chapter 5 Directors' Remuneration of Section I of the Interpump Group S.p.A. "Remuneration Policy". At the meeting held on 19 March 2015, pursuant to the provisions of Annex 1 to the CONSOB Regulation on Related Party Transactions no of 12 March 2010, the Board of Directors resolved not to identify any other Managers with Strategic Responsibilities, in addition to the Chairman and the Deputy Chairman who are both CEOs. This decision is the consequence of the fact that, due to the way the group is structured, there are no managerial figures with group responsibilities but rather roles assigned with responsibilities limited to a single company or to a group function. The Manager responsible for preparing company accounting documents is the recipient of stock options that are granted on the achievement of personal qualitative objectives not linked to the results of the Company, as well as the plan's general quantitative objectives. Directors' compensation for 2014 is shown in the tables of Section II of the Interpump Group Remuneration Policy referenced above. Indemnity of directors in the case of resignation, dismissal or termination of office further to a takeover bid (ex art. 123-(2), subsection 1, letter i), TUF) No indemnities are envisaged in the case of resignation, dismissal or termination of office following a takeover bid. 10. CONTROL AND RISKS COMMITTEE Composition and operation of the Control and Risks Committee (ex art. 123-(2), subsection 2, letter d) TUF) Until 30 April 2014, the Interpump Control and Risks Committee (hereinafter Committee ) comprised Marco Reboa, who as Chairman coordinated the work, Franco Cattaneo and Giancarlo Mocchi. The first two were independent directors, while the third was a non-executive director. Following the renewal of the Board of Directors, the current Committee appointed by Board resolution on 30 April 2014 comprises Paola Tagliavini, Chairman, Mara Caverni and Carlo Conti. All are independent directors. On 19 March 2015 the Board of Directors judged the Committee's experience in relation to accounting and financial matters to be adequate, with reference in particular to its Chairman, Paola Tagliavini (see Principle 7.P.4.). The Committee met 6 times during 2014, with an average meeting duration of 1 hour and 30 minutes. Six meetings are planned for 2015, of which 2 have already been held. The meetings are properly minuted. The meetings of the Committee were always attended, on the invitation of the Committee, by the Board of Statutory Auditors, in the person of its Chairman and/or the other members, the Executive Director responsible for supervising the operation of the internal control system, the Manager responsible for preparing company accounting documents and the Manager of the Group Internal Audit function. The meetings were also attended, on the invitation of the Committee and restricted to individual points on the Agenda, by the representatives of the independent auditor (see Application Criterion 4.C.1. f)) and the Chairman of the Supervisory Body of Interpump S.p.A. Functions attributed to the Control and Risks Committee 20 View more
REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE In compliance with art. 123-(2) TUF Interpump Group S.p.A. Website: www.interpumpgroup.it 2015 Date of approval: 18 March 2016 CONTENTS Page GLOSSARY... More information REPORT OF THE BOARD OF DIRECTORS TO THE EXTRAORDINARY GENERAL MEETING OF APRIL 23, 2013:
REPORT OF THE BOARD OF DIRECTORS TO THE EXTRAORDINARY GENERAL MEETING OF APRIL 23, 2013: Amendments to articles 9, 10, 11 and 12 (General Meetings), 17 and 23 (Board of Directors), and 27 (Board of Statutory More information THE GROUP S CODE OF CORPORATE GOVERNANCE
THE GROUP S CODE OF CORPORATE GOVERNANCE REVISED SEPTEMBER 2012 CONTENTS INTRODUCTION..... p. 4 A) RULES OF OPERATION OF UNIPOL GRUPPO FINANZIARIO S.p.A. s MANAGEMENT BODIES....... p. 6 A.1 BOARD OF DIRECTORS.... More information Pirelli & C. S.p.A. Reports to the Shareholders Meeting. Purchase and disposal of treasury shares. Related and consequent resolutions.
