Self Assessment Process

In accordance with international best practice and with the provisions of the Code of Borsa Italiana, as well as required by the Eni Code, for the fourth year running, the Board of Directors has launched a self assessment program (board review) of the Board of Directors and the Board Committees.

The Board of Directors carried out the assessment, availing itself, as required by the Eni Code in order to ensure maximum objectivity to the assessment, of the assistance of a specialized external consultant: the company Spencer Stuart, appointed at the end of a formal tender.

Spencer Stuart’s work related to:

• the size, composition, operation and efficiency of the Board and of the Committees;
•  identifying any elements that might hinder or improve the operation and efficiency of the Board itself;
•  the effectiveness of the improvements undertaken following the previous board review and verification of the satisfaction of Directors with their achievement;
•  comparison of procedures and practices adopted by the Eni Board with the best practices used by leading Italian and foreign companies.

The Board Review was based on a questionnaire prepared by the consultant and on detailed individual interviews with the Directors, carried out by the consultant. The results were presented to the Board, which discussed at its meeting on February 25, 2010.

First of all, the Board confirmed various areas of excellence, such as:

• the proper size of the Board of Directors and constant attendance by Directors;
• the transparent presentation of topics during Board meetings, and the availability of management to provide all the required information during the meeting of the Board;
• satisfactory quantity and quality of the information provided, even in the period between the meetings of the Board, and the punctual updates received on legislative and regulatory developments;
• accurate minuting of meetings and decisions of the Board;
• fruitful and accurate work carried out by committees, particularly the Internal Control Committee and the Oil-Gas Energy Committee.

The Directors also convened to undertake, in a proper meeting, a detailed analysis of the results of the Board review and the comparison with the best practice, in particular in order to identify the most appropriate conditions to:

• allow the Board to focus its attention on strategic and directive issues; and
• increase the value of contribution of non-executive Directors.