Assessment of the requirements and ban on interlocking for Directors and Statutory Auditors
The BoD assesses the requirements of and ban of interlocking dor the Directors and Statutory Auditors appointed by the shareholders' meeting on 18 December 2017. The Board of Directors continues to consist mainly of independent directors
Siena, 16 January 2018 - At today's meeting, the Board of Directors of Banca Monte dei Paschi di Siena verified the requirements of professionalism, integrity and independence of the Directors and Auditors elected by the Shareholders' Meeting of 18 December 2017.
In particular, the Board verified the requirements of independence, as provided for by the Bank's Articles of Association, for the Directors:
- Giuseppina Capaldo (Chair of the Appointments Committee);
- Maria Elena Cappello (Chair of the Risk Committee);
- Marco Giorgino (Chair of the Compensation Committee);
- Fiorella Kostoris (Chair of the Related-Party Transactions Committee);
- Roberto Lancellotti;
- Nicola Maione;
- Stefania Petruccioli;
- Angelo Riccaboni;
- Michele Santoro; and
- Giorgio Valerio,
pursuant to Italian Legislative Decree no. 58/1998 (CFA) and the criteria set by the Corporate Governance Code for Listed Companies and having examined the credit relationships of the Directors deemed independent, as provided for by Circular no. 285 of the Bank of Italy.
In compliance with their statements, the Chair of the Board of Directors Stefania Bariatti and the Director Salvatore Fernando Piazzolla have been deemed to be independent under the CFA but not under the Corporate Governance Code. Consequently, they have not been assessed as independent under the Articles of Association of the Bank.
The Board of Directors, therefore, continues to consist mainly of independent directors.
The requirements of professionalism, integrity and independence were also assessed for the members of the Board of Statutory Auditors in compliance with the provisions of applicable regulations.
Lastly, the Board confirmed that there are no material situations pursuant to the regulations on interlocking directorates for directors, statutory auditors and top officers (general managers and chief financial reporting officer) under Article 36 of Italian Legislative Decree no. 201/2011, converted into Law no. 214/2011.
