The Board of Directors on 27 April 2021 appointed a Related-Party Committee consisting of three independent, non-executive directors:
- Elena Biffi – Chairperson, independent non-executive director;
- Angelo Renoldi – independent non-executive director;
- Paola Elisabetta Galbiati – independent non-executive director.
Members of the Related-Party Committee hold office until the expiry of their mandate as directors and, therefore, until the approval of the financial statements for the year ending 31 December 2023.
The Board of Directors has tasked the Related Parties Committee with the following functions and duties:
- to issue an opinion on the resolutions of the Board with regard to the adoption and amendment of the procedures for transactions with related parties, pursuant to art. 4 paragraphs 1 and 3 of the Regulation;
- subject to application of the alternative controls envisaged by the Regulation and the relevant procedure in cases where a committee member has been identified as a related party to a particular transaction, to issue opinions on transactions of lesser significance and those of greater significance pursuant to articles 7 and 8 of the Regulation.
The Related Parties Committee held one meeting in 2020, duly minuted, which looked specifically at a minor transaction concerning the formalisation of the agreement governing the conditions for the termination of the executive managerial contract with the executive director and Group CFO Oddone Maria Pozzi following Mr Pozzi’s resignation.