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Independent directors

Six directors out of eleven members of the Board are independent. The composition of the board of directors is therefore appropriate to guarantee sufficient conditions for operational independence.

Guido Tabellini has been lead independent director since April 28 2017. The lead independent director is the point of reference and coordination for the independent directorsí needs and inputs.

Directors are considered independent as per the code of conduct if:
  • They do not directly or indirectly exert control over the company
  • They have not held in the previous three years an important position in the company or any related companies or subsidiaries
  • No direct or indirect financial or professional relationship with said company or related companies and have not been employed by them
  • They have not received any significant compensation from the company or its subsidiaries in the last three years
  • They do not hold the position of executive director in another company in which an executive company of the issuer holds the position of director
  • They are not shareholders or directors of a company in the network of the company awarded an audit mandate by the company
  • They are not close family members  of a person placed in a position of the above clauses