Pirelli & C. S.p.A. Reports to the Shareholders Meeting Purchase and disposal of treasury shares. Related and consequent resolutions. (Approved by the Board of Directors on March 31, 2015) Dear Shareholders, More information (PREPARED IN ACCORDANCE WITH ARTICLE 84-BIS OF CONSOB REGULATION 11971 OF 14 MAY 1999, AS SUBSEQUENTLY AMENDED AND SUPPLEMENTED)
(PREPARED IN ACCORDANCE WITH ARTICLE 84-BIS OF CONSOB REGULATION 11971 OF 14 MAY 1999, AS SUBSEQUENTLY AMENDED AND SUPPLEMENTED) MILAN, 11 NOVEMBRE 2015 UPDATED ON 16 NOVEMBER 2015 AND SUPPLEMENTED ON More information Name of the Issuer: UniCredit S.p.A. Website: www.unicreditgroup.eu
APPENDIX TO REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURES REGARDING THE APPLICATION OF CORPORATE GOVERNANCE RULES SPECIFIED IN THE CODE OF BEST PRACTICE FOR WARSAW STOCK EXCHANGE LISTED COMPANIES More information Moleskine S.p.A. Remuneration Report. of Legislative Decree no. 58/1998, as subsequently amended, and with Article 84-quater
Moleskine S.p.A. Remuneration Report drafted in accordance with Article 123-ter of Legislative Decree no. 58/1998, as subsequently amended, and with Article 84-quater of Consob Regulation 11971/1999, as More information FULL NOTICE OF CALL OF THE SHAREHOLDERS MEETING OF POSTE ITALIANE 24.5.2016
Poste Italiane S.p.A. Registered Office in Rome Viale Europa, n. 190 Share Capital 1,306,110,000.00 fully paid in Taxpayer Identification and Rome Company Register n. 97103880585 R.E.A. of Rome n. 842633 More information BOARD OF DIRECTORS ROLE, ORGANISATION AND METHODS OF OPERATION
BOARD OF DIRECTORS ROLE, ORGANISATION AND METHODS OF OPERATION Section 1 The Board of Directors The Company is managed by a Board of Directors with no less than seven and no more than thirteen members. More information Articles and Memorandum of Association - English convenience translation -
Articles and Memorandum of Association - English convenience translation - as of April 08, 2015 This is the convenience translation of the German original version of the Articles and Memorandum of Association More information MEDIOLANUM S.p.A. REPORT ON CORPORATE GOVERNANCE & OWNERSHIP STRUCTURE pursuant to article 123 bis of the Consolidated Finance Act YEAR 2013
MEDIOLANUM S.p.A. REPORT ON CORPORATE GOVERNANCE & OWNERSHIP STRUCTURE pursuant to article 123 bis of the Consolidated Finance Act YEAR 2013 Version approved by the Board of Directors on March 26, 2013 More information INTERNAL REGULATIONS OF THE BOARD OF DIRECTORS. Updated by decisions of the Board of Directors dated 16 January 2015
CERENIS THERAPEUTICS HOLDING Limited liability company with share capital of 679,078.10 Headquarters: 265, rue de la Découverte, 31670 Labège 481 637 718 RCS TOULOUSE INTERNAL REGULATIONS OF THE BOARD More information ATLANTIA S.P.A. BOARD OF DIRECTORS REPORT CONCERNING ITEM 3 ON THE AGENDA OF
ATLANTIA S.P.A. BOARD OF DIRECTORS REPORT CONCERNING ITEM 3 ON THE AGENDA OF THE ORDINARY GENERAL MEETING TO BE HELD ON 23 APRIL 2015, ON FIRST CALL AND ON 24 APRIL 2015, ON SECOND CALL: AUTHORISATION, More information REPORT ON CORPORATE GOVERNANCE AND THE COMPANY S OWNERSHIP STRUCTURE pursuant to Article 123-bis TUF
REPORT ON CORPORATE GOVERNANCE AND THE COMPANY S OWNERSHIP STRUCTURE pursuant to Article 123-bis TUF (Traditional management and control model) Issuer: DIASORIN S.p.A. (hereinafter also referred to as More information DEA CAPITAL SHAREHOLDERS MEETING
PRESS RELEASE DEA CAPITAL SHAREHOLDERS MEETING The Shareholders meeting: approves the financial statements for the year ending 31 December 2011 and reviews the consolidated financial statements of DeA More information CORPORATE GOVERNANCE PRINCIPLES ZEAL NETWORK SE. (as adopted by the Supervisory Board and Executive Board on 19 November 2014)
