The company’s By-laws establish that the Board of Statutory Auditors shall consist of three regular auditors and three substitute auditors, who remain in office for three fiscal years and who may be re-elected.

The company’s Board of Statutory Auditors was appointed on 23 April 2012 and will remain in office until the 2014 annual financial statements are approved.

The Board of Statutory Auditors monitors the independence of the auditing company, verifying compliance with applicable legislative and regulatory provisions.

The activities of the Board of Statutory Auditors accompanies the Group’s traditional supervision functions, performing a proactive and catalysing role on issues concerning internal control and on those attributed to it by the law and regulations. To achieve this, the Board of Statutory Auditors focuses its work on the exchange of information with the Group’s administration bodies, with the key figures in the executive, as well as with other supervision bodies. In particular, the Board of Statutory Auditors coordinates its own activities through requests for clarification and/or information and meetings with the internal audit office, with the Internal Control Committee and with the Monitoring Body.