Internal Control System

The internal control system is the set of rules, procedures and organizational structures aimed at making possible a sound and correct management of the company consistent with the established goals, through adequate identification, measurement, management and monitoring of the main risks. An effective internal control system contributes to safeguard the company's assets, the efficiency and effectiveness of business transactions, the reliability of financial information, the compliance with laws and regulations.

The system is subject to periodic assessment and updating, and internal control rules, processes and structures are integrated by Eni's Code of Ethics which states that Eni's governing and controlling bodies and employees at every organizational level shall comply with behavioural standards of legitimacy from a formal and substantial standpoint when executing their tasks. The Code also affirms the values of transparency of financial reporting and spreading of a control oriented attitude.

Within its corporate operations, in order to guarantee effective and sound management, consistently with set strategies and objectives, Eni is committed to support a pre-emptive approach to risks and orienting management's choices and activities with a view to reducing the probability of negative events and their impact. To this end, Eni adopts strategies of risk management depending on their type such as, mainly, financial and industrial risks, compliance/regulatory risks as well as strategic and operational risks, such as country risks in Oil and Gas activities and risks related to the exploration for and production of hydrocarbons. The modes by which management identifies, assesses, manages and monitors the specific risks associated with company operations are regulated by internal guidelines, rules, procedures and organizational tools included in the Company's body of rules and procedures that are permeated with a culture of risk  management designed to limit the possible impact of corporate risks and preside over their containment. In addition, the development of risk assessment programs for specific areas concurs in further strengthening management's sensitivity to risk management and contributes to improvements and efficacy of decision making processes.