By-Laws

The statute is a document that contains the main operational regulations for a company and in particular on its corporate bodies. It therefore also describes the governance system adopted by the company and outlines the fundamental parameters for the definition and composition of the powers attributed to its corporate boards and the relationship between them.
In particular, by integrating legislative norms, the statute determines the criteria and the procedures for the identification of the individuals competing at the highest level, in various capacities, for the management and control of the company.

Consequently, it describes the system of governance adopted by the company.

The statute also describes the rights of shareholders, how such rights can be exercised or modified with resolution at an extraordinary shareholders' meeting. Nevertheless, when modifications are the result of compliance with normative changes, the Board of Directors may make a direct resolution.