The Board assessment process focuses on the role, size, composition and functioning of the Board of Directors and the committees. It is conducted with the assistance of an independent expert for greater impartiality.

An internal regulation approved by the Board of Directors formalizes the steps in the process to create a standardized assessment over the years for more comparable results.

The Board assessment process is compliant with regulatory requirements (EBA guidelines on internal governance, EBA/ESMA guidelines on the assessment of the suitability of members of the management body and the EBC Guide to fit and proper assessments) and the Code of Conduct.

Results of the 2021 Board assessment

In 2021 the following positive aspects emerged in particular from the self-assessment process:

  • Adequacy of the individual and collective composition (in terms of the mix of skills and backgrounds of the Board members and allowed the Board to operate with awareness regarding the understanding of the current strategic plan, business management, planned objectives and achieved results)
     
  • the functioning of the Board itself, which was adjudged to be very positive.

In particular, the following points emerged:

  • Adequacy of the information flow in terms of usability and content; in particular, the documentation concerning the management of corporate risks and related controls (e.g., RAF document, quarterly segment reporting, tableau de bord, reports of the control functions) 
  • Unanimous appreciation for the integration of corporate sustainability objectives into the strategic plan (e.g., the appointment of an internal committee dedicated to CSR)
  • Satisfaction with the training programme for the benefit of the Board organized over the past year, in terms of attendance, topics covered, and the supporting documentation prepared
  • Appreciation for active participation in board meetings, albeit in the predominantly virtual mode that has characterized the past year
  • Appreciation for the role and leadership style of the Chairman of the Board of Directors in the dynamics and management of the Board

Areas for improvement:

  • Enhancing the training programme with special sessions on, among others, sustainability; digital innovation; IFRS9 implementation; Diversity & Inclusion
  • Continuing monographic board meetings dedicated to strategies
  • Increasing the number of meetings of the Corporate Social Responsibility Committee

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