The Board of Directors plays a key role in the guidance and management of the Company. In addition to the tasks and duties assigned to it by law and under the Company's By-laws, the Board of Directors is entrusted with exclusive responsibilities regarding the most important strategic decisions relating to economic, financial and organizational matters, as well as with those tasks relating to the monitoring of risks and to the strategic steering of Company objectives.
As per article 17 of the By-laws the Board has exclusive management of the business and the power to undertake all actions required for the achievement of the corporate purpose.
In addition to the powers attributed to it by law, the By-laws reserve to the competence of the Board the following matters:
• mergers and demergers as per law;
• setting up and closing down of secondary offices;
• reduction in share capital in case of withdrawal of one or more shareholders;
• amendments of the By-laws as expressly called for by provisions of law;
• transfer of the registered office within Italy.
In the meeting of 4 May 2017 the Board conferred upon the CEO all powers for the ordinary and extraordinary management of the Company, excluding only those that by law or Statutory provision, or by the above mentioned resolution, are reserved to the exclusive competence of the Board.