CORPORATE GOVERNANCE PRINCIPLES OF ZEAL NETWORK SE (as adopted by the Supervisory Board and Executive Board on 19 November 2014) FOREWORD ZEAL Network SE ("Company") transferred its registered office from More information Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information
Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information 1. Objective This "Internal Code of Conduct on Matters Relating to the Stock Market and Policy More information CORPORATE GOVERNANCE CODE OF OPEN JOINT-STOCK COMPANY OIL COMPANY ROSNEFT
APPROVED BY Resolution of the Board of Directors Minutes No. 6 dated May 17, 2006 CORPORATE GOVERNANCE CODE OF OPEN JOINT-STOCK COMPANY OIL COMPANY ROSNEFT With amendments: No.1 (approved by the Board More information German Corporate Governance Code
(as amended on May 26, 2010) Government Commission German Corporate Governance Code 1. Foreword 1 This German Corporate Governance Code (the "Code") presents essential statutory regulations for the management More information Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange
Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange CONTENTS Topic Page Preamble 3 Chapter One: Definitions 5 Chapter Two: The Board of Directors of the Shareholding More information SAFILO GROUP S.p.A. 2011 REPORT ON CORPORATE GOVERNANCE and OWNERSHIP STRUCTURE
SAFILO GROUP S.p.A. 2011 REPORT ON CORPORATE GOVERNANCE and OWNERSHIP STRUCTURE pursuant to Article 123 bis CFA, and article 89-bis of the CONSOB Issuers Regulation (Traditional management and control More information CORPORATE GOVERNANCE CODE
Contents PART I. THE BOARD OF DIRECTORS AND ITS MEMBERS... 2 PART II. OPERATIONAL RISK MANAGEMENT... 5 PART III. INTERNAL AUDIT FUNCTION... 6 PART IV. INVESTOR RELATIONS... 8 PART V. REMUNERATIONS... 10 More information DIRECTORS REPORT ON THE PROPOSALS ON THE AGENDA OF THE ORDINARY GENERAL MEETING OF THE SHAREHOLDERS (15 th April 2015 SINGLE CALL)
DIRECTORS REPORT ON THE PROPOSALS ON THE AGENDA OF THE ORDINARY GENERAL MEETING OF THE SHAREHOLDERS (15 th April 2015 SINGLE CALL) Report on item 3 on the agenda and the relative resolution submitted Proposal More information Corporate Governance Regulations
Corporate Governance Regulations Contents Part 1: Preliminary Provisions Article 1: Preamble... Article 2: Definitions... Part 2: Rights of Shareholders and the General Assembly Article 3: General Rights More information LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013
LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING More information AMERICAN EXPRESS COMPANY CORPORATE GOVERNANCE PRINCIPLES (as amended and restated as of February 23, 2015)
AMERICAN EXPRESS COMPANY CORPORATE GOVERNANCE PRINCIPLES (as amended and restated as of February 23, 2015) 1) Director Qualifications A significant majority of the Board of Directors shall consist of independent, More information Regulations of the Audit and Compliance Committee of Gamesa Corporación Tecnológica, S.A.
Regulations of the Audit and Compliance Committee of Gamesa Corporación Tecnológica, S.A. (Consolidated text approved by the Board of Directors on March 24, 2015) INDEX CHAPTER I. INTRODUCTION... 3 Article More information Danisco A/S. Corporate Governance Policy
Danisco A/S Corporate Governance Policy Introduction and conclusion Below is a detailed review of Danisco s compliance with the Committee on Corporate Governance s recommendations for corporate governance More information BMW Group. Corporate Governance Code. Principles of Corporate Governance.
