Corporate governance
At an annual general meeting held on 28 October 2008, the shareholders of Mediobanca adopted a form of corporate governance based on the traditional model, with two governing bodies appointed by shareholders in general meeting:
- Board of Directors (responsible for management of the company)
- Statutory Audit Committee responsible for oversight of management (with audit of the company's accounts by law required to be entrusted to an external auditor or auditors).
The version of the model offers provides considerable scope and innovation. The Articles of Association provide for a significant number of Mediobanca representitives on the Board of Directors, and wide-ranging powers are granted to the Executive Committee (made up by a majority of Mediobanca representitives) and the Chief Executive Officer.
This arrangement is the best suited to ensuring maximum efficiency in terms of operation and effective control, to satisfy shareholders' interests and leverage fully on the management's professional credentials and afford them the requisite autonomy in situations of potential conflict of interests with shareholders.
