The Control and Risk Committee carries out advisory and propositional functions in relation to the Board of Directors on the issue of internal control and risk management, as well as on the Board’s decisions concerning the approval of interim reports. Specifically, the Committee is assigned the following duties:
- assessing, working with the Manager responsible for preparing the Company’s financial reports, the independent auditors and the statutory auditors, the correct application of accounting standards and the consistency of the standards for the purpose of drawing up consolidated financial statements;
- to assess the suitability of periodic financial and non-financial information, to correctly represent the company’s business model, strategies, the impact of operations and the performances achieved, through coordination, in this case, with the Executive Committee;
- expresses opinions on specific aspects concerning the identification of the main company risks and supports the evaluations and decisions of the board with relation to management of risks that may arise from detrimental facts the latter became aware of;
- examining the periodic reports concerning the valuation of the internal control and risk management system and the relevant reports drawn up by the internal audit function;
- monitoring the independence, adequacy and effectiveness of the internal audit function;
- requesting the internal audit function to check specific operation areas, at the same time informing the chairman of the statutory auditors of such requests;
- reporting to the Board of Directors, at least every six months, on approval of the financial statements and the interim report, on the activities carried out, as well as on the adequacy of the internal control system and of the risk management;
- examining reports drawn up, either periodically or in case of relevant events, by the internal audit Manager, who delivers them to the chairman of the Committee.
