Board of directors

Board of directors

The Board of Directors, in office until approval of the financial statements for the year 2021, is the central body of our corporate governance system. It is made up of nine members, six of whom are independent directors (including the chairman), and includes three women.

Our Board of Directors was appointed by the Shareholders’ Meeting on 4 April 2019 and will remain in office for three financial years, until the Shareholders’ Meeting that will be called in 2022 to approve the financial statements of 31 December 2021.

The Board is made up of nine members, including – at the time of the appointment – five independent directors pursuant to Legislative Decree 58/1998 (CLF) and the Corporate Governance Code of Borsa Italiana and an independent Chairman pursuant to Legislative Decree 58/1998 (CLF). Following adhesion to the new version of the New Corporate Governance Code, the check of the independence requirements carried out in March 2021 revealed that the Chairman is also independent according to both the CLF and the New Corporate Governance Code. Women represent one third of the members. Seven of the nine directors appointed were selected from the slate submitted by the shareholders CDP Reti and Snam, while two directors were selected from the slate submitted by the institutional investors.

The Board of Directors is tasked with the ordinary and extraordinary management of the company and has the faculty to carry out all the acts deemed appropriate for the implementation and achievement of the corporate purpose (excluding those which pursuant to the legislation and the Bylaws are reserved for the Shareholders’ meeting).

The Board has established three committees from among its members

  • Control, Risk and Related Party Transactions
  • Appointments and Compensation
  • Sustainability

Composition

The board directors are appointed by the Shareholders’ Meeting for a period not exceeding three financial years, and can be re-elected.

Our Bylaws provide for the slate voting mechanism for the appointment of the Board of Directors, structured to allow the presence of directors appointed by the minority shareholders and an adequate number of independent directors, in addition to compliance with the gender balance criteria. In particular, the Bylaws state that at least three directors must meet the independence requirements established for statutory auditors of listed companies.

As regard this Board

  • As of March 2021, six directors out of nine, including the Chairman, meet the independence requirements laid down by law and the Corporate Governance Code.
  • Three directors out of nine are women, in compliance with current legislation which requires one third of the members to be reserved for the least represented gender.
  • The directors are aged between 41 and 66.
  • The training and professional path of the directors (legal experts, engineers, economists) ensures a balanced combination of profiles and experience.
  • There are members from different geographic origin, some of whom have international experience.

In January 2019, the Board of Directors adopted a diversity policy for the corporate bodies, which was subsequently updated in January 2021.

Role and tasks

The Board of Directors is the central body of our corporate governance system and is vested with the broadest powers for the ordinary and extraordinary administration of the company.

Among its tasks, it:

  • Assesses the organisational, administrative and accounting structure of the company.
  • On the recommendation of the chief executive officer (CEO), defines the strategies and objectives of the company and of the group, including the sustainability policies.
  • Approves the strategic, commercial and financial plans, monitoring their implementation.
  • Reviews and approves the budget of the company and the group.
  • Defines the corporate governance system and rules, as well as the internal control and risk management system of Italgas and the subsidiaries.
  • Adopts procedures to ensure the correctness and transparency of related-party transactions or, in relation to directors and statutory auditors, with subjects of interest.
  • Adopts procedures for the management and dissemination of corporate and financial information, including price sensitive information.

Main activities of the Board of Directors

The Board of Directors each year, inter alia:

  • Examines and approves the Strategic Plan of the Italgas Group, the company and consolidated budget, the annual and half-year financial report, additional periodic reports of the company and consolidated ones, the integrated annual report, the Compensation Report, the Corporate Governance and Ownership Structure Report.
  • Assesses the organisational, administrative and accounting structure of the company and its subsidiaries.
  • Resolves on the transactions of strategic, economic, capital and financial importance of the company and, within the scope of direction and coordination activities, of the subsidiaries.
  • Assesses the adequacy and efficiency of the internal control and risk management system in relation to the characteristics and risk profile assumed by Italgas and the subsidiaries.

Attendance of Directors at Board and Committee meetings 

 

Board of Directors

 

 

Control and Risks and Related-Party Transactions Committee (a)

 

Sustainability Committee

 

Appointments and Compensation Committee

OfficeMembersYear of birthDate of first appointment *In office 

from 

BoD Attendance

(*)

Commitee Attendance (*) 

Office

 

Commitee Attendance (*)

Office 

Commitee Attendance (*)

Office
ChairmanDell’Acqua

Alberto

197604/04/2019Financial statements 31/12/2112/12
Chief Executive Officer•◊Gallo Paolo196104/08/2016Financial statements 31/12/2112/12
DirectorDainelli Maurizio197704/08/2016Financial statements 31/12/219/129/9M
DirectorHe Yunpeng196504/08/2016 

Financial statements 31/12/21

12/1212/12M
DirectorPetrone Paola Annamaria196704/08/2016Financial statements 31/12/2112/1214/14C
 

Director 

Magliano Giandomenico195504/04/2019Financial statements 31/12/2112/1214/14M12/12C
Director Vecchi Veronica197904/04/2019Financial statements 31/12/2112/1212/12M
Director Stefini Silvia196404/04/2019Financial statements 31/12/2112/1214/14M9/9M
DirectorMascetti Andrea197104/04/2019Financial statements 31/12/2112/129/9C

Board induction and training of Directors

As established in the Corporate Governance Code, and following best practices, specific induction activities are carried out for members of the Board of Directors and Board of Statutory Auditors.

After their appointment, the directors were able to participate in a programme to obtain adequate knowledge of our business sector, the company dynamics and how they evolve, and the regulatory framework of reference.

Moreover, the directors and statutory auditors were able to expand their knowledge of the company and the group through strategic discussions, conducting in-depth analyses of issues relating to the energy and sector-based scenarios, innovation and internationalisation, and participating in the meetings at which the 2020-2026 business plan was discussed and approved.

In FY 2020, the directors and statutory auditors participated in a board induction meeting on corporate governance matters relevant to the company and made a site visit to the registered offices of Italgas Reti S.p.A. and the emergency response centre in Turin.

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