BMW Group Corporate Governance Code. Principles of Corporate Governance. - 2 - Contents Page Introduction 3 1. Shareholders and Annual General Meeting of BMW AG 5 1.1 Shareholders of BMW AG 5 1.2 The Annual More information Disclosure document on the Long-Term Incentive Plan for the management of the Finmeccanica Group
Disclosure document on the Long-Term Incentive Plan for the management of the Finmeccanica Group Pursuant to Article 84-bis of Consob s Issuers Regulation approved with resolution no. 11971 of 14 May 1999, More information CMVM Regulation No. 4/2013 Corporate Governance
CMVM Regulation No. 4/2013 Corporate Governance The Portuguese corporate governance framework is at present predominantly structured according to a model based on the CMVM regulation imposing on issuers More information Explanatory Memorandum
Explanatory Memorandum Authorisation for the purchase and disposal of treasury shares, pursuant to the combined provisions of Articles 2357 and 2357-ter of the Civil Code, and Article 132 of Legislative More information IDENTIFY THE CHANCES SHAPE THE FUTURE
Status: june 2015 Complete text of Memorandum and Articles of Association of DMG MORI Aktiengesellschaft Bielefeld IDENTIFY THE CHANCES SHAPE THE FUTURE 1 (1) The Company exists under the name DMG MORI More information German Corporate Governance Code. (as amended on June 24, 2014 with decisions from the plenary meeting of June 24, 2014)
(as amended on June 24, 2014 with decisions from the plenary meeting of June 24, 2014) 1 Foreword 1 The German Corporate Governance Code (the "Code") presents essential statutory regulations for the management More information Act on Investment Firms 26.7.1996/579
Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act More information Law on Finance and in compliance with the provisions of Article 6 of the Corporate Governance Code. We monitored the compliance and effective
Report by the Board of Statutory Auditors to Terna S.p.A. s Shareholders' Meeting Pursuant to Article 153 of Legislative Decree No. 58 of 24 February 1998 (Consolidated Law on Finance) Dear Shareholders, More information Audit Committee Internal Regulations
Audit Committee Internal Regulations Introduction. The Audit Committee of the Board of Directors of Abengoa, S.A. (hereinafter, "Abengoa" or the "Company") is constituted pursuant to the Capital Companies More information CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE REPORT in accordance with Article 123 bis of the CFA
CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE REPORT in accordance with Article 123 bis of the CFA Issuer: Vianini Lavori S.p.A. Website: www.vianinigroup.it Year: 2012 Date of approval of the Report: March More information For personal use only
Statement of Corporate Governance for the Year Ended 30 June 2015 This Corporate Governance Statement is current as at 1 September 2015 and has been approved by the Board of Equus Mining Limited ( the More information BOARD OF DIRECTORS REPORT ON THE SYSTEM OF CORPORATE GOVERNANCE AND IL SOLE 24 ORE S.P.A. CONTENTS ! " # " $ " % "
BOARD OF DIRECTORS REPORT ON THE SYSTEM OF CORPORATE GOVERNANCE AND ADHERENCE TO THE CORPORATE GOVERNANCE CODE FOR LISTED COMPANIES IL SOLE 24 ORE S.P.A. CONTENTS! " # # # $ % % & %! " # " $ " % " INTRODUCTION More information The size and composition of the Board is to be determined from time to time by the Board itself in an effort to balance the following goals:
AMERICAN INTERNATIONAL GROUP, INC. CORPORATE GOVERNANCE GUIDELINES (Effective March 11, 2015) I. INTRODUCTION The Board of Directors (the Board ) of American International Group, Inc. ( AIG ), acting on More information Corporate Governance Code for Banks
