Articles of Association
1. The Board of Auditors shall consist of three regular members, among whom the Chair will be chosen, and by two alternate auditors. In its first meeting the Consiglio Generale shall appoint the members of the Board of Auditors and shall choose the Chair.
2. The members of the Board of Auditors shall hold the professional qualifications necessary for legal control of accounts.
3. The Auditors shall serve for the same period of time as the Consiglio Generale and their term shall have the same expiry date. They may be reappointed only once.
4. The Auditors shall receive, in addition to the reimbursement of expenses arising out of their position, an annual emolument and attendance fees determined by the Consiglio Generale.
1. The Board of Auditors shall perform the functions indicated under articles 2403 and 2407 of the Italian Civil Code, it being understood that the terms Consiglio Generale and the Management Committee stand for shareholders’ meeting and board of directors respectively.
2. In the case of the replacement of an Auditor during the mandate the provisions of article 2401 of the Italian Civil Code shall apply.