Board of Statutory Auditors

The Board of Statutory Auditors monitors:

• compliance with the law and the company's by-laws,
• compliance with the principles of correct administration;
• the adequacy of the  company's organisational structure,  for areas within its remit, as well as that of the internal control system and the administrative and accounting system, and on the reliability of the latter in correctly reporting the company's activities;
• procedures for the correct implementation of the corporate governance rules, as outlined in the Borsa Italiana Code, to which the company adheres;
• the adequacy of indications and directives from the company to subsidiaries for the correct fulfilment of mandatory information requirements.

The Board formulates a reasoned proposal to the Shareholders' Meeting for the appointment of the auditing firm responsible for the auditing of the company’s accounts and the determination of relative fees.

In accordance with the Corporate Governance Code of Eni, the Board also monitors the independence of the auditing firm and verifies both compliance with applicable regulatory provisions as well as the nature and scale of the various non-auditing services supplied to the group, either directly or through companies belonging to its network.

As of 1 June 2005 - within the limits allowed by Italian regulations - the Board of Statutory Auditors has also undertaken the Audit Committee functions required for foreign private issuers by the Sarbanes-Oxley Act and by the regulations of the US Securities Exchange Commission.

The Board of Statutory Auditors currently in office was appointed by the ordinary Shareholders' Meeting of 10 June 2008 for a term of three financial years. The Board's mandate will therefore expire with the Shareholders' Meeting to be convened for the approval of the financial statements for the year ending 31 December 2010.