The Board of Statutory Auditors is vested with the power of supervision of compliance with the law and the By-laws, respect of the principles of proper management, and in particular the adequacy of the internal control system and the organizational, administrative, and accounting structure of the Company and its actual performance; as well as the supervision of the procedures for concrete implementation of the rules of corporate governance which the company affirms to comply with; it also has the duty of giving a justified opinion to the Stockholders Meeting when the external auditors are designated.
The members of the Board of Statutory Auditors are appointed for a three-year term and may be re-elected. Each member of the Board of Statutory Auditors must satisfy the requirements of integrity and independence prescribed by law. In accordance with the By-laws (Article 17), all the statutory auditors must be entered in the Auditors’ Register and possess at least three years’ experience as chartered accountants. Pursuant to Article 17 of the By-laws, the election of one statutory auditors is reserved to minority stockholders representing a minimum equity interest that is currently equal to 0.5% of the ordinary shares, in accordance with communication published by Consob for the 2007 fiscal year. The statutory auditor chosen by the minority stockholders is the Chairman of the Board of Statutory Auditors.
The members of the Board of Statutory Auditors, whose term expires on the date that shareholders in general meeting will approve the 2008 financial statements, are as follows:
|
Carlo Pasteris |
| Statutory Auditor - Chairman | |
 Curriculum | |
|
|
Piero Locatelli * |
| Statutory Auditor | * In office until the next Stockholders Meeting |
| Curriculum | |
|
Roberto Lonzar - Alternate Auditor | |