Corporate Governance Code for Banks Foreword Further to issuing the Bank Director s Handbook of Corporate Governance in 2004, the Central Bank of Jordan is continuing in its efforts to enhance corporate More information Intesa Sanpaolo S.p.A. Piazza San Carlo, Torino. Torino, 22 May The undersigned,
Intesa Sanpaolo S.p.A. Piazza San Carlo, 156 10121 Torino Torino, 22 May 2012 The undersigned, Claudio Maria Carbonati, holder of no. 1,000 shares in Intesa Sanpaolo Spa, Deputy Chairman of Associazione More information CHINA PIONEER PHARMA HOLDINGS LIMITED
Purpose CHINA PIONEER PHARMA HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 01345) Terms of Reference for Audit Committee of the board of directors of the Company More information REGULATIONS ON THE BOARD OF DIRECTORS of OJSC Oil Company Rosneft
APPROVED by the General Meeting of Shareholders of Open Joint Stock Company Oil Company Rosneft 07 June 2006 Minutes No. REGULATIONS ON THE BOARD OF DIRECTORS of OJSC Oil Company Rosneft 1 TABLE OF CONTENTS More information ACOTEL GROUP SpA. REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE pursuant to article 123-bis of the CFA
ACOTEL GROUP SpA 2012 REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE pursuant to article 123-bis of the CFA (traditional management and control model) approved by the Board of Directors on 2 April More information BOARD OF DIRECTORS CHARTER
BOARD OF DIRECTORS CHARTER AMENDED MARCH 2016 1 BOARD OF DIRECTORS CHARTER OF WSP GLOBAL INC. (THE "CORPORATION") AMENDED MARCH 2016 A. PURPOSE The role of the board of directors of the Corporation (the More information RULES OF PROCEDURE FOR THE BOARD OF DIRECTORS, THE EXECUTIVE CHAIRMAN AND THE GENERAL MANAGER IN DOLPHIN GROUP ASA
RULES OF PROCEDURE FOR THE BOARD OF DIRECTORS, THE EXECUTIVE CHAIRMAN AND THE GENERAL MANAGER IN DOLPHIN GROUP ASA ADOPTED BY THE BOARD OF DIRECTORS ON 27 APRIL 2015 1. THE BOARD OF DIRECTORS The Board More information BOARD CHARTER. (Amended in March 2015)
GEMALTO N.V. (THE "COMPANY") 1. Functions of the Board BOARD CHARTER (Amended in March 2015) The Company shall be managed by a one-tier Board, comprising one Executive Board member, i.e. the Chief Executive More information HEALTHCARE GLOBAL ENTERPRISES LIMITED NOMINATION AND REMUNERATION COMMITTEE CHARTER
HEALTHCARE GLOBAL ENTERPRISES LIMITED NOMINATION AND REMUNERATION COMMITTEE CHARTER Page 1 of 7 I. INTRODUCTION The Remuneration and Nominations Committee (the Committee ) is a committee of the board of More information REPORT ON THE CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE OF UBI BANCA Scpa
REPORT ON THE CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE OF UBI BANCA Scpa (Translation from the Italian original which remains the definitive version) Web site: www.ubibanca.it Financial year: 2011 More information CORPORATE LEGAL FRAMEWORK IN JORDAN. Legal reference: The Companies Law No. 27 of 2002 and its amendments
CORPORATE LEGAL FRAMEWORK IN JORDAN Legal reference: The Companies Law No. 27 of 2002 and its amendments Under the Jordanian different types of companies offer different advantages and have different requirements More information E Lighting Group Holdings Limited 壹 照 明 集 團 控 股 有 限 公 司 (incorporated in the Cayman Islands with limited liability) Stock Code : 8222
1. ORGANIZATION E Lighting Group Holdings Limited 壹 照 明 集 團 控 股 有 限 公 司 (incorporated in the Cayman Islands with limited liability) Stock Code : 8222 TERMS OF REFERENCE OF AUDIT COMMITTEE The board (the More information Articles of Association. SQS Software Quality Systems AG
CIT Group Inc. Charter of the Audit Committee of the Board of Directors Adopted: October 22, 2003 Last Amended: April 20, 2015 I. PURPOSE The purpose of the Committee is to assist the Board in fulfilling More information UnipolSai Assicurazioni Report on corporate governance and share ownership for the 2014 financial year
