Members of the Board of Directors are elected by the “slate voting” system. i.e., based on slates of candidates filed by shareholders who, on their own or together with other shareholders, own in the aggregate a number of shares representing at least 2% of the share capital comprised of shares conveying the right to vote at Ordinary Shareholders’ Meetings.
The Ordinary Shareholders’ Meeting, held on April 30, 2018, appointed the new Board of Directors, establishing its members to 15, and the Directors’ term of office until the separate financial statements, as at December 31, 2020, have been approved.
The composition of the current Board of Directors is as follows:
Under the Articles of Association, the Board of Directors is invested with full powers of ordinary and extraordinary administration of the company and may perform all acts deemed appropriate to implement and achieve the company object.
The Board may delegate some or all of its attributions, not attributed to it by law, to an Executive Committee, as well as part of its powers to one or more Directors. It may also name Directors and Legal Representatives, who may be chosen from among people who are not members of the Board of Directors, establishing their powers.
The Board of Directors’ function is to define the company’s strategic and organisational goals, verifying the existence of the controls needed to monitor the performance of the company and the Group.
The Board’s priority is to perform control and approval functions:
- of the strategic, industrial and financial plans of the Issuer and of the group headed by the Issuer;
- of the corporate governance system of the Issuer;
- of the structure of the group headed by the Issuer.