While awaiting the issue of the implementational provisions of Article 2391-bis of the Italian Civil Code, the Board of Directors – by means of the resolution dated 12 February 2009 and following advice from the Internal Control Committee – adopted the Guidelines relative to operations involving interests of Directors/Auditors and those with related parties in order to ensure compliance with the principles of transparency as well as the formal and substantive correctness which is required – in relation to the abovementioned operations – by the cited provision and by the Code of the Italian Stock Exchange.
Eni - which shares the general principles put forth in advance by Consob on this topic – introduced them within the procedure while also taking into account the best practices used in the market. In particular, and with respect to the adopted Guidelines, the Board:
The approved Guide Lines, as a result, define the policies of the Group in this area.
The amounts of relations of commercial, financial and other nature with related parties – as well as a description of the type of most relevant operations, the incidence of these relations - and of operations affecting the balance sheet, income statement and cash flow statements are highlighted in the explanatory notes of the consolidated financial statements and in the financial statements of the year of Eni SpA.
The Guide Lines, as required by the Governance Code of Eni, also regulate operations involving interests of Directors/Auditors, thereby providing, in particular, that:
In any case, all transactions in which Directors or Statutory Auditors or persons related to them have an interest are considered material to the Company and are subject to the strengthened review process with the Board of Directors competence, with the prior opinion of the Internal Control Committee.
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Last updated on 15/04/10