UnipolSai Assicurazioni Report on corporate governance and share ownership for the 2014 financial year UNIPOLSAI ASSICURAZIONI S.p.A. ANNUAL REPORT ON CORPORATE GOVERNANCE AND ON SHARE OWNERSHIP FOR THE More information STATEMENT OF COMPLIANCE WITH CORPORATE GOVERNANCE PRINCIPLES
STATEMENT OF COMPLIANCE WITH CORPORATE GOVERNANCE PRINCIPLES The Board of Impexmetal S.A., pursuant to Article 91 Section 5 and 4 of the 19 February 2009 Regulation of the Minister of Finance Regarding More information - 1 - CATHAY PACIFIC AIRWAYS LIMITED. Corporate Governance Code. (Amended and restated with effect from 3rd March 2014)
- 1 - CATHAY PACIFIC AIRWAYS LIMITED (Amended and restated with effect from 3rd March 2014) This Code sets out the corporate governance practices followed by the Company. The Board and its responsibilities More information Appendix 14 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT
Appendix 14 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT The Code This Code sets out the principles of good corporate governance, and two levels of recommendations: code provisions; and recommended More information TELEFÓNICA, S.A., as provided in article 82 of the Spanish Stock Market Act (Ley del Mercado de Valores) hereby informs of the following:
RAMIRO SÁNCHEZ DE LERÍN GARCÍA-OVIÉS General Secretary and Secretary to the Board of Directors TELEFÓNICA, S.A. TELEFÓNICA, S.A., as provided in article 82 of the Spanish Stock Market Act (Ley del Mercado More information Articles of Association Swiss Life Holding Ltd
Articles of Association Swiss Life Holding Ltd (Translation of the original text in German) I. Company name, object and registered office 1. Company name, legal form Under the corporate name Swiss Life More information HK Electric Investments Limited
HK Electric Investments Limited 港 燈 電 力 投 資 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) together with HK Electric Investments (Stock Code: 2638) 1. Membership AUDIT COMMITTEE TERMS More information Guidelines for Corporate Governance
The following Guidelines for Corporate Governance have been adopted by the Board of Directors ( Board ) of MAXIMUS, Inc. (the Company ) to serve as a guide for the exercise of the Board s responsibilities. More information THE STOCK EXCHANGE ACT
THE STOCK EXCHANGE ACT Complete wording of the Act on the Stock Exchange of 18 June 2002 No 429/2002 Coll. as results from amendments made by Act No 594/2003 Coll., Act No 635/2004 Coll., Act No 43/2004 More information CATAMARAN CORPORATION CORPORATE GOVERNANCE GUIDELINES
CATAMARAN CORPORATION CORPORATE GOVERNANCE GUIDELINES Approved by the Board on December 12, 2012, as amended on March 6, 2013 and September 3, 2014 The following Corporate Governance Guidelines have been More information CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED AUDIT COMMITTEE - TERMS OF REFERENCE
CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) AUDIT COMMITTEE - TERMS OF REFERENCE Established on 11 th December, 1998 pursuant to the then Code on Corporate More information CORPORATE GOVERNANCE GUIDELINES
CORPORATE GOVERNANCE GUIDELINES (As amended and restated by the Board of Directors through October 2014) COMPOSITION OF THE BOARD OF DIRECTORS The Certificate of Incorporation of The Walt Disney Company More information BOARD OF DIRECTORS MANDATE
BOARD OF DIRECTORS MANDATE Board approved: May 7, 2014 This mandate provides the terms of reference for the Boards of Directors (each a Board ) of each of Economical Mutual Insurance Company ( Economical More information UNIPOLSAI ASSICURAZIONI S.p.A. Ordinary and Extraordinary Meeting of 27 April 2016 Proxy form and Voting instructions to Computershare S.p.A.
