The procedure for related party transactions was approved by the Board of Directors of CIR on October 28 2010 and it takes effect as from December 1 2010. The procedure has the purpose of establishing principles of conduct that the Company is required to adopt in order to guarantee that transactions with related parties are managed correctly and to this end:
- sets out the criteria and the procedures for the identification of the company’s related parties and defines the criteria for updating the list of related parties;
- sets out the principles for identifying realted party transactions;
- regulates the procedures for the Company to carry out realted party transactions, even through subsidiaries, fiduciaries or an intermediary, identifying appropriate internal ruels of conduct to ensure that these transactions are transparent and substantially and procedurally correct;
- sets out the procedures for fulfilling disclosure obligations on related parties transactions.