Given the limited dispersion of the shareholding structure and the small shareholder base, the Board of Directors has not found a need to set up an internal Committee for appointment proposals for directorships and directly performs the functions usually attributed to this Committee.

The amendments made to the Corporate Governance Code in 2011 include, moreover, the recommendation to set up the Appointment Committee (before it was requested only to assess whether or not it was necessary) and the possibility of “centralizing or distributing the functions assigned to committees established by the Code in the … most appropriate manner … for example, an appointment and remuneration committee which respects the requirements of composition of both committees could be set up”. The relevant decisions shall therefore be made by the Board by the end of 2012.

In the terms indicated in Section 4, the Articles of Association regulate the mechanisms designed to assure a minimum number of independent directors and the presence of at least one director elected or appointed by minority shareholders. The procedure started to further adapt the Articles of Association also takes into account the regulatory prescriptions concerning the assortment of categories.