Computershare S.p.A., through its employee or duly entrusted staff member, acting as Appointed Representative of UNIPOLSAI ASSICURAZIONI S.p.A. (the Company) pursuant to article 135-undecies of Italian More information Appointed Representative Proxy Form pursuant to Article 135-undecies of Italian Legislative Decree 58/98. Part 1 of 2
POSTE ITALIANE S.p.A. Ordinary Shareholders' Meeting to be held on May 24, 2016 in single call, at 2 p.m. in Rome, at the Sala Sinopoli of the Auditorium Parco della Musica, Viale Pietro de Coubertin, More information COTT CORPORATION CORPORATE GOVERNANCE GUIDELINES INTRODUCTION
COTT CORPORATION CORPORATE GOVERNANCE GUIDELINES INTRODUCTION The Board of Directors of Cott Corporation (the Corporation ) is committed to fulfilling its statutory mandate to supervise the management More information Nexteer Automotive Group Limited
Nexteer Automotive Group Limited (Incorporated under the laws of the Cayman Islands with limited liability) (Stock Code: 1316) Terms of Reference for the Audit and Compliance Committee of Nexteer Automotive More information Board Charter. HCF Life Insurance Company Pty Ltd (ACN 001 831 250) (the Company )
Board Charter HCF Life Insurance Company Pty Ltd (ACN 001 831 250) (the Company ) Board approval date: 27 October 2015 Contents 1. Introduction and Purpose of this Charter...1 2. Role of the Board...1 More information Corporate governance. 1. Implementation and reporting on corporate governance. 2. IDEX s business. 3. Equity and dividends
Corporate governance Update resolved by the board of directors of IDEX ASA on 16 April 2015. This statement outlines the position of IDEX ASA ( IDEX or the Company ) in relation to the recommendations More information COHERENT, INC. Board of Directors. Governance Guidelines
COHERENT, INC. Board of Directors Governance Guidelines Effective: December 12, 2013 1. Mission of the Board The Board of Directors (the Board ) has the ultimate responsibility for the well being of the More information CORPORATE GOVERNANCE CODE
Corporate Governance Committee CORPORATE GOVERNANCE CODE July 2014 TRANSLATION FOR REFERENCE PURPOSES ONLY 2014 Comitato per la Corporate Governance All rights reserved. No part of this document may be More information Nomination & Remuneration Policy
Nomination & Remuneration Policy I. PREAMBLE Pursuant to Section 178 of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board of Directors of every listed Company shall constitute the More information CHARTER OF THE BOARD OF DIRECTORS
SUN LIFE FINANCIAL INC. CHARTER OF THE BOARD OF DIRECTORS This Charter sets out: 1. The duties and responsibilities of the Board of Directors (the Board ); 2. The position description for Directors; 3. More information Revised May 2007. Corporate Governance Guideline
Revised May 2007 Corporate Governance Guideline Table of Contents 1. INTRODUCTION 1 2. PURPOSES OF GUIDELINE 1 3. APPLICATION AND SCOPE 2 4. DEFINITIONS OF KEY TERMS 2 5. FRAMEWORK USED BY CENTRAL BANK More information REPORT ON CORPORATE GOVERNANCE
REPORT ON CORPORATE GOVERNANCE (pursuant to the Corporate Governance Code for Listed Companies and Section IA.2.6 of the Instructions to the Regulations of Markets organized and run by Borsa Italiana S.p.A.) More information Charter of the Audit Committee of the Board of Directors
Charter of the Audit Committee of the Board of Directors Dated as of April 27, 2015 1. Purpose The Audit Committee is a committee of the Board of Directors (the Board ) of Yamana Gold Inc. (the Company More information REGULATION FOR THE INCORPORATION AND THE AKNOWLEDGEMENT OF SPIN-OFFS AND START-UPS OF SISSA (Issued by D.D. no. 601 of 19 th December, 2012)
REGULATION FOR THE INCORPORATION AND THE AKNOWLEDGEMENT OF SPIN-OFFS AND START-UPS OF SISSA (Issued by D.D. no. 601 of 19 th December, 2012) ARTICLE 1 GENERAL PRINCIPLES The International School for Advanced More information AS DnB NORD Banka REPORT ON CORPORATE GOVERNANCE for the year ending on 31 December 2008
AS DnB NORD Banka REPORT ON CORPORATE GOVERNANCE for the year ending on 31 December 2008 I INTRODUCTION The Report on Corporate Governance of AS DnB NORD Banka for the year ending on 31 December 2008 (hereinafter More information REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE OF UBI BANCA Scpa
REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE OF UBI BANCA Scpa in accordance with Art.123 bis of the Consolidated Finance Act Website: www.ubibanca.it Year: 2014 Date: 11 th February 2015 More information ARTICLES OF INCORPORATION. Miba Aktiengesellschaft. I. General provisions. Section 1 Name and seat of the company
ARTICLES OF INCORPORATION of Miba Aktiengesellschaft I. General provisions Section 1 Name and seat of the company (1) The name of the company is Miba Aktiengesellschaft (2) The company is based in Laakirchen, More information Macquarie Group Limited Board Charter
= Macquarie Group Limited Board Charter 1. ROLE AND RESPONSIBILITIES 1.1 The primary role of the Board of Voting Directors of Macquarie Group Limited ( the Board ) is to promote the long-term health and More information Nomination, Remuneration and Human Resources Committee Charter
Nomination, Remuneration and Human Resources Committee Class Limited (ACN 116 802 054) As approved by the Board on 6 October 2015 1. Purpose of this The purpose of this is to specify the authority delegated More information Corporate Governance. Coca-cola amatil limited annual report 2009 7
Corporate Governance At Coca-Cola Amatil (CCA), the Board of Directors is committed to achieving the highest standards in the areas of corporate governance and business conduct. This Corporate Governance More information Declaration of Corporate Governance pursuant to 289 a HGB for the 2014 Financial Year
Declaration of Corporate Governance pursuant to 289 a HGB for the 2014 Financial Year Good corporate governance is reflected in responsible corporate management. The Board of Management and the Supervisory More information APPROVED Sberbank Supervisory Board decision Minutes No. dated September 2014. Sberbank Corporate Secretary Regulations
APPROVED Sberbank Supervisory Board decision Minutes No. dated September 2014 Sberbank Corporate Secretary Regulations Moscow, 2014 1 TABLE OF CONTENTS 1. GENERAL PROVISIONS 2. QUALIFICATION REQUIREMENTS More information LITHUANIA LAW ON COMPANIES
LITHUANIA LAW ON COMPANIES Important Disclaimer This translation has been generously provided by the Lithuanian Securities Commission. This does not constitute an official translation and the translator More information Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)
Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES More information GUIDELINES FOR CORPORATE GOVERNANCE
JANUARY 15, 2015 GUIDELINES FOR CORPORATE GOVERNANCE These, as amended, have been adopted by the Board of Directors (the Board ) of Marsh & McLennan Companies, Inc. (the Company ). They summarize certain More information ARTICLES OF INCORPORATION OF HSBC BANK ANONİM ŞİRKETİ PART ONE PROVISIONS AS TO ESTABLISHMENT
Article 1- ESTABLISHMENT ARTICLES OF INCORPORATION OF HSBC BANK ANONİM ŞİRKETİ PART ONE PROVISIONS AS TO ESTABLISHMENT A joint stock company was established by and between the incorporators whose names/surnames More information Shareholders Agreement
Shareholders Agreement This Shareholders Agreement is made on..by and between: 1. Mr. with residence at.., (hereinafter X ); 2. Mr. with residence at (hereinafter Y ); 3.. nv, a Belgian naamloze vennootschap, More information WSP GLOBAL INC. AMENDED AND RESTATED CORPORATE GOVERNANCE GUIDELINES
WSP GLOBAL INC. AMENDED AND RESTATED CORPORATE GOVERNANCE GUIDELINES MARCH 2015 TABLE OF CONTENTS 3 WSP GLOBAL INC. 3 INTRODUCTION 3 A.BOARD RESPONSIBILITIES 3 B. EXPECTATIONS OF DIRECTORS 4 C. BOARD ORGANIZATION More information Corporate Governance Charter
BHF Kleinwort Benson Group SA Public limited liability company Avenue Louise 326 1050 Brussels RLE n 0866.015.010 Corporate Governance Charter Last amended as of 24 March 2015 Contents 1 Board of Directors... More information Report on Corporate Governance and Ownership Structures Report on Remuneration
Report on Corporate Governance and Ownership Structures Report on Remuneration Intesa Sanpaolo S.p.A. Registered office: Piazza San Carlo, 156 10121 Torino Secondary registered office: Via Monte di Pietà, More information Ordina does not have a one-tier board. In view of the above, a limited number of the Code s best practices do not apply.
CORPORATE GOVERNANCE STATEMENT This is a statement regarding corporate governance as meant in article 2a of the decree on additional requirements for annual reports (Vaststellingsbesluit nadere voorschriften More information INTREPID POTASH, INC. CORPORATE GOVERNANCE GUIDELINES
INTREPID POTASH, INC. CORPORATE GOVERNANCE GUIDELINES The Board of Directors (the Board ) of Intrepid Potash, Inc. (the Corporation ) has adopted these Corporate Governance Guidelines as a framework to More information 2017 © DocPlayer.net Privacy Policy | Terms of Service | Feedback