Governance

The Shareholders’ Meeting of 23 April 2009 appointed the new Board of Directors. The 12 Board members are expected to remain in office until the approval of the financial statements for the year ended 31 December 2011.

In accordance with the Articles of Association, Directors are appointed on the basis of lists presented by shareholders which, accompanied by information on the personal and professional characteristics of the candidates and the declaration relating to their possession of independence requirements, if appropriate, must be lodged at the Company’s registered office at least fifteen days prior to the Shareholders’Meeting.

Board of Directors Members

The Board of Directors assessed the independence of the Directors listed above according to the recommendations of the Italian Corporate Governance Code, giving special consideration to the substance over the form and bearing in mind the application criteria set forth there in.