The Board of Statutory Auditors monitors compliance with the law and the Company’s bylaws, and is called upon to verify that the Company complies with the principles of proper administration and that it adopts controls to ensure the adequacy of the organisational structure, the internal control system and the administrative-accounting system.
The Board of Statutory Auditors also performs functions controlling how the corporate governance rules laid down in the Corporate Governance Code are actually implemented, as well as the adequacy of the provisions issued to subsidiaries in relation to their obligations to disclose inside information to the market.
Further supervisory tasks of the Board of Statutory Auditors include the obligation to monitor compliance with the procedure regarding related party transactions, and compliance with the provisions concerning non-financial disclosures, as well as the independence of the audit company.