CIR has implemented the directives of Consob on the subject of internal trading. Rules governing internal trading can be found inside the code of conduct which are mandatory instructions established by the board of directors of CIR. Failure to observe these rules is liable to punishment under the law. The code of conduct defines insiders as individuals who are linked to the company and who can deal in the shares of the group, and have an in-depth knowledge of its future conditions. These persons are:
- Members of the Board of Directors of CIR SpA;
- The actual or effective members of the Board of Statutory Auditors of CIR SpA;
- The General Manager and the Individual responsible for the preparation of the financial statements as per paragraph 4 of Art. 154 bis of the Consolidation Act (154 bis Person) of CIR SpA;
- The counterparts of the above in a subsidiary, where the book value of the latter, in the separate financial statements of CIR SpA, represents more than fifty per cent of the total assets resulting from the most recent financial statements approved (in this case the Chief Executive and the Person Responsible will notify any such persons specifically by the date of the Meeting of the Shareholders of CIR SpA called to approve the Financial Statements).