The Director in Charge of the Internal Control System performs the customary functions aimed at verifying the adequacy and efficiency of the system and, if anomalies are detected, recommends the necessary corrective actions. More specifically, the Director in Charge:
- handles the mapping of the main business risk (strategic, operational, financial and compliance related), taking into account the characteristics of the activities carried out by the Issuer and its subsidiaries, periodically submitting his findings to the Board of Directors for review, most recently on March 26, 2012;
- implements the guidelines originally defined by the Board of Directors, managing the internal control system previously designed and implemented, and, with the support of the manager of the internal auditing function, tests on an ongoing basis the system’s overall adequacy, effectiveness and efficiency;
- with the support of the manager of the internal auditing function, updates the system in response to changes in operating conditions and the legislative and regulatory framework.
In the course of the Board meeting of July 18, 2012, the function of “Director in Charge of the Internal Control and Risk Management System” was assigned to the Company’s Chief Executive Officer.