Our bylaws contain the rules that are essential for the functioning of the Company and its governing bodies.
The bylaws regulate:
- the purpose of the company and its duration
- the distribution of the share capital and mandates to increase it and to issue bonds
- the regulation of savings shares
- procedures for the appointment and rules for the functioning of the Board of Directors and the Board of Statutory Auditors
- procedures for the calling and functioning of the general shareholders’ meeting and participating therein
- special powers reserved for government authorities.
The latest changes in the bylaws were approved by the shareholders’ meeting on April 12, 2011, completing the work done directly by the Board of Directors on 30 September 2010 last, to adapt the text of the bylaws to the regulations introduced with the implementation of the so-called Shareholders’ Rights Directive into Italian law (legislative decree no. 27/2010), and to legislative decree no. 39/2010 on the legal auditing of company accounts.
The shareholders meeting has also amended the art. 5 of the company bylaws introducing in favor of Directors the right to increase, for a period of five years from the date of April 12, 2011 the share capital, to service the implementation of the "Long Term Incentive Plan 2011", approved by the same shareholders